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How to reduce your DSO with payment solutions?
The DSO (Days Sales Outstanding) represents the average payment period of a company's debtors. The higher the DSO, the longer it takes for customers to pay their receivables, thus weakening the company's cash flow. Internationally in 2021, DSO has increased by more than 2 days to reach 68 days*!Optimizing DSO is undoubtedly a priority for companies and we will see how our global payment solutions can limit it.
Summary
How to calculate your DSO?
For calculate its DSOa company must establish a relationship between its trade receivables and its sales. The formula is as follows:
Receivables including VAT for a period / sales including VAT for the same period x number of days in the period.
The higher the DSO, the higher the working capital requirement (WCR) increases, creating a cash flow risk.
What are the key criteria for controlling your DSO?
Reducing the payment delays of its customers is not an easy task! However, different elements can easily be put in place by companies to the process of settling customer receivables and limit those at risk. and limit those at risk.
- Definition of a precise payment policy in your contractual documents and invoices: payment deadlines, means of payment, consequences in case of late payment... ;
- Ensure that your customers have read the terms and conditions of sale;
- Know your customers: contact details, bank references, authorized signatures, Siret number, company name... ;
- Learn about your prospects' financial situation, including buying information and reviewing their latest balance sheets;
- Act quickly in case of late payment... that's where we come in!
Optimize your cash flow by getting paid faster
According to Forrester, most French companies have a DSO of 20 to 30 days. In an uncertain economic environment, where cash management is paramount, reducing DSO is becoming more than ever a priority for most companies.
The B2B payment solutions Fintecture's solutions offer different levers to efficiently manage your collections and be able to take the right actions:
- Visit Immediate Transfer an express payment that saves you at least 3 days on your DSO compared with a conventional transfer;
- Le Virement Intelligent : a payment by transfer that allows you to track all your cash receipts for more efficient financial management, so that you can quickly implement the necessary actions (customer reminders, etc.) to get paid quickly and reduce your DSO;
- The management interface A console that offers a global, centralized and efficient view of all your payments, allowing you to send mass payment reminder links to your customers, to integrate payment links into your quotes, invoices and customer reminders and to automatically dunning your overdue invoices and pending quotes.
We note on the average use of our solutions by our customers :
- DSO reduced by a minimum of 3 days.
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