Debt Recovery Management (DRM)
The sales are complete when you receive your sales proceeds, but what if sale proceeds remain outstanding or your debtor refuses to pay for credit sales. In such cases, it becomes a nightmare for an organization. This nightmare is further intensified when management needs to provide explanation every year for outstanding debtors published in your financial statements.
Nowadays Debt Recovery has become the main constraint for the growth. Being the requirement of competitive business scenario, you can’t afford to avoid the sales on credit or advances.
Here, the process of, “Debt Recovery Management” is very useful which ensure that your debtors pay on-time and on another hand, implement the credit policy. “Debt Recovery management” is set of policies, checkpoints, expert advisory and legal actions, which include the following:
- Designing the policies based on the project, company and other factors
- Aligning the debt recovery policies with other policies and department
- To ensure the policy become an integral part of the system
- Before Sales Analysis
- Debtor profile analysis
- Preliminary investigation and discussion with opposite party
- Preparation of possible proposals with your consent
- Debt Execution
- Helping you with next course of action
- You can check the status at any time on our website
A proper synchronization of above activates would assure the complete recovery.