CM May 2020

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INTERVIEW AUTHOR – Sean Feast FCICM Steve Fox and I felt it could be so much more,” he says. Throughout the course of 2019, Paladin launched two new services: a Procure-to- Pay proposition, and a Shared Service Centre consultancy: “There are plenty of companies out there who do debt collection; a handful that focus on Procure-to-Pay; and a number that provide a classic SSC consultancy. But I am not aware of any that deliver all three under the same roof.” PROCURE-TO-PAY Procure-to-Pay is defined typically as the process of requisitioning, purchasing, receiving, paying for and accounting for goods and services. It gets its name from the ordered sequence of procurement and financial processes, starting with the first steps of procuring a good or service to the final steps involved in paying for it. Steve says that the Procure-to-Pay proposition is already proving popular. In one example of a c£0.5 billion business Paladin ‘found’ £250,000 in 60 days, money that in this case acted as a windfall for the business which they invested in employee training and development. The money that Paladin finds from a client’s suppliers stems from such things as rebate credits, returned merchandise credits, duplicate payments, over-payments etc. In one example Steve cites, a customer had pre-paid a supplier £2.7 million for future works, but when the work was finally undertaken, they were charged again, since no record had been kept, teams had moved on, and the pre-payment forgotten! In another example, and in answer to my question about how difficult it is to get suppliers to engage when there is no obligation for them to do so, Paladin approached 4,206 suppliers for a particular client and every one of them replied with a statement of account. Paladin’s ‘traditional’ commercial recoveries service also continues to do well: “Every company is proud of their revenue and their margin, but even if you have a 90 percent margin it’s actually zero if you can’t collect it,” Steve says. “Transactions are ultimately based on trust but if the cycle breaks down then you still need to find a way of turning that revenue into cash. Things happen, and our role is to ‘fix’ what might have gone wrong and do so in a way that still allows the relationship to continue and rebuild the trust between the two parties. We help our clients understand what went wrong without it turning into a blame game. Very rarely is it a case of the parties agreeing to split the difference and go their separate ways.” WHITE LABEL So, when should a credit manager look to engage a commercial collections provider? “When your debt is 90-days post terms and you’ve exhausted your usual in-house practices, that’s the time to call in additional help. We can white label our service to collect in your name or as a third party and have teams that are skilled in both.” Steve is excited about what the future holds, and over the next few years is looking to further grow the Paladin business across all of its services. And what advice would he give his younger self if he were starting out again today? It’s a question that resonates, since his eldest son has just started work for Microsoft: “I think it would be to find something that you’d like to do that you can become an expert at,” he muses. “Being a ‘jack of all trades’ is somewhat oversold. Become technically proficient to the point that others respect you and respect the value that you bring. And have some fun while you’re doing it!” “When your debt is 90-days post terms and you’ve exhausted your usual in-house practices, that’s the time to call in additional help. We can white label our service to collect in your name or as a third party and have teams that are skilled in both.” Advancing the credit profession / www.cicm.com / May 2020 / PAGE 26
GET YOUR CREDIT CONTROL SALARY SURVEY TODAY! This year we have partnered with Croner Reward, the experts in Pay &Benefits benchmarking, to bring you our annual Salary Survey. Our 2020 report isthe definitive guide on the market, solely focused on credit sector salaries, interim pay rates combined with further information on employee benefits, recruitment trends and our own unique market insight. In your copy you will find salaries and benefits for Credit professionals that we recruit for around the UK. The roles include: Credit Administrator Credit Controller Credit Supervisor Sales Ledger Clerk Accounts Receivable Team Leader Credit Risk Manager Head of Credit TO REQUEST YOUR COPY VISIT: www.portfoliocreditcontrol.com/salary-survey WE ARE RATED 9OUT OF 10 LONDON | 0207 650 3199 MANCHESTER | 0161 836 9949 www.portfoliocreditcontrol.com recruitment@portfoliocreditcontrol.com Advancing the credit profession / www.cicm.com / May 2020 / PAGE 27
Page 1 and 2: CREDIT MANAGEMENT CM MAY 2020 £12.
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CM May 2020

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