The Australian Financial Security Authority (AFSA), recently announced that bankruptcies in Australia are at their lowest rate since 1995.
The number of bankruptcies have declined by 10.90% in 2013–14 (18,601) compared to 2012–13 (20,876). While this could be interpreted as good for the economy, what does this mean for insolvency practitioners who are licensed and authorised to act in relation to an insolvent individual, partnership or company?
When business is a bit harder to come by, here are 5 ways leading insolvency firms use Encompass to do more with less:
1. Identify key stakeholders.
Fewer bank appointments mean insolvency practitioners need to be smarter about the way they target new work. Being able to quickly understand company structures will allow you to identify key stakeholders such as directors and creditors with ease. This in turn means you can target who you’re keeping in touch with and identify where existing relationships can be leveraged to maximise new business opportunities.
2. Reduce non billable hours:
Using Encompass will significantly minimize the time you need to do pre-appointment conflict checks which will also reduce your unrecoverable costs. You and your team will be able to easily review and manage conflict check and due diligence information via your web browsers. The team that do the searches can share the information using a link for others to review. Simple as that. The collaborative approach and search efficiencies also eliminate tedious administrative processes throughout the course of a matter that often have to be written off.
3. Respond faster to new opportunities:
Having a Commercial Information Management solution ensures that you can respond faster to prospective appointments by being informed and prepared even before the proposal is requested. Encompass maps the visual relationship between entities and key stakeholders within couple of minutes, which means you will get a quick and complete view of your appointment and can get underway without delays.
4. Maximise opportunities when they come:
An insolvency firm that doesn’t maximize profits and competes with one that does will be at a long-term disadvantage. Insolvency practitioners have to maximise the profitability of every job they receive by minimising inefficient processes like PPSR searching and data entry which can be time consuming and tedious. By using Encompass you no longer need to print off all the company searches or PPSR certificates, as they will be in a single interface. The manual task of collecting and collating creditors details is also a thing of the past with Encompass because the software does it for you.
5. Foster relationships.
Being proactive and keeping informed about companies in distress will put you in a position to provide trusted advice on the spot, when you receive a call about what could become your next appointment. Being ‘in the know’ and a source of knowledge will foster your relationships with referees, ultimately increasing the number of appointments that come your way.
Although market conditions mean that the frequency of new insolvency appointments may be in decline, by utilising technology that gives you the full picture fast insolvency practitioners can make hay even when the sun shines.