We wish you All the Best for 2016!!!
Hope it is the year in which each company will implement credit management methods and tools for well being paid by their customers.
Getting paid quickly and well, depends on many factors (commercial negotiations, quality, economic climate for the seller and the buyer ...), but especially on the quality of the management of the seller on the entire process "Quote to Cash"..
No fatalism (I'm not, or lately paid because of my client), each company must be an actor to get its bills paid by taking this stake into account at every stage of the sales process:
- commercial prospection: creditwothiness assessement of prospects,
- negotiation: taking into account the client risk (payment default) during negotiation of contractual terms (payment conditions, contractual clauses), and set of securization tools,
- delivery and invoicing: quality of invoicing process. Bills issued in due time incuding the exact conditions defined during the commercial negotiation,
- collection process: preventive recovery compared to the due date to detect upstream problems preventing the payment, professional management of reminders and of the business relationship. Progressive collection scenarios,
- Immediate treatment of disputes identified through the establishment of a dispute management process,
- Proper management of customer accounts: payments are immediately reconciled with the bills in order to have an accounting system that is the exact reflection of reality, to streamline communication with customers,
- In case of unpaid invoices, use a quality solution to obtain payment of the debt (lawsuit, collection agency, credit insurance ...).
The performance of a company in the management of its receivables often reflects the quality of its internal management processes. The accounts receivable issues show what does not work well in the company.Do not wait, in 2016, implement the principles and tools of credit management!
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