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Uplift in payments following new collections strategy and processes

Uplift in payments following new collections strategy and processes

Jumpstart is the UK's leading R&D tax credit specialist providing a complete service in claiming R&D tax relief behalf of their clients.

The challenge

Jumpstart previously had no end-to-end collections processes or policies in place. With a growing team and revenues increasing, they needed to establish a solid collections strategy that was fit for purpose and ensured that people paid on time.

The solution

Arum carried out a Current State Assessment (CSA) which involved a thorough investigation of Jumpstart’s collections strategies, operations, technology, performance management and culture. We provided them with useful benchmarking and an independent report on where improvements could be made.

The CSA was able to shine a light on Jumpstart’s collections function and, with the buy-in of key stakeholders, they implemented many of Arum’s recommendations successfully, using a graded prioritisation system as outlined in Arum’s report.   

The improvements included: introducing monthly statements, holding regular phone calls and catch-ups with clients after invoicing, setting up payment plans, and hiring a new member of staff solely dedicated to collections.

The results

Jumpstart now has a clear strategy and systematic processes and policies in place to ensure clients pay on time – and they’ve seen a huge uplift in payments:

  • Initially, 26% of Jumpstart’s debtor balances were classed as unresponsive or not contributing towards their outstanding balance. This was reduced to 9%, one year after Arum’s recommendations were implemented.
  • Debtor days reflective of revenue run rate in were equivalent to 107 days; a year later, this had been reduced to 91 days.
  • With fit for purpose processes and marked growth in revenue, Jumpstart finished the year in a comfortable financial position, which was in marked contrast to the situation 12 months before.

All of Jumpstart’s clients now get monthly statements and regular calls, with the escalation process to legal advisors for unresponsive clients now happening on a much tighter timescale.

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