Why is accounts receivable management important?

Converting credit sales into cash is the process of accounts receivable. If your collections are efficient, you recover cash quickly and have the working capital to pay your expenses.

How do you charge fees in case of Collection Management?

Onfiling charge certain percentage based on the collection amount. Before that you don’t need to pay any fees.

What are the options available if the amount is not collected within 3 months?

Onfiling do the complete analysis of invoices and can recommend options for recovery as per the time limit like MSME Samadhan, summary suits or other legal options available as per requirements.

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Experience Hassle Free Collection of Dues

Credit Evaluation of Customers

This process involves checking the credit worthiness of clients before giving approval to any credit amount, detailed investigation is performed to minimise the risk of bad debts. Onfiling helps you in acquiring required credentials for giving credit to customers.

Sending Invoice to Customers

Onfiling helps you in keeping the track and maintaining timely reminders to send invoices to your customers so that due dates cannot be missed and it will improve the monthly payment cycle and customers will also keep track of due dates to avoid penalties.

Followup & Reminder Process

In collection management process followup and reminders plays an important role for regular payment from the various customers. Onfiling assigns a dedicated person who will handle all followup and reminder calls on time for a smooth collection process.

Resolving Customers Query

Only sending invoices and asking for payments is not the right way for collection. While sending follow ups, Onfiling listens to the queries or disputes if they exist and accordingly give them the solutions for the better results.

Check on Credit Periods

It is important to have a check on credit periods of the customers to know the paying capacity & to analyse working capital amount that a business is willing to invest, where Onfiling supports you to see by comparing credit period of competitors as well.

Collection of Dues

Proper automated process is maintained at Onfiling for collecting the dues in an appropriate manner so that all transactions are recorded on a daily basis and reports at the month end should be made accordingly.

Timely Reporting to Management

Once your payment cycle comes to the end of month, it becomes important to report the same in front of management so that if there is any defaulting party the company can find the good solutions for collection and can plan for next month's collection process.

Legal Proceedings Assistance

At Onfiling, you will have the expert team who will help in the complete collection process through legal procedures as well. If the customers are not reverting and answering to the queries, Onfiling follows the needed legal action as per the circumstances.

MSME Recovery Mechanism

MSME recovery mechanism is an initiative taken by the government for smooth & timely maintenance of the collection process. All MSMEs can take the benefit of solving issues through MSME recovery centres by filling up the MSME returns describing pending payments from customers.

Still having queries for Collection Management Services?
Book Free Consultation with Onfiling experts now or you can refer to our detailed information about the process and services of Collection Management Services.

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