Debtor management process with NIKKI
What is debtor management?
Debtor Management is an essential part of financial management for companies that sell on credit. It includes the process of tracking and collecting outstanding payments from customers. This process is crucial to ensure a healthy cash flow and prevent a company from getting into financial trouble due to unpaid bills. Without effective accounts receivable management, a company can experience serious cash flow problems, which can lead to delays in payments to suppliers and other financial obligations.
At NIKKI, we understand that a well-structured debtor management process is the key to financial stability and growth. That's why we've developed an efficient and flexible workflow that helps companies optimize their debtor management. Below, we explain our approach step by step.
The NIKKI debtor management workflow
At NIKKI, we have a carefully designed debtor management workflow that helps companies effectively manage their outstanding claims. Our workflow consists of the following phases:
Day 0: delivery of the debtor list
On the first day of our debtor management process, you will receive an important task: delivering the debtor list. Once this list has been submitted to us, the data is read into the Nikki system. This system is designed to process and manage data efficiently.
- Action: As soon as the debtor list has been submitted, we immediately send a first reminder for outstanding items or pre-collection, depending on the client's preference. This reminder is crucial to take the first step towards payment.
Day 7: second reminder
Seven days after sending the first reminder, we send a second reminder. This reminder is a follow-up action to increase the pressure on the debtor and encourage them to make their payment.
Day 15: debt collection
After fifteen days, if payment has still not been received, the debtor will be transferred to our partner CollectMasters for further collection. CollectMasters specializes in collecting outstanding claims efficiently and professionally.
- Action: CollectMasters takes over the further steps in the collection process. This ensures that the collection procedure is carried out according to the highest standards, which contributes to an increased chance of collecting the outstanding claim.
Telephone contact moments (optional)
To increase the effectiveness of our debtor management workflow, we offer the possibility to add telephone contact moments every three days. This can be particularly useful for clients who want extra follow-up.
- Action: These telephone contact moments are added at the request of the client. They help maintain personal contact with the debtor and can increase the chances of payment through direct communication.
Benefits of the NIKKI debtor management workflow
Our debtor management workflow offers several benefits that help companies effectively manage their receivables:
- Efficiency: By automating reminders and follow-ups, companies save time and resources. The workflow is designed to provide a streamlined process that is easy to follow.
- Flexibility: We adapt the workflow based on the specific wishes and needs of our clients. This ensures that the debtor management strategy can be tailored to each company's unique circumstances.
- Professionalism: By working with CollectMasters, we guarantee a professional and effective handling of debt collection cases. This increases the chances of successful collections and ensures a good relationship with your customers.
Implementation of the debtor management workflow
Implementing our debtor management workflow is a simple process that starts with delivering the debtor list. Once this list has been received and processed, we will start sending reminders and follow the further steps of the workflow. Adding telephone contact moments is an optional measure that can be included based on your preferences.
- Analysis and optimization: After implementation, it is important to monitor the effectiveness of the workflow. We offer reporting and analysis features that help identify trends and areas for improvement. This enables companies to continuously optimize their debtor management.
Conclusion
A good debtor management process is crucial for maintaining a healthy cash flow and preventing financial problems. At NIKKI, we have developed a flexible and efficient workflow that helps companies optimize their debtor management. From delivering the debtor list to the collection process, our workflow is designed to be effective and professional.
Want to know more about how our debtor management workflow can support your business? Take today contact join us to explore the possibilities!
At NIKKI, we love personal contact and quick solutions. Whether you have a question about our services, want to discuss a collaboration or just want to have a chat, we're here for you.
