Management of Debtors





Management of Debtors

When a prospective customer asks for trade credit from a seller, he is careful how to put his request, but if he had to be honest and speak his mind, he would possibly actually ask the seller something like this:

“I’d like to borrow some money from your company. I’d like the loan for at least 90 days, but I will probably take longer to repay you, if I repay you at all. There is, in fact a chance that I will not actually repay you and, if I do, it will be after you have spent a considerable amount of time, effort and money chasing me. I do not intend to pay any interest on the amount borrowed and, incidentally, I’m not giving you any say in whether to give me the loan or not: I’ve simply taken it.”

Giving loans is not something that only banks do. Most businesses loan money to their customers in the way stated above, such customers being known as debtors, and this is standard business practice. The only real difference between bank loans and debtors is that banks get paid interest on the money they have lent.

The following, again, is a debtor who is actually speaking his mind:

“The one contribution that debt collectors do make is that every time they telephone me, I have to think up an even more imaginative reason for further delaying the payment: none of the directors are here to sign the cheque, I have run out of cheques and the bank has run out of chequebooks, Maltapost is becoming more inefficient by the day, somebody has set fire to the post office box…”

Though this may seem a rather light-hearted approach, the problem is very real, very costly, and has resulted in the failure of many organisations, particularly in the last few years. It is often not the lack of profit flow that has caused these failures, but the lack of cash flow caused by poor and slow payments by customers.

If you think that this is exaggerated, consider the following example. A company’s annual sales revenue is Lm1 million and the gross margin on sales (gross profit/sales) is 20 per cent i.e. Lm200,000. After deducting operating and other expenses, and assuming that the company’s sales had all been for cash, the company would have made a net profit before tax of, say, Lm80,000.

However, the company’s sales are all on credit and customers take, on average, 90 days to settle their invoices. At any one time, therefore, Lm250,000 worth of debtors is outstanding. Let us assume that cash availability is not a problem – the company either has a positive cash flow or a particularly friendly bank manager. The company still has to fund the outstanding amount. Even in these times of low interest rates, the rate would not be lower than 6 per cent per annum, meaning an annual interest charge of (Lm250,000 @ 6%) = Lm15,000. Moreover, there is the cost of chasing the debt: credit department salaries, legal fees, telephone and postage costs. Let us say that these also amount to Lm15,000 per annum. To cap it all, there are 1 per cent of customers, equivalent to Lm10,000 – this is not a high figure, it is often higher – who prove to be bad debts. These add up to Lm40,000 per annum, which means that net profit will be cut by 50 per cent from Lm80,000 to only Lm40,000.

Agreed, you may say. It is true that our customers take 90 days to pay us, but we also take 90 days to pay our suppliers and our other expenses, so it all comes out okay in the end. To some extent this may be so, and it will go some way to offering a compensatory saving; but staff will not wait 3 months for their salary, neither will the VAT department or the Inland Revenue or the Social Security departments, or Enemalta or Maltacom…

And do not think that it is only the smaller firms which are the culprits. Selling to the big and well-known names may look good for Public Relations purposes, but they are often the worst offenders, and because of their larger purchase volumes, they would often have squeezed the sales manager on price to such an extent that the gross profit margin is much less than normal. So, you may often find that the 5 per cent gross margin you make on sales to them disappears when they take one year to pay you and you are borrowing from the bank at 6 per cent. Remember also that such big companies often have smart lawyers who can usually find the loophole in your sales contract if they want to!

So, with all this risk and hassle, why sell on credit at all? The reason is to facilitate the sales process, and as an inducement or aid in the marketing of the goods or services of the seller. Because all other sellers give credit, you would find it impossible to sell if you do not do likewise.

Debtors Management

One of my favourite sayings is that ‘if you do not manage debtors, debtors will manage you.’ Another is that, in spite of what accountants say,’ a sale is not made until you get paid.’ It is not enough for a business to induce the customer to choose its product or service over that of its competitor, but it must ensure that it actually receives the cash and receives it in proper time. This objective can only be achieved if we have in place a proper credit policy.

The following are the essential elements of a proper credit policy:

1. Who sets the Credit Policy

Research indicates clearly that most organisations in Malta have no formal or even clear credit policy, and fewer still have any sort of policy set out in writing. This often sets the stage for problems for these organisations.

In a properly set-up organisation there is usually a credit manager, (in Malta it is often the Accountant) whose function it is to monitor and chase trade debtors. However, the setting of the firm’s credit policy should not be his prerogative. Top management should set this. Why?

The reason is that credit policy should not be viewed in isolation, but must support the firm’s objectives. Only top management should decide what these objectives should be. Once such objectives are determined, top management, in consultation with the credit manager, will devise a credit management policy that will complement and support corporate objectives. In this way one eliminates from the start those conflicts that often arise between the sales and credit departments: the sales department wants to increase sales at all costs, irrespective of the creditworthiness of the customer, while the credit department does not want to run any risk of bad debts. This gives rise to conflict. However, when the policy is clear, sales do not over-reach, while credit policy is not so strict that it seeks to avoid total risk to the detriment of sales.

2. The Client’s Creditworthiness

The customer who applies for credit should be required to produce proof of his ability to settle within an agreed period the amount he owes. This is the time to make sure that the customer is creditworthy. Most debtors (customers) fully intend to pay their debts, but many executives tend to be too optimistic about their financial condition and future prospects, and thus find themselves short of funds.

The initial credit application, which should be done in writing, is intended to provide the credit manager with certain information that can be readily verified. Greater detail can be sought later, if necessary, in the form of financial statements. The information included in the initial application should enable the seller, however, to avoid considering doing business with those customers who have little prospect of success or whose past performance indicates that they are unable to meet their obligations when due. The seller should not deal with customers who ask for credit but who refuse to supply the information requested.

What facts are important, and why?

First, who owns the business? Who runs it? Beyond the simple requirement of getting the signatures of those executives who can bind the company (normally the directors and managers), this question is intended to find out something about the character of the owner and the senior executives. The reputation of the company’s Chief Executive Officer carries great weight when it comes to such decisions, and is not difficult to discover, especially in a small country like Malta where everyone knows everyone else.

Again, the owner of a business may have large personal resources and be willing to pledge them to support his business. Such a factor would be carefully considered by the credit manager, and weigh heavily in the customer’s favour. An unwillingness to do so is also an important pointer, but in the opposite direction.

The credit manager would also want to know something about the history of the business. How old is it? How has it developed? How does it meet its obligations? The answer to these and other questions are obtained from trade references, credit rating agencies, banks (to a limited extent), and financial statements.

Banks can be sources of useful information about customers, though in many countries nowadays laws dealing with privacy have restricted the information which banks can supply. Banks also tend to be reluctant to commit themselves formally to recommending a customer lest they be held responsible if that customer should default. However, the credit manager may often obtain useful information by talking to the customer’s bank manager, especially if the client has given permission to do so. In addition, the credit manager may ask his own banker for indications he may have of the client’s creditworthiness, as bankers hear a lot of things. Information can be passed on by the banker in general terms without violating any confidentiality.

In Malta, one good source of information is your company’s lawyer. Because of their presence in Court, lawyers tend to hear about businesses which have been, or are currently in trouble.

Professional credit rating agencies, such as Dun and Bradstreet, can also be consulted. Their information is useful as an indicator of performance for an established business, but they can usually report little or nothing about one just getting started. In Malta there are nowadays other such agencies, including Creditinfo Malta Ltd, offering information about customers, suppliers and other business partners. Following some recent bankruptcies in the retail sector, the MACM (Malta Association of Credit Management) was set up in 2001, with the aim of providing a central national organisation for the promotion of all credit interests to local businesses.

A customer can also be asked to provide trade references from suppliers he is already dealing with. Keep in mind, however, that no customer is going to list a reference on a credit application if he has ever failed to pay that supplier in time. The credit manager should therefore try to check with other suppliers in the same line and find out if the applicant has ever done business with them and what the results were. (In Malta, this cross checking is done regularly among insurance companies when they have doubts about a customer).

The general economic situation, and the industry conditions, will certainly have a bearing on the credit decision, though most credit managers give more importance to character and past performance. Some companies always manage to survive bad economic conditions and succeed even when times are bad. However, if credit has already been given and suddenly conditions get bad, then credit managers should watch over their accounts more carefully, check the outstanding balances (especially the bigger ones) more frequently, and revise the credit limits more often.

The purpose of all this checking before giving credit is to ensure as much as possible the creditworthiness of the customer. Creditworthiness, however, is rarely assessable in absolute terms, and it will be a matter of judging the risk in each case and categorizing the customer accordingly. Some risk is inevitable when business is done on credit, and this must be balanced against the expected returns from the additional sales. Initially, a new customer’s credit limit should be set at a low level and increased only if his payment record justifies it. Even in the case of old customers, the credit limit and period should be periodically revived, and should be raised only at request of the customer and if his credit performance has been good.

3. Credit Limits and Credit Periods

These should be established when the initial request for credit is being considered.

In a computerised setting this is a simple matter. The customer is assigned an account number and all payments and charges enter the computer system before an invoice is issued. The credit limit is programmed into the computer for each account, and any new sale which will lead to exceeding the limit is automatically rejected. Rejections would then normally be brought to the attention of the credit manager for a decision. He may approve a small excess and ‘override’ the system, but any large excess should call for an investigation and perhaps a demand on the customer to prove that he can settle the amount soon.

In most cases the period of credit is set by the convention of the trade, and very little flexibility is available to the individual business. It is usual to find credit periods of 30, 60, or 90 days i.e. payment has to be made within that interval following the date of the invoice.

It is useless demanding cash with orders if one’s competitors are giving, say, 30 days credit. Only a very marked price or quality advantage would make this possible. On the other hand, there is usually little point in offering more credit than your competitors. This would tie up more of your funds, and although it will possibly attract more customers (research carried out in Malta indicates this), there is a risk that many of these will be less creditworthy, leading to higher bad debts.

However, if a firm is considering extending credit to attract more customers, it is first

necessary to determine:

1 The expected additional sales volume;

2 The profitability of the extra sales;

3 The extra length of the average debt-collection period;

4 The return on the investment in additional debtors.

Example:

Kreditsails Ltd. is considering a change of credit policy which will result in a slowing down of the average collection period from one to two months. This policy is expected to produce an increase in sales amounting to 25 per cent of the current sales volume.

You have been given the following information:

Sales price per unit Lm10.00

Variable costs per unit Lm8.50

Current sales per annum Lm2.4 million

As a result of the expected additional sales, the average stock level would have to increase by Lm100,000, and creditors by Lm20,000.

The company has a cost of capital of 24% per annum. Should it extend the credit period as proposed, if this is to apply to both its existing and new customers? Answer: the change in credit policy will only be justifiable if the return on the additional capital employed exceeds the cost of this capital.

1 The extra profit is calculated as follows: Increase in sales: Lm2,400,000 x 25% Lm600,000 Contribution/Sales ratio (Lm1.50/Lm10,00) 15% Increase in contribution: Lm600,000 x 15% = Lm90,000

2 The extra working capital required is calculated as follows: Average debtors (Lm3,000,000 x 2/12) Lm500,000

Less: Previous average debtors (Lm2,400,000 x 1/12) 200,000

Increase in debtors 300,000

Add: Increase in stocks 100,000

Less: Increase in creditors (20,000)

Net increase in working capital 380,000

Increase in financing costs: Lm380,000 x 24% 91,200

Less: Increase in sales contribution (90,000) Net increase in costs 1,200

Conclusion: the credit period should not be increased, as the costs will outweigh the benefits.

4. Offers of Cash Discounts





Many firms offer a cash discount for the quick settlement of accounts. A typical invoice might state: “Terms 2.5% cash discount within 7 days, otherwise 30 days net.” This means that the debtor is allowed up to 30 days to settle his bill at the stated amount, but if he pays it within the first 7 days of this period he may deduct 2.5% from the total. If the debtor takes up the discount offer, the effect would be to reduce the average level of trade debtors; so one would expect that the amount of cash discount would be related to the firm’s cost of capital.

In practice, however, the discount is usually more generous than this. This is because early payment not only reduces capital requirements for the seller, but also saves him administration costs in pursuing outstanding debtors, and also reduces the risk of bad debts. There may also be a hidden element of price reduction in the cash discount. It is a concealed way of offering lower prices to a sector of the market which might otherwise go to competitors. Research has shown this to be the case in Malta.

5. Collection Procedures and Credit Control

A customer who has been paying regularly suddenly starts slowing down his payments. This is always a danger single, and if you are the credit controller you must try and discover immediately the reason for this, either perhaps by asking the salesman to call on the customer, or by phoning the customer, or asking around for information. The worst thing to do is to sit and wait for developments. In any case discovering, hopefully, that there is nothing to really worry about will set your mind at rest.

One danger signal that should not be ignored is the sudden unavailability of any of the people that you usually contact. This often starts to happen after collection efforts have been started but with no success. The firm’s managers and directors, at a loss what to do and embarrassed by constant demands for payment, are ‘abroad’, ‘sick’, or in a meeting’.

When a debtor starts acting suspiciously, the best method of enforcing payment is to stop any further supplies to him while you investigate. This will show him that you really mean business, and in any case will ensure that your problem does not grow any bigger. If the customer finally pays up, you should still not relax and go back to the old arrangements before you are fully satisfied that he has no long-term underlying problem. In fact you would be strongly advised to start all over again the whole process of assessing his creditworthiness.

If your efforts to collect do not give results, you must decide on your next step. If you believe that the customer is in deep trouble, you should not hesitate to take strong measures. How?

Collection letters are rapidly losing popularity among modern credit managers. The telephone, they say, is a better way to get results. Some still use letters which may begin as polite reminders and go on to threats of court action. Here again, credibility plays an important role. A firm that sends out half a dozen pre-printed or computer-generated letters, each threatening something worse than the last, loses credibility. If you threaten to sue unless payment is effected within a week, make sure that you if payment is not effected within the week. Of course, this will probably mean the end of your relationship with the customer, who will probably go to your competitor. Let him do so, he will be doing you a favour in helping to ruin him! You certainly do not need such customers.

One final but important thing; Maltese legislation for combating late payment was introduced in 2001. The Business promotion Act, section 45 (1) states that if payment is due to an undertaking which is a micro-enterprise, and such payment is due by a medium-sized or large enterprise, government departments, local councils, or a government-owned or controlled entity, it shall carry legal interest as stipulated in the Act. Very few businesses seem to be aware of this provision, and nobody seems to make use of it.

Malta’s entry into the EU on May 1, 2004 will also mean the automatic adoption of the EU late payment Directive 2000/35/EC, aimed at curbing late settlement of debts by charging interest at a substantial rate on overdue accounts. The Directive defines a fixed reference period of 30 days commencing from the date of receipt of invoice or receipt of goods. It also recognizes that the seller retains title to goods until payment is effected. Unless the debtor is not responsible for the delay, the creditor can claim compensation for all costs incurred in recovering the debt.


债务人管理

当潜在客户要求从卖方市场贸易信贷,他是认真如何把他的要求,但如果他必须是诚实说出自己的想法,他就可能实际上要求卖方是这样的:

“I’ð想借一些钱,从你的公司。 IA€™贷款至少90天,但我可能会需要更长的时间来报答你,如果我报答你的。还有就是,其实是一个,我不会真正报答你,如果我这样做,这将是你已经花了大量的时间精力和金钱后,追我的机会。我不打算支付借款金额的任何利益,顺便说一下,IA€™米不给你任何发言权能否给我贷款与否:IA€™已经采取简单€it.â?

给予贷款,不是只有银行做的。上述大多数企业的贷款资金给他们的客户的方式表示,这样的客户被称为债务人,这是标准的商业惯例。银行贷款和债务人之间的唯一真正的区别是,银行获得报酬的,他们把钱借给了兴趣。

下面,又是债务人谁是真正讲他的脑海:

“The一人贡献了追债千万提出的是,每一次他们给我打电话,我得想出一个更富有想象力的理由进一步拖延付款:本公司各董事都在这里签支票,我已经用完支票和银行已经用完了支票簿的,Maltapost越来越低效当天,已经有人放火邮局BOXA€了……€?

虽然这看起来相当轻松的方式,这个问题是非常真实的,非常昂贵,并导致许多企业的失败,特别是在过去的几年里。它往往不是缺乏,才造成这些失败的利润流,但缺乏现金流造成穷人和缓慢付款的客户。

如果你认为这是夸张的,考虑下面的例子。一个公司A€™的年销售收入器Lm1亿元,销售毛利率(毛利/销售)为20%,即Lm200,000。扣除营运等费用,并假设公司A€™的销售额已全部被现金后,该公司将有,比方说,Lm80,000税前净利润。

然而,公司A€™的销售额都在信贷和客户需要,平均90天的时间解决他们的发票。在任何一个时间,因此,债务人Lm250,000价值突出。让我们假设可用现金不是一个€“公司有问题或者有正的现金流或一个特别友好的银行经理。该公司仍然有资金余额。即使在低利率的时代,幅度也不会超过年息6%更低,这意味着每年利息费用(Lm250,000@6%)= Lm15,000。此外,还有追债务的成本:信贷部门的工资,律师费,电话和邮寄费用。让我们说这些也达到Lm15,000每年。要糟糕的是,有1%的客户的比例,相当于Lm10,000€“这不是一个很高的数字,它往往是一个€较高的”谁被证明是坏账。这些加起来Lm40,000每年,这意味着净利润将由50被切割%来自Lm80,000只Lm40,000。

同意,你可能会说。这是事实,我们的客户需要90天支付给我们,但我们也需要90天的时间支付我们的供应商和我们的其他费用,所以这一切都出来好吗到底。在某种程度上,这可能是这样,这将在一定程度上提供了一个补偿性节约;但工作人员不会等待3个月的工资,既没有将增值税主管部门或者税务或社保部门,或Enemalta或Maltacomâ€|

不要以为这仅仅是规模较小的公司分别是罪魁祸首。出售给大和知名名称可能看起来好公共关系的目的,但他们往往是最严重的罪犯,因为他们的更大的采购量,他们常常宁愿挤在价格上的销售经理这样的程度,总利润率比正常少得多。所以,你可能会经常发现,5%的毛利率,你就销售给他们消失时,他们需要一年支付你,你是从银行贷款的6%。也请记住,这些大公司往往有聪明的律师,谁通常可以找到的漏洞在你的销售合同,如果他们想!

所以,这一切的风险和麻烦,为什么赊销呢?究其原因是为了方便销售过程中,并作为卖方的商品或服务的销售的诱因或援助。因为所有其他卖家给予信贷,你会发现它不可能出售,如果你不这样做。

债务人管理

我最喜欢的格言是,~if你€不管理债务人,债务人将负责管理。 – 答€™另一个原因是,尽管什么会计师说,’销售不发,直到你得到paid.â €™这是不够的,一个企业要吸引客户选择其产品或服务超过其竞争对手,但它必须确保实际收到的现金和适当的时间接收它。这个目标才能实现,如果我们已经制定一个适当的信贷政策。

以下是一个适当的信贷政策的基本要素:

1.由谁来制定信贷政策

研究清楚地表明,大多数企业在马耳他没有正式的,甚至明确的信贷政策,少仍然有任何形式的政策以书面列载的。这往往设置了舞台,为这些组织的问题。

在正确建立的组织通常有一个信贷经理,(在马耳他往往是会计),其职能是监督和追贸易应收账款。然而,FIRMA€™的信贷政策的设置不应该是他的特权。最高管理者应设置此。为什么呢?

其原因是信贷政策不应该孤立地看待,而必须支持FIRMA€™的目标。只有高层管理人员应该决定什么这些目标应该是。一旦这些目标确定后,高层管理人员,与信贷经理协商,制定信用管理政策,将补充和支持公司的目标。以这种方式,从消除启动往往是销售和信贷部门之间发生这些冲突:销售部门希望增加销售额,不惜一切代价,不考虑客户的信用,而信用部门不希望运行的任何风险坏账。这样就产生了冲突。然而,当政策是明确的,销售不过度前伸,而信贷政策是不那么严格的,它的目的是避免风险的总销售不利。

2.客户端A€™的信誉度

谁申请贷款的客户,应要求出示他对在约定期限内解决他欠量能力的证明。这是时间,以确保客户的信誉。多数债务人(客户)完全打算支付他们的债务,但许多高管往往过于乐观的财务状况和未来前景,并由此发现自己缺乏资金。

最初的信贷申请,应以书面形式进行,旨在提供信贷经理,可随时验证某些信息。更详细的可以在以后的追捧,如果需要的话,在财务报表的形式。包括在最初的应用程序中的信息应该让卖家,但是,为了避免考虑做生意那些谁拥有成功的机会不大或者其过去的表现表明,他们无法在到期时履行其义务的客户。卖方不应处理问的是谁的信用,但谁拒绝提供所要求的信息的客户。

什么事实是重要的,为什么?

首先,谁拥有的公司吗?谁运行呢?除了让谁可以绑定公司(通常是董事,经理)的高管签名的简单的要求,这个问题的目的是找出一些关于主人的性格和高级管理人员。该公司A€™的首席执行官的声誉具有巨大的重量,当涉及到这样的决策,不难发现,尤其是在一个小国马耳他一样,每个人都知道其他人。

同样,一个企业的老板可能有大量的个人资源,并愿意保证他们支持他的生意。这样的因素是受信贷经理慎重考虑,并在customer’的青睐权衡严重。不愿意这样做也是一个重要的指针,但在相反的方向。

信贷经理也想了解一下企业的历史。多大年纪了?它是如何发展起来的?它是如何履行其义务?回答这些问题和其他问题是从贸易的引用文件,信用评级机构,银行(在有限的范围),以及财务报表获得。

银行可对有关客户有用的信息来源,但在许多国家现在处理隐私法律限制了该银行可以提供的信息。银行也往往不愿正式承诺,建议客户免得他们负责,如果客户要违约。然而,信贷经理可能经常被谈论的customer’的银行经理,特别是如果客户端已获准这样做的获取有用的信息。此外,信贷经理可能会问自己的银行家迹象,他可能有客户端A€™的信誉,因为银行家听到了很多东西。信息可以通过笼统的银行转嫁不违反任何保密。

在马耳他,一个信息的良好来源是你的公司A€™的律师。因为他们在法庭上的存在,律师往往会听到商家已经,或正在陷入困境。

专业的信用评级机构,如邓白氏,也可咨询。他们的信息是,作为一个既定的经营业绩的一个指标是有用的,但他们通常会报告很少或没有约一刚刚起步。在马耳他有时下其他类似的机构,包括Creditinfo马耳他公司,提供有关客户,供应商和其他业务伙伴的信息。继最近的一些破产的零售部门,MACM(信用管理协会马耳他)成立于2001年,提供了一个中央国家机构,以促成全球信用利益,当地企业的宗旨。

顾客也可以要求提供从供应商,他已经与处理交易的参考。请记住,但是,没有客户会列出一个参考的信用申请,如果他从来没有支付该供应商的时间。因此,信贷经理应该尝试检查与其他供应商在同一直线上,看看申请人有没有做到与他们做生意,什么结果。 在马耳他,这个交叉检查,定期保险公司之间做时,他们对客户的疑虑)。

总的经济形势,以及行业状况,肯定会对信贷决策产生影响,虽然大多数信贷经理给的性格和过去的表现更为重要。有些公司总是设法生存恶劣的经济状况和在经济不景气时,甚至成功。但是,如果信贷已经给出,突然获得条件不好,那么信贷经理应该看管好他们的帐户更仔细,更频繁地检查未偿还余额(特别是大的),而且更经常修改信用额度。

所有这些检查的给予信贷之前的目的是为了确保尽可能多的客户的信用。信用,然而,是在绝对数量很少课税,并且这将是判断在每一种情况下的风险,并相应地进行分类的顾客的问题。有些风险是不可避免的,当业务是信贷完成的,这一定是对的额外销售额预期收益的平衡。最初,一个新的customer’的信用额度应定在一个较低的水平,只增加了,如果他的付款记录证明它。即使是在老客户的情况下,信用额度和期限应定期复兴,只有在客户的要求应该提高,如果他的信用表现一直不错。

3.信用额度和信用周期

当正在考虑信用的初始请求,这些应该建立。

在计算机化的设定,这是一个简单的事情。客户被分配一个帐号和所有付款和收费输入计算机系统发出发票之前。信用额度被编入计算机为每个帐户,以及任何新的销售,这将导致超过限额被自动拒绝。拒绝将随后通常会带来信贷经理的关注作出决定。他可能批准少量过剩和一个€~override’系统,但任何过量应要求进行调查,并可能对客户需求,以证明他能早日解决量。

在大多数情况下,信用的周期由该行业的惯例设置,并且很少的灵活性是提供给个人业务。它通常找到30,60,或90天信用证期限,即支付有一个时间间隔内按照发票日期进行。

它是无用的勒索现金订单,如果ONEA€™的竞争对手是给,说30天信用证。只有一个非常明显的价格和质量优势将使这一切成为可能。在另一方面,通常在提供比竞争对手更多的信贷少一点。这将配合您更多的资金了,虽然它很可能会吸引更多的客户(研究开展马耳他表明这一点),是有风险的,许多这些将资信较差,从而导致较高的坏账。

但是,如果一个公司正考虑扩大贷款来吸引更多的客户,这是第一次

需要确定:

1预期的额外销售量;

2额外销售的盈利能力;

3的平均收期的额外长度;

4在附加债务人的投资回报。

例如:

Kreditsails有限公司正在考虑信贷政策的变化,这将导致从放缓一到两个月的平均收款期的下降。这项政策预计将产生销售增长达25%,目前销售数量的百分之。

您已获得以下信息:

单位Lm10.00销售价格

单位Lm8.50可变成本

每年Lm2.4万元目前的销售

正如预期的额外销售的结果,平均库存水平将不得不通过Lm100,000增加,债权人Lm20,000。

公司拥有每年24%的资本成本。它应该延长信用期限内提出,如果这是适用于现有客户和新客户?答:在信贷政策的改变只会是合理的,如果所采用的额外资本回报率超过这个资本成本。

1额外利润的计算方法如下:销售增长:Lm2,400,000×25%Lm600,000贡献/销售比(Lm1.50/ Lm10,00)的贡献增加15%:Lm600,000×15%= LM90000

2所需的额外营运资金计算如下:平均债务人(Lm3,000,000 X2/12)Lm500,000

减:上一页平均债务人(Lm2,400,000 X1/12)200000

增加债务人300000

地址:增加股票100000

减:增加债权人(20,000)

营运资本38万的净增加

增加融资成本:Lm380,000×24%91200

减:增加销售贡献(90,000)成本1200净增加额

结论:在信用期间内不应该增加,因为成本会得不偿失。

4。提供现金折扣

许多公司提供现金折扣的快速结算。一个典型的发票可能状态:①€œTerms2.5%的现金折扣在7天,否则30天net.â€?这意味着债务人允许最多30天,以解决他的法案在规定的金额,但如果他不还之内的第7天这一段,他可以从总扣除2.5%。如果债务人占用的折扣优惠,效果会降低贸易应收账款的平均水平;所以人们会期望的现金折扣金额将涉及到资本的丰资本€™的成本。

然而在实践中,折扣通常比这个更慷慨。这是因为早期的支付不仅降低了卖家的资金需求,也节省了他的管理成本,在追求卓越的债务人,而且也减少了坏账的风险。也可能有在现金折扣价格降低的隐藏的元素。它是提供给市场的一个扇区否则可能去竞争对手的价格更低的隐蔽方式。研究表明这是在马耳他的情况。

5.收集程序和信用控制

一位顾客谁一直定期支付突然开始放慢自己支付。这始终是一个危险的单一的,如果你是信贷控制,你必须尝试并立即发现这种情况的原因,要么也许要求业务员对客户,或致电客户,或者是问周围的信息调用。做的最糟糕的事情就是坐下来,等待事态发展。在任何情况下查找,希望,没有什么真正担心会设置你放心。

这不应该被忽视的一个危险信号,是任何人,你平时接触的突然不可用。这通常开始发生已经开始收集工作后,但没有成功。该FIRMA€™的经理和董事,亏本做什么,尴尬支付固定的要求,是一个€~abroad’,â€~sick’,或者在meeting’。

当债务人开始形迹可疑,强制缴纳的最好的方法是停止任何进一步的用品给他,而你调查。这将显示他,你真的是认真的,并且在任何情况下,将确保您的问题没有任何增长较大。如果客户最终支付了,你应该还没有放松,回到旧的安排,你是完全满意,他有没有长期的根本问题之前。事实上,你会强烈建议从头再来评价他的信用的全过程。

如果你的努力,收集不给结果,你必须确定你的下一个步骤。如果您认为客户是深陷困境,你应该毫不犹豫地采取强有力的措施。怎么样?

收集信件正在迅速流失的知名度现代信用管理人员。电话,他们说,是一种更好的方式来得到结果。一些仍然使用它可能会开始有礼貌的提醒,并继续向法院提出诉讼的威胁信。这里再一次,信誉起着重要的作用。一家公司发送了半打预印或计算机生成的字母,每个威胁的东西比过去更差,失去了公信力。如果你威胁要起诉,除非支付一个星期内完成,确保您如果付款没有在本周内生效。当然,这可能意味着与客户,谁可能会去你的竞争对手的关系结束。让他这样做,他会做,你在帮助毁掉了他的忙!你肯定不需要这样的客户。

最后一个,但重要的事情;马耳他的立法打击逾期付款于2001年被引入商务促进法,第45(1)条规定,如果付款是由于承诺是一个微型企业,而这些款项是由于由一家中型或大型企业,政府部门,地方议会或政府拥有或控制的实体,它规定在该法应履行合法权益。极少数企业似乎知道这个规定,而且似乎没有人使用它。

Malta’的进入欧盟对2004年5月1日也将意味着自动通过欧盟逾期付款指令2000/35 / EC的,目的是通过收取利息,对逾期账款大幅抑制率债务后期结算。该指令规定的30天收到发票或收据货物之日起一个固定的基准期。它也认识到,卖方保留货物所有权直到货款支付。除非债务人不负责的延误,债权人可以要求赔偿追讨债务而发生的一切费用。