Debt management
Comprehensive debt management
39% of companies in Lithuania experience late payments (Norstat, 2020), which hinders the development of your business, you cannot hire new employees and settle accounts with the existing ones, you cannot make payments to your suppliers and cannot pay taxes to the state.
Our experience shows that this problem is less relevant for companies that actively and systematically remind defaulters of late payments.
This can be solved by automating the monitoring of your outstanding debts, regularly administering debts and contacting your customers regarding their arrears, as well as engaging the help of lawyers for the administration of obsolete debts.
By entrusting unpleasant issues to our specialists who administer the process on a business-like basis, you will maintain a good personal relationship with your customers and avoid awkward situations.
Automation of processes will balance your cash flows
By automating debt monitoring, you will balance your cash flows and avoid obsolete debt. This will allow you to grow at a faster rate and reduce the business risk of your operations. Using and integrating tools running in the intended course will save a lot of time.
We will handle
- Reconciliation of accounting processes
- Systems integration or process automation using tools or programming
- Development of standard debt reminder letter templates
- Process prediction and algorithm preparation in the IT system
- Automated system testing and commissioning
Debt administration will ensure the discipline of financial flows
Entrusting debt management to an external partner will ensure that sales revenue reaches your account on time. We will coordinate all actions with you and only act with your consent, so you can be sure that you will not lose control of the situation. Our experienced specialists will ensure that any mistakes are corrected, misunderstandings are resolved smoothly, and these sensitive issues are communicated to your customers diplomatically and respectfully.
We will handle
- Entry of bank statements and submission of the list of debtors to the head, and coordination of further actions
- Sending the first reminder to the approved list of recipients
- Sending the second reminder to the approved list of recipients
- Personal contact with the debtor company on behalf of the customer after sending the reminder
- Resolving misunderstandings: resending invoices, searching for missing invoices, reconciling discrepancies, correcting account deficiencies, and reconciling payment deferrals
- Sending customised payment requests to the approved list of recipients
- Reminders by e-mail and by telephone to debtors with a call to make the payment
Obsolete debt management will help you recover what you have earned
Obsolete debt often poses serious financial challenges. Recovering what you earn requires not only perseverance and negotiation skills, but also legal knowledge, which is why BNM Finance provides this service with the help of our experienced team of lawyers. Our experienced specialists will ensure that these sensitive issues are communicated to your customers in a diplomatic and respectful manner.
We will handle
- Debtor solvency check and assessment of recovery perspective
- Preparation and administration of creditor claims (promissory note, surety agreement, debt offsetting agreement, debt payment schedule, etc.)
- Legal debt recovery: preparation of claims and representation in court
- Advising on pre-trial and judicial debt collection and debt enforcement issues
Meet our experts
We are BNM Finance, a team of dedicated experts who work together on a daily basis to provide our customers with the best financial accounting advice.