I have a client in the building industry (mostly jobs under $10,000) that recently had a client of theirs go into administration.
Luckily we were only owed a minimal amount so not greatly affected like others. But it prompted the director to look into how vulnerable the business is. We had a visit from a Credit Expert that recommended we look into PPSR, and has quotes us over $5,000 to setup our register, review and draft up new contracts of trade.
I've never had any experience in this area before but the director has asked me if I think it's worthwhile. Looking into PPSR I don't think for the type of business we do that it's worth it. The client doesn't have equipment that is hired out, all assets were purchased new and without previous financing on the asset. Anything that can't be completed directly is contracted out to others.
Does anyone have any experience using a Credit Control consultant in this regard? Did you feel it was worth the money spent?