Accounts receivables management – invoicing…collections
Successful execution of the collections process is reflected in improved cash flow and available working capital. These are two components of the financial statements, which are critical for business continuity and can be managed by implementing a robust debt collection strategy. Key components of the collection process are:
- Call followed by a written notification
- In absence of a response site visit / one to one meeting planned
- Time established for detailed discussions regarding dues
- In an eventuality of a dispute, claims corroborated with respective documentation / contracts. Credible gaps reported to & discussed with client.
- Upon consolidation, negotiations undertaken to clear the dues in a timely manner.
The entire process and various stages of follow-up are meticulously documented & reported via ‘ZZ’. Cases depending upon complexity and nature of transaction to assigned to collection agents with the required expertise to undertake appropriate action. While the stated is being undertaken and communication is ongoing with debtor, extreme caution is ensured to maintain business relationships between creditor & debtor. Senior managers maintain vigilant controls over the B2B debt collection process, ensuring that all compliances are met & fruitful outcomes are enabled.
