Senior Executive Credit Control Interview Questions and Answers

Legal action can be taken against customers with outstanding payments. DSO can be used to track payment delays.

• Send a legal notice to the customer demanding payment

• File a case in the court of law if the customer fails to respond to the legal notice

• DSO (Days Sales Outstanding) can be used to track payment delays and take necessary actions accordingly

• Maintain proper documentation of all communication with the customer regarding payment

• Consult with legal experts before taking an...read more

I have over 10 years of experience in credit control department.

• Managed a team of credit controllers and reduced the company's DSO by 20%

• Implemented credit scoring system resulting in a 15% reduction in bad debt

• Negotiated payment plans with customers and improved cash flow

• Developed and maintained relationships with key clients

• Regularly reviewed credit policies and procedures to ensure compliance with regulations

DSO stands for Days Sales Outstanding. It is the average number of days it takes for a company to collect payment after a sale.

• To reduce DSO, companies can offer discounts for early payment or implement stricter credit policies.

• Improving the accuracy of invoices and billing statements can also help reduce DSO.

• Automating the payment process and using electronic invoicing can speed up the payment process.

• Regularly reviewing and monitoring accounts receivable can help identify a...read more

Bucket wise follow up refers to the process of following up on overdue payments based on the age of the debt.

• Buckets are typically divided into 30, 60, 90, and 120+ days past due

• Each bucket requires a different level of urgency and approach

• Follow up should be consistent and persistent, with clear communication and documentation

• Automated reminders and escalation processes can be helpful

• Regular reporting and analysis of bucket aging can inform strategy and identify areas for im...read more