The 4 steps to manage unpaid invoices

Unpaid invoices and late payments are a recurring problem for many companies and freelancers. In order to recover the sums while minimizing the time spent on this task, an effective strategy for managing unpaid invoices is necessary. To help you, here is our guide to managing unpaid debts in a nutshell.

Conciliation

When faced with an unpaid situation, it is always best to resort to conciliation with the creditor. A phone call or email to remind the creditor of the pending invoice can allow the company to maintain a good relationship with the customer while recovering its due. Without much hassle, you can use software for accounts receivable.

The Reminder

When the conciliation has not produced anything, it is necessary to go through a dunning letter. It is an opportunity to propose a new payment deadline to the debtor, and may contain, if the manager decides, the amount of late payment indemnities. Be careful, however, because the application of these indemnities may make it more difficult to obtain payment. The dunning letter may be renewed if necessary.

The formal notice

If you come to the formal notice, it is because relations with the bad payer have deteriorated or the bad payer is simply turning a deaf ear. The formal notice must specify that the company will resort to legal action if payment is not made by the due date.

Bailiff or collection firm

As a last resort, you have the possibility to entrust the collection to a Bailiff. This one will then be able to engage the legal actions that seem necessary. But, if you want an external service provider to take care of the whole process from the first report of unpaid debts, contact a debt collection agency directly. Professionals such as Cabinet d'Ormane or France Contentieux will take care of the entire management of unpaid debts for you, even for small amounts.

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