As we approach the end of the year, effective receivables management becomes essential for a healthy cash flow and for the proper preparation of the next financial year. IBS Debt Recovery has prepared a short practical guide, based on our experience in B2B debt recovery, to help you reduce payment delays and increase collection rates.
- Update your customers and debtors’ contact details
The year is coming to an end, and many companies change their representatives or internal structure. A simple update of contacts (e-mail, phone, person responsible for payments) significantly reduces unnecessary blockages.
- Reactivate customers with old outstanding balances
A polite reminder sent before December can speed up the collection of forgotten or postponed invoices. We recommend sending a final firm yet amicable message, with a clear and short response deadline. If even in this situation you do not obtain a concrete solution (partial payment or payment commitment guarantees), we suggest considering outsourcing the case to specialized debt recovery companies.
- Check contractual terms regarding penalties
In many cases, the existence of contractual penalties helps achieve a quick settlement before the year-end. If penalties are not stipulated, a timely negotiation can accelerate payment.
- Prioritize high-risk invoices
Invoices older than 90 days have a higher probability of non-collection. We recommend identifying them and quickly deciding whether to manage them internally or outsource them.
- Outsource outstanding receivables for faster results
Outsourcing to a specialized partner, such as IBS Debt Recovery:
- reduces the pressure on the internal team;
- increases the recovery rate due to professional procedures;
- accelerates collection even in sensitive situations, without damaging commercial relationships.
In this regard, we can help you with a quick and free assessment of your outstanding receivables portfolio, with personalized recommendations to maximize recovery before year-end.
Please contact us if you would like additional information.
