Debt to Shoosmiths

RECOVERY: clients take charge of portfolio on-line

Regional firm Shoosmiths has invested 500,000 in a debt recovery system extranet that puts an emphasis on real-time communication with the client.

The system aims to put clients in control of their debt portfolio, allowing them to interact with their dedicated account manager while reading their ledgers via the Internet.

Relevant documents received by Shoosmiths are scanned in each day by 9.30am and can be viewed by clients.

The system allows for bespoke reports with current and historic data in a client's chosen format.

To ensure security, every client has a personal log-in system, electronic key and personal identification number.

The key generates a new access number every 60 seconds, which is recognised by the server.

The software is multi-currency, meaning it can cope with pursuing debts at home and abroad.

The system was developed by Shoosmiths' in-house IT department in partnership with ResSoft, an IT systems integrator and software development company.

Stationery giant Staples was the first client to trial the software.

Shoosmiths plans to roll it out to all existing debt recovery clients, offering them free access to the system, including training.

It also plans to promote the product to a broad range of other businesses over the next year.

A Staples spokesman said: 'The service is efficient, secure and user-friendly.

Its interactive nature means we can treat it as an extension of our own credit control department.'

Richard Gwynne, Shoosmiths' director of debt recovery said: 'Good credit management can make an enormous difference.

Overdue revenues can cost a company huge sums of money in interest so it's vital to find ways to reduce debts.'