Vinkkejä
Make sure collection is digital
Digital invoicing and debt collection do not just simplify the work; they also ensure faster payments from customers.
Good liquidity management is all about having an overview, maintaining control, and successfully collecting payments for goods and services that have already been delivered.
– We see that digitalizing invoicing and debt collection causes customers to pay earlier than they otherwise would. This is partly because it is easier for the customer to make the payment, and partly because it is easier to send reminders at the exact right time when everything is digital and perhaps even automated.
Time thieves steal liquidity
The two biggest wastes of time are sending out paper invoices and late reminders.
There are still many companies that send paper invoices, even though direct debit, EHF, payments via VIPPS, and credit cards are things that –everyone– does. Payments from paper invoices typically arrive three to five days later than from electronic invoices. Over the course of a year, this will negatively impact liquidity.
Late reminders steal time as well. Firstly, many debtors have simply forgotten to pay and will clear their balance as soon as they are reminded of what is owed. Secondly, delayed reminders cause the entire collection process to take longer than necessary.
Simple steps
With today's systems, it is easy to automate collection procedures:
Ensure that as high a percentage of customers as possible receive electronic invoices.
Use systems like Kravia to ensure that reminders and other collection steps occur at the right time.
Create as many automated routines as possible to save both time and effort.
Integrate accounting systems, invoicing, and debt collection for the best possible overview and control.