How can you optimize your B2B receivables management with Kreancia?
All the invoices issued by a company make up its accounts receivable.
Accounts receivable management covers all actions taken by a company to improve and coordinate all stages in the life of an invoice, from its creation to its payment, including collection if necessary.
As a collections specialist, Kreancia can help you manage your receivables, offering you a range of services including outsourced collection solution.
Collection challenges for credit managers
Credit managers are responsible for managing accounts receivable, and in particular for collecting invoices.According to an ADFCC survey of credit managers70% of them are pessimistic about the future of the French economy, and therefore about payment times.
74% of survey participants believe that their role will change in 2023, requiring more action on their part.
New challenges include:
- Risk prevention: Credit managers need to take particular care in assessing the risk associated with each customer.
This involves analyzing customer history, creditworthiness and ability to pay.
Accurate assessment of customer risk is essential to minimize losses due to non-payment. - Debt recovery: In particular, by developing strategies to minimize losses and recover unpaid funds.
- Dispute management: In the event of disputes concerning unpaid invoices, credit managers will need to demonstrate conflict management and negotiation skills.
They must be able to resolve disputes efficiently and fairly, while preserving the customer relationship. - Credit managers must ensure that customers meet agreed payment deadlines.
This may involve closely monitoring due dates, sending payment reminders and negotiating payment arrangements to avoid delays.
Collection is therefore the second biggest concern for credit managers.
However, it remains one of the most time-consuming tasks in customer management.
Following up with customers, understanding their situation, entering into negotiations – all this is in addition to the normal activities required by the job.
What is outsourced collection?
Outsourced collection is a solution offered by collection companies to follow up unpaid invoices on your behalf.
As collection experts, these companies are able to improve companies’ DSO (Days Sales Outstanding) by supporting them throughout the collection process.
How can Kreancia help you manage your accounts receivable?
Kreancia offers a complete range of services to help you manage your accounts receivable:
- Customer relationship management with Collectelwhite-label calling.
- Pre-litigation mail with Softcollect
- Out-of-court collection: telephone calls and reminder letters for unpaid invoices.
- Judicial collection: assistance and advice on collection in court.
- International collections Thanks to our worldwide network of partners, we can help you collect your invoices abroad.
Why opt for outsourced collection?
Calling on a collection professional lets you delegate the task of sending out collection letters and reminders.
You benefit from the expertise of a professional specialized in this field.
Our knowledge of the business enables us to achieve fast, effective results when it comes to identifying the reasons for non-payment.
This means cost savings, better DSO management and, by extension, improved cash flow.
Outsourcing also helps you maintain good business relations with your customer.
By letting people outside your company take note of your customer’s justifications, you avoid direct involvement.
Credit managers already have their hands full, and even more so in the current situation.
Outsourcing this part of credit management will lighten their workload, allowing them to concentrate on more rewarding aspects.
In conclusion, outsourced collection offers an effective solution for managing unpaid debts and improving companies’ DSO.
By delegating this task to specialized professionals, credit managers can relieve their workload and concentrate on higher value-added activities.