Институт бизнеса и права
Сборник научных трудов
Внимание!
При использовании материалов сборника ссылка на сайт и указание автора обязательно

 
новости
об институте
правила приёма
научная работа
      конференции
      СНО
часто задаваемые вопросы
форум
баннеры, статьи, ссылки
Филиалы:

Нижневартовск
Череповец



Rambler's Top100  
 
 
 


designed by baranenko.com  

Powered by Sun

Ф.Ритьес. Значение эффективного кредитного менеджмента во время текущего кризиса на международных торглвых площадках

F.A.H. (Francs) Rietjes. The value of effective credit management during this crisis in the international marketplace

Civil engineer, CEO i-ASE, www.i-ase.nl

Headoffice: "Holland Office Center - Gebouw 5"
Kruisweg 789, 2132 NG Hoofddorp, The Netherlands

Аннотация


            Статья посвящена особенностям и проблемам кредитного менеджмента в ситуации международного финансового кризиса, который в 2009 году стартовал в США и затем распространился на весь европейский континент. Правительства всех стран Европы старается защитить себя от последствий кризиса – растущих банковских ставок и повышения уровня безработицы, неэффективности работы капитала путем ухода от евро-валюты.

            Кроме того, в статье затронут вопрос о влиянии евро-кризиса на международный (неевропейский) рынок, где страны, занимающиеся экспортом, почувствовали нестабильность еврозоны.

            Автор как представитель i-ASE компании (аудиторская фирма) предлагает консультационные услуги национальным и международным аудиторским фирмам, компаниям, промышленным ассоциациям и группам предпринимателей.

Introduction

         The international and mainly the European markets are in crisis. Starting in 2009 as a financial crisis in the USA (related to the mortgage system for domestic housing) the crisis is rapidly spreading its wings over the European continent. After Greece, now Italy, Spain and France are suffering from high interest rates on bonds and growing unemployment rates. More and more governments are discussing the long term value of having joined the euro. This euro-crisis in it turn has its effect on the international (non-European) market where countries that rely on export feel the instability of the euro-zone.

         Credit Management as a business discipline is seen as a controlling mechanism of the finance department to ensure that invoice sent to customers is paid for by these customers. In general, companies have policies in place that allow the finance department to act on customers that are reluctant to pay. In practice these policies do not automatically result in working procedures for staff that ensure a consistent and predictable follow up on overdue invoices.

         As a result most companies have a significant amount of unpaid and overdue invoices. One could say that companies are funding their customers in this situation. These funds are generated from own equity and banking facilities.

This is often expressed in the financial ratio DSO (=Days Sales Outstanding). DSO is calculated as the number of days average sales divided by the outstanding invoice amount. The higher the DSO the less effective your Credit Management is.

In financial terms a high DSO has the following implications:

- Negative effect on business working capital

- Loss of interest on overdue invoices

- Interest paid to banks or opportunity costs on equity allocated to Credit Management

- Risk of bad debts

The importance of effective Credit Management in crisis situations

In the current crisis we see that:

- More and more companies have trouble paying the invoices in time

- Sales are dropping for most companies

- Banks are less able and willing to lend money

         Next to the financial implications of a high DSO or failing Credit Management the importance of effective Credit Management in crisis situations is even higher.

- Higher pressure on working capital

- Higher risk of bad debts

- Limited source to attract additional funds

         During the crisis sales will drop for companies where, at the same time, invoices are paid even more slowly than before. This creates a growing pressure on working capital. Cost-cutting is one response to this situation which will result in lower cost-levels. But too much cost-cutting will slow your company down and make your company less competitive in the market. Another option, other than cost-cutting, is to focus on the accounts receivable. In other words, making sure you get your invoices paid. 

You achieve this by:

- Be top of mind for your customers as it concerns accounts payable

- Know who you are doing business with

- Be predictable in your credit management approach

- Be flexible

- Review your credit management policies, working procedures and tools used

         Make sure that you know how your customers are doing. New customers must be screened before you supply them for the first time. Credit information companies provide you with financial ratios of your customers. Based on these financial ratio’s you can better decide whether or not to except this customer and, in some cases, even confront your customer with these ratio’s to discuss the situation. This will limit the risk of losing customers and having to write off bad debts.

Companies having trouble to pay the bills will choose to pay the suppliers that either have a strategic role for the business (e.g. suppliers of raw materials) or that have a strong policy in place to follow up on overdue invoices (e.g. top of mind). Making sure that you are in close contact with your customers, trying to have a flexible but clear approach to payment of the invoice(s) will create a more predictable payment behavior of your customers. With flexible, we mean, that it is better to agree on a payment facility than pressure the customer in paying the full amount at once (when that is not possible).

         Most companies have policies in place but lack effective working procedures and tooling. A major part of time resources invested in credit management is lost in administrative work, like updating spreadsheets, producing business/management reporting and internal communications on customer specific issues, like during complaint handling. Tools are available that help you free the time of your staff so that they can spend more time in contacting the customers, making payment agreements etc. Using tools that support complaint management, facilitate emails functionality, file building will support your staff in working more effectively.

         At the end of the line, ineffective credit management could mean that your are, at a point in time, unable to pay your own suppliers. They might not be able or willing to be flexible in their credit management policies and will force you to pay the bill with any means at hand.

         i-ASE is an accountancy service organization.

         Our clients are large national and international audit firms, companies, industry associations and groups of entrepreneurs. i-ASE delivers advice and consultancy services and has its own production center for the financial and administrative processes.

Особенности бухгалтерского учета недвижимости, временно не используемой в основной деятельности кредитной организации Методы оценки активов и обязательств в корпоративной отчетности

Cборник научных статей
«Проблемы взаимодействия хозяйствующих субъектов реального сектора экономики России: финансово-экономический социально-политический, правовой и гуманитарный аспекты»,
СПб.: Институт бизнеса и права, 2011
© Институт бизнеса и права с 1994 года