At our financial year end, business is looking good

Our year end is looming and – despite the spreadsheets, flying ants and rain showers that usually put a dampener on every July – I’m pleased to say the forecast looks good on the business front for Philip Elliott Associates.

In fact, 2023-24 has turned out to be our best year in more than a decade. For one company alone in the last nine months, we have recouped more than £500,000 in outstanding debts.

Not all of our cases are vast sums but they are all important to the client for whom an unpaid bill or two can be the difference between being in credit or going into overdraft or, perhaps, even insolvency themselves.

Grateful debtors!

Sometimes even the debtors are grateful.

In one case, the defaulter from whom we finally recovered £4,000 settled swiftly with us after months of wrangling with our client.

“You’ve taught me a lesson,” he told Robyn. “I should pay on time.”

Give the man a coconut.

We’ve also expanded into some new sectors, including hamsters … or, rather, independent vets, to be precise.

While completely comfortable with cases such as arthritic Alsatians, tabbies with furballs or budgies not bouncing with good health, vets who are not part of a big chain can find it a challenge to deal with issues such as unpaid bills and we’ve been able to help a few of them in this position.

(This is despite our own track record in animal husbandry being, at best, ‘uneven’. Robyn’s great with small dogs but we’re generally ‘unlucky’ with goldfish. Luckily, we do the debt chasing).

Another success this year is Katie Szolin, a law graduate who joined us in January as debt recovery case handler, who has quickly become indispensable thanks to her hard work, efficiency and high tolerance for bad jokes.

Challenges ahead

There are, however, some challenges for businesses ahead.

With the new government set to fulfil its promise to cancel VAT exemption on school fees, we know these are worrying times for our clients in the independent school sector, for whom we collect outstanding fees, while the wider economic picture is uncertain at best.

We remain focused on helping people in business to get paid the money they are owed so they can continue to thrive.

Our principles remain the same, whatever the commercial weather: treat people well, do a good job, pay attention to the details and have a few laughs along the way.

And don’t forget to feed the goldfish.