A very happy Valentine’s Day to all. Have fun today.
Did you get the free AP report from Tuesday?
On the FAO side, we shared a number of inputs on DSO, including reports.
https://faoblog.com/processes-ar-collections-dso-4/
The next steps to a better collections process is encompassed in the following sub-process – Definition of delinquency levels and setting critical follow up levels.
This process again is a strategic priority for your client’s management. The decisions will rest on your client, and as an outsourcer / back office unit, you shall be responsible for collating and analyzing the client’s financial, sales and marketing data, along with market best practices to help your client take the relevant decisions.
This entire process is driven a lot by market dynamics and the industry your client belongs to.
Before we proceed with detailing this process, let us understand what delinquency means.
As a term, delinquency defined in the English dictionary is “debt on which payment is overdue” – (http://www.merriam-webster.com/dictionary/delinquency), and an amount which is overdue, is always a business risk for the entity who has to receive the money. So, if your client defaults on his AP payments, his Vendor is the one to get nightmares, whereas if your client’s customer defaults, as the extended collection center, you are the one to get those jitters.
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