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I’ve titled this as I have because we can lump whoever we feel fit into this; I have a feeling there may be several companies that fall into the criteria. If not today, then maybe next Month.
Had we all looked at the time and realised there were delays and hold-ups on such accounts as Powerhouse or P.E.S.N. from Brum, and one or two others; we may not have individually got caught. Just talking among ourselves may well alert another one of our group there is a potential risk on what used to be a healthy account.
Now be careful, what must not do is to shout that “There IS a problem with so & so, therefore they must be going bust” otherwise you will get a solicitors letter. I remember an angry phone call from Philco a few years ago when I suggested to a fellow agent to keep an eye on the accounts. We all know what happened to them. However there is no harm in any individual mentioning there has been a slowdown, or change of strategy.
The rationale behind this topic is… If there are any of us who like myself know intimately their cash flow with certain work providers, and notice a hiccup or change of trend, then we perhaps we should make the point clear among ourselves. Some companies I deal with I can almost set the calendar by, I.S.D.A. for example are spot on, always the same date, give or take, except allowances for weekends and how many days in the Month, but nevertheless, precise. If anything significantly changes, then I would watch the account.
I think a current one to open the debate might be M.F.I. With or without extra-care, being a case in point. I have never had a problem with their payments, but in the light of recent press, there maybe some concerns. (With LGH insured, I invoice direct to Aon insurers, taking MFI out of the loop). But I have noticed of late, I get a payment audit trail from MFI and the advice note regards payment I’m to receive into my bank account, and usually 3 days later, there it is. Lately I’ve noticed they are sat there on the account awaiting reconciliation for up to 2 weeks. Purportedly paid, but as yet not received.
As the account stands, it isn’t a big one by any means, the workload has dropped by 60{e5d1b7155a01ef1f3b9c9968eaba33524ee81600d00d4be2b4d93ac2e58cec2d} with them. Am I alone in this, or are there other MFI agents in this forum that are finding the same?
Alex
Re: Slowdown in Payments Received
Funnily enough I have noticed the change as well Alex, exactly as you describe with payments. I thought it odd.
We’ve also been getting chased to pay for spares earlier, new financial dude in I’m told who wants all the spares accounts to shift to 30 days. I can tell you that there are some within MFI who are opposed to this move and are fighting our cause there.
I’ll see what I can find out.
K.
Re: Slowdown in Payments Received
Must admit, never considered the other side of the coin, being what I owe them.
I hold quite a high level of stock on MFI and due to the change in the work involved, have set the computer not to re-order for stock. The consequence of that is, we owe them very little Month to Month.
Aside of that though, something doesn’t smell right and I’m watching the account very closely. Has anyone noticed that if there is an accounting query, you are now directed to another set of offices, and not Paul Brookes. They don’t always state the your invoice number on the payment sheet, making it difficult to reconcile the account. Also the phone number & contact details on the statement is totally different to what we have been used to. It is now an 0208 number, being London without. It could just as well be Billingsgate, it is just as fishy.
Not looking good I have to say.
Alex
Re: Slowdown in Payments Received
Alex, had the same issues lately, the payment notification used to arrive on or just before the date payments were in my account but now that is not the case, often its 2 weeks or so later when payments appear on my statement.
However, that BACS payment advice has always come from their Collindale office, hence the 0208 phone number. Dont think there is much change there.Any change chaps and anyone else had a problem? I now am aware of a few cases where there are problems.
K.
Re: Slowdown in Payments Received
Yep. last week had 2 pages of “accepted invoices reports” but when the bacs payment letter arrived this week, only one page has been paid.
Re: Slowdown in Payments Received
If we are talking MFI, no change.
I have payments awaiting on my bank account nearly 2 weeks old awaiting reconciliation.
Another thing, the rejections are starting to happen, and for the silliest reasons.
Alex
Re: Slowdown in Payments Received
I’ve decided to cancel my MFI agency. I’ve been receiving virtually no work from them recently and the admin has become very difficult. First you’re having to ensure you invoice the correct one of three companies depending on the job number, and as Alex said reconciling the payments is a nightmare as invoice nos or FSR numbers no longer appear on the remittance paperwork. It’s bad enough with 3 or 4 jobs where the amounts are the same so I don’t know how you guys doing a lot of work for them cope. Having read the foregoing posts on this I now wonder whether this may be deliberate.
Re: Slowdown in Payments Received
All these months later, and MFI are still on the same rate. Last went up Sept 2004.
Whilst I’m on a service providers bashing exercise….
Our good old friends Servvevast, (Smeg) I’m on £40 per call no matter what, o.k. they will pay me £40 per m/c if I have 2 appliances in the same house/store, and I tend to invoice them on re-calls blaming their lack of training/information. I don’t know how, but I do get away with it.
Point is, this rate was negotiated 3 years ago, and I was on £46 per call before they introduced a contract. I’m wondering if I’m being left behind with them. Might start dropping subtle hints to Sue in a few days.
Alex
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