Organization or SP with a cashless payment systemYou are often amazed: “What is it: the demands are growing every month and growing like a snowball?” Someone will say that this is good – products (services) are in demand and can do the calculation You wait a while. But don’t flatter yourself – basically this increase is a signal that the company will suffer losses in the near future. Have you ever thought of some permanent debtors using you as a bank? The amounts that are not paid to you on time are free for your customers. You send them to other needs, they say, you can wait with payments (nobody needs it). And what do credit institutions do in this case? So it’s time to understand what claims are and how they can be reduced under tight control! Fine for late payment or interest.
Tips for reducing claims
Basically, the entire “claim” is divided into the following types: normal (the period between shipping (provision of services) and the billing period according to the contract); overdue (the amount was not received on the agreed date) and hopeless (if it is not possible to repay the money). And in order not to be in the second and third situation, you have to consider the following tips. Permanent work with demands has several levels.
- Track your debtors weekly with software. Fortunately, computer programs are currently being developed that can generate reports in a matter of seconds. This allows you to systematically monitor the financial situation.
- The sooner you pay the bill, the sooner money. In addition, it is desirable for the customer to remind them of the time of payment. For example, attach a respectful letter to the invoice, or you can add this information on the invoice sheet below by highlighting it in bold. The idea of paying in time should be firmly anchored in the customer’s memory.
- The early payment discount system is an excellent way to encourage customers to pay as soon as possible. That means you get a discount of eg B. Receive 2% if the payment is made within 10 days, while the contract specifies a period of 30 days from the invoice date (and further see tip 2).
- Working with debtors on a long-term basis increases the chances of getting money. Letters must be accompanied by phone calls. Of course, memories don’t have to be considered law enforcement initially. Messages should always be polite but firm, ask buyers when they can pay the debt.
- Another effective way is to provide fines such as fines, penalties, interest. For example, it is sufficient to look at electricity bills or a mobile phone to understand what demands are in the area of housing and supply and communication, and to see what conditions exist for demarcation and collection there. These companies are extremely efficient at collecting non-payments.
- Transfer the debt to a debt collection agency if, despite your best efforts, the debtor fails to pay you. This is not an ideal option, but collection agencies know what a claim is, how to deal with it, and are very persistent when it comes to excluding money.
Why do we need a debt test?
If it is managed properly, it will work well. Constant monitoring of debt Most customers usually pay on time. In addition, it is advisable to check the status of the accounts and to check the receivables and payables. According to the results, weaknesses and strengths of the company’s activities are identified and suitable measures to improve the financial situation are proposed. The main test steps are as follows:
- The study of the founding documents, the accounting principles of the organization.
- Analysis of the primary documentation, linking of the financial documentation with the applicable contract terms and interest rates.
- Evaluation of billing documents, comparison with registration forms.
- Determine the reliability of the data in the balance sheet and its applications.
- Development of recommendations.
Basically, working with receivables and payables only requires a tight organizational and control system. Set your own rules and follow them.