Advisor and solutions provider on stressed A/R
Corevision was retained by an international equipment manufacturer to assist them in reducing the levels of their aged receivables. Under our engagement, we established a new credit and collection policy, created new credit application forms and support documents and set up an off-site customer service/collections call center. Over a 22 month period, Corevision achieved the following results:
- Unapplied credits decreased from $1,233,803 to $127,729
- Invoices aged over 360 days decreased from 16% to 2%
- Invoices aged 181-360 days decreased from 8% to 4%
- Invoices aged 91-180 days decreased from 11% to 5.3%
- Invoices aged 61-90 days decreased from 7% to 4%
- Invoices aged from 31-60 days decreased from 4% to 3%
- Invoices aged 1-30 days increased from 25% to 39.3%
- Current invoices increased from 29% to 42.4%
