In order to avoid accumulating debts, the regulations must specify the details of working with accounts receivable, as well as identify the persons and departments of the company responsible for this.
Basically, such issues in the company are handled by the sales department, the financial and economic service and the security department. Their list of responsibilities includes the following work:
The sales department is responsible for selling goods and receiving payment from the buyer;
the financial service studies the level of current accounts receivable;
the legal department carries out litigation work and prepares paperwork for possible filing of claims in court;
The security service rcs database and lawyers work together to deal with debtors, negotiate the possibility of repayment or payment deferment, and contact law enforcement agencies in critical cases.
Example: A sales specialist informs a client 3 days before the deadline about the need to pay off a debt and the payment amount. If the client does not transfer the money on time (on the deadline and 3 days after it), the sales manager must notify the commercial director in writing about the fact of non-payment. He is obliged to suspend the delivery of goods to the client.
In case of debt for more than 14 days, the commercial director launches a special list of measures that should stimulate the repayment of accounts receivable, and if necessary, he can meet with the client's management in person and discuss the situation. If there is no payment for more than 30 days, information about the delay is sent to the company's lawyers, accountants, security service, financial and general directors. Then comes the work of collecting the existing correspondence with the debtor, if this is needed for litigation.
The company's accountants must prepare and send the counterparty a reconciliation report. After receiving it, but no later than 45 days from the date of occurrence of the overdue accounts receivable, the legal department sends a claim to the debtor client by hand-delivery to him or his representative. After 60 days, the CEO can initiate legal proceedings with the client. The commercial director hands over all the documentation to the lawyers, and they draw up the papers for the proceedings.