THE CORONA INVOICE. Some points of interest in your collection process to reduce unpaid invoices during corona.

De Tijd writes that the corona invoice from the government rises above 20 billion. How can you ensure that your unpaid invoices during corona not add up? We list six areas of concern that make it Be able to make a difference in your collection process. 

1. Contact with debtors is essential

Actually, it is always hugely important contact at keeping with your debtors, but in uncertain times this is all the more true.

So make sure you are always in possession of the direct contact details of your customers (phone number, cell phone number, e-mail address, delivery address, etc.). That way you are more likely to reach them and they are less likely to disappear off the radar.

Moreover, your debtor is also likely to have a great deal of administration, and through contact with debtors your unpaid invoice won't end up at the bottom of the pile.

Tips for a productive telephone conversation with debtors can be found in the following article.

2. Keep in mind the invoice date

When the invoice date (well) before the corona period lies, debtors can hardly cite this as a valid argument for default.

Obviously, COVID-19 will not have helped the situation of these debtors, but the origin of the problem is older and therefore more dangerous. These are the receivables and debtors you should watch with hawkish eyes.

So immediately puncture this argument and Talk to the debtor about the essence of the payment problem, and how this can be proactively addressed. What can safeguard an amicable solution? If necessary, also dare the government subsidy point out, ultimately the intention is to use this grant to pay supplier invoices, among other things.

3. Be open to a payment plan, but take the bull by the horns

A payment plan is always an interesting possibility, subject to mutually agreed terms and conditions.

COVID-19 has put a lot of companies and industries in an uncertain position, so don't put all your eggs in solutions that will only take off in the long run. We don't know what the future holds and which debtors will weather this storm.

We always ask debtors To start payment plans in the month of application and preferably even within the next three business days. Even minute payments have their uses, if only as interruption of statute of limitations and recognition of guilt.

4. Trade-off: debtor becomes supplier?

What if your debtor can be your supplier and thus be able to repay the debt? Everyone should think inventively about her entrepreneurial process this period, So look more broadly at opportunities.

This type of solution will obviously not be possible for every company/sector, but it encourages creativity.

5. Direct payments

Where possible direct payments natural the most secure solution.

See the solvency of debtors after, and dare debtors who score poorly on this to ask for direct payments.

More info on checking the solvency of companies can be found here retrieval. The new Code of Companies and Associations also made some adjustments that affect corporate solvency.

6. General conditions conditional?

General conditions may possibly conditional become when debtors are fully committed to obtaining an amicable solution.

Upon receipt of a first partial payment, the accrued interest in accordance with the creditor's general terms and conditions be frozen, for example. This way, the debtor is already encouraged to start making payments.

We have the importance of (good) terms and conditions cited many times before (see some key provisions and unlawful clauses). Corona is undoubtedly going to leave its mark on future clauses, specifically regarding force majeure. What is considered force majeure and what are the consequences?

Signs are reaching us that the second lockdown a smaller impact on our economy than the first. Average sales declines of a 30% were recorded in March and April, down from an average 17% in November.

This will no doubt have to do with a different government approach, but equally with the learning curve of businesses. Entrepreneurs continue to reinvent themselves and pull out all the stops to survive.

Hou however account for a difficult 2021. From a survey of The Time shows that Belgian companies no economic recovery yet expect in 2021, and sales would remain 12% below normal.

And we all have hope for a vaccine that works well, but there is equally expected to be a loss of a 60 000 jobs. The purchasing power can thus decrease significantly, and is also related to a potential loss of variable pay from 5% to as much as 30%.

So reducing your unpaid bills with the help of the above points becomes extremely important in the coming period.

Questions? Get in touch!