When I receive my sales income, the sales are complete, but what if I still have sales income or the debtor refuses to pay for the sale on credit? In this case, it’s an organizational nightmare. This nightmare is exacerbated when management has to provide clarifications to unpaid accounts receivable, which are disclosed annually in the financial statements.
Today, business debt recovery is becoming a major engine of economic growth. The requirement for a competitive business scenario cannot avoid credit sales or prepayment. Here, the process of “managing recovery” is very helpful for debtors to ensure payments on time, but on the other hand, you can set up a credit policy. “Receivable Management” is a set of strategies, checkpoints, expert consultations, and legal actions that include:
- Design strategy based on the project company and other factors
- Coordination of debt recovery policies with other policies and departments
- To integrate the policy into the system
- Pre-sale analysis
- Debtor profile analysis
- To do preliminary inquiries and conversations
- Prepare any proposals with your consent
- Debt recovery
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- You can always check the status on our website
- If you correctly sync the above activations, you will fully recover.
How important is debt recovery to commercial institutions?
Debt recovery is not the latest trend in India as banks or NBFCs strive to obtain bad debt (NPA). However, for a number of reasons, companies today are adjusting their policies to collect bad debt.
