Receivables management
Receivables management in the company is of high importance. Especially in the initial phase of a company, it is very important to have a constant overview of the outstanding claims. If the outstanding receivables increase, this can quickly lead to financial bottlenecks and liquidity problems. Purchases of goods have to be made, employees have to be paid and services from other companies may have to be used. For this, the own company sometimes has to make a substantial advance payment. If customers then fail to pay their own bills on time, this can quickly lead to dramatic financial problems in the company if the capital is thin. Not infrequently, this also results in your own going to the bankruptcy court.
It is essential to build up an active and continuous claims management system from day one, immediately after starting your own business, and to add it systematically. Within the framework of claims management, strict attention must be paid to the fact that the customers set their own payment deadlines. If this is not the case, a payment reminder should be written promptly. If this does not help and the customer still does not pay his bill, the reminder is usually only and the last option is to go to the Dunning court. This, in turn, is usually associated with more financial expenses (bank interest due to overdraft due to a lack of incoming payments, possibly taking out short-term loans and the accruing interest, court costs, costs for your own lawyer, etc.). However, if the reminders pile up with a customer, the entrepreneur should think about ending the business relationship with this customer and acquiring a new customer. The entrepreneur should constantly analyze the payment behavior of his own customers as part of an active receivables management and, based on the result obtained, make relevant decisions for the future of his own company, in particular for the design of further cooperation with these customers. Well-organized and tight receivables management is an indispensable prerequisite for good liquidity in the company and a decisive factor for the economic success of a company. A great deal of attention and care must therefore be devoted to the development and expansion of operational receivables management. We can help you with that. As part of our work, we can set up and expand a correspondingly well and tightly organized receivables management for your company. We can help you to secure your liquidity and thus the economic success of your company. Among other things we can take over the extrajudicial payment reminders and reminders for you and thus make sure that your claims are no longer unpaid. As part of your receivables management, we also prepare a list of the age structure of your receivables.
So that the receivables do not stay unpaid for too long, it is also important to check incoming payments as part of the receivables management daily. As part of the claims management, it should be checked daily which claims are now until payment. If these claims are then not paid, a payment reminder should be written immediately. Usually the invoice is then paid by the respective customer within a short time. It is important to write the payment reminders promptly so that the customer does not delay the payment deadline for an unnecessarily long time.
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