Complete process of collection or receivable management includes making proper records of all credit sales invoices, due date reminders, calculations of outstanding interest on late payments and more. Proper collection management helps in raising the sales volume and profit of the business by managing and providing credit facilities to customers. This is an effective way for improvement of the financial and liquidity position of the company.
Experience Hassle Free Collection of Dues
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.
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.
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.
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.
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.
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.
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.
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 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.
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