Managing unpaid invoices is time-consuming and distracts staff from their value-added activities. With a digital invoicing tool that automates the process, you can focus on your core business and reduce the risk of disputes. What are the benefits of accounting software? Learn more about managing outstanding invoices in this article.
What are the advantages of debt collection software?
In general, an accounts receivable software has a number of advantages. First of all, it allows you to manage all unpaid invoices in-house without using a debt collection company, as outside companies often charge high fees without being able to guarantee repayment. However, one of the many advantages of using debt collection software is that you can concentrate on your core business without neglecting your receivables. It is important to remember that debt management is a time-consuming activity that prevents a company from realizing its full potential. Finally, it is worth mentioning that the debt collection software allows you to track the progress of debt repayments in real time by compiling a list of outstanding invoices by the statement date and due date.
How are unpaid invoices handled?
There are several ways to recover unpaid invoices: amicable collection and judicial collection. Amicable collection consists of three steps:
- An initial neutral and precise reminder to request payment of the unpaid invoice. It must contain the following information: the amount due, the invoice number, the date of the invoice and the date of the penalty for late payment indicated on the invoice.
- A warning letter will be sent eight days after the second reminder. This written document serves as legal proof that the invoice has not been paid and that an agreement has been attempted. Penalties for late payment can be charged from the date the reminder is sent.
- Judicial collection makes it possible to obtain money for unpaid invoices if an agreement cannot be reached.
- If it is possible to take the case directly to court, it is highly recommended to start with an amicable settlement. In many cases, an injunction to pay or a formal notice is sufficient to recover an unpaid debt.
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