TMF Group launches new collection receivables service

TMF Group has announced the launch of a new collection receivables service, to allow companies to manage their cash flows and strengthen their financial health to withstand economic challenges.

The new offering expands the range of services provided by TMF Group’s accounting and tax service portfolio and is available in the 86 jurisdictions where the company has a direct presence.

According to TMF, the bespoke service will help clients “increase efficiencies, improve collection success rate and redirect their internal resources”.

It will also “simplify” the process of collecting payments, enabling businesses to focus on their core operations while “minimising” the risk of late or missed payments.

Key features and benefits of the new service includes:

• Collection calls and reminders: Streamlined collection process through automated payment reminders to clients will reduce the need for manual follow-up calls provided by its trained collection professionals. The feature also ensures prompt payments.
• Central coordination: The service follows a centrally coordinated approach with a single point of contact to the customer, consisting of both local and international subject matter expertise.
• Integration with preferred ERP system: Not only will the collection receivable service help organisations mitigate the risks of extending credit to clients, but it is also fully customisable and can be integrated with any ERP system.

Mark Rosson, TMF Group’s global head of Accounting and Tax and Human Resources and Payroll, said: “It is not a secret that many companies are currently facing some financial headwinds such as high rates of inflation in certain markets. This has forced CFOs around the world to design strategies to tackle these challenges, to maintain a healthy cash flow and keep costs down. We want to support our clients in achieving these goals. With this in mind, the service will enable TMF Group to manage the entire order-to-cash process for clients.”

Hugo Staman, TMF Group’s head of collection, added: “The new collection receivable service helps our clients to reduce their day’s sales outstanding. Benefits include improved cash flow, optimised working capital and reduced bad debt risk. These advantages contribute to the company’s financial health, profitability and long-term sustainability. Improving cash flow is essential for a company’s financial health as it ensures liquidity and operational stability, with the goal to strengthen its position, withstand economic challenges, and position itself for long-term success.”