FAQs for Credit Control at Sonovate
1. What is the role of Sonovate's Credit Control team? Sonovate's Credit Control team manages the relationship between your company and your client's finance team. Their core objectives include enforcing payment terms and policies, ensuring timely invoice payments, and maintaining financial health.
2. How does Sonovate ensure transparent payment terms and actions? We make sure that payment terms and actions are transparent and understood by both your customers and our credit team.
3. What credit control practices does Sonovate follow? We follow a well-established, robust set of credit control practices to maintain the financial health of your accounts.
4. Does Sonovate provide a tailored approach to credit control? Yes, our approach is tailored to meet the distinct needs and behaviours of each debtor, fostering effective communication and resolution.
5. What does the account verification process involve? Within 48 hours of the first invoice being sent, we initiate contact to confirm our relationship with your agency, validate contact information, determine payment terms, and address any specific invoice/internal requirements to facilitate payment.
6. How does Sonovate manage debt for clients? We manage debt by sending monthly statements, providing visibility and transparency of receivables data, addressing potential issues and disputed invoices, and logging payment promises for accuracy and forecasting.
7. What happens if an account has significantly aged debt? If an account has significantly aged debt, we proactively notify you to address potential funding issues and provide regular reports on unpaid invoices and cases where payment terms have been exceeded.
8. What actions does Sonovate take for debts exceeding 60 days? For debts exceeding 60 days, our actions may include a funding review, final calls and emails to resolve outstanding payments, and exploring debt recovery options.
9. What is Bad Debt Protection, and how does it work? Bad Debt Protection allows you to choose whether the debt is recovered from your agency or accepted by Sonovate, with a minimum retention required. Additional funding requests will not be considered under these conditions.
10. How are invoice disputes handled by Sonovate? We prioritise swift resolution of invoice disputes, emphasising accountability and clear communication. Your involvement may be requested to resolve issues within a defined timeframe.
11. What is Sonovate's escalation process for unresolved debts? If a debt remains unresolved, we progressively escalate our efforts, which may involve withholding future funding or seeking direct debt recovery, depending on the circumstances.
12. How does Sonovate handle situations where clients mistakenly send payments to the agency? In such cases, we request a swift return of funds and urge verifying and updating bank details to prevent future errors. Our goal is to address these situations within a maximum timeframe of two weeks.
13. What is Sonovate's ultimate goal in credit control? Our goal is to ensure financial harmony and resolution, working in cooperation with you to achieve mutual success.
14. How can we contact Sonovate's Credit Control team for assistance? You can connect with us via email at finance@sonovate.com, and we'll be here to support you.
FAQs for Accounts Receivable at Sonovate
1. How does Sonovate prioritise cash allocations in Accounts Receivable? Sonovate prioritizes the prompt and precise allocation of received funds to maintain ledger accuracy and facilitate reporting functions.
2. What is the importance of remittance advice from clients in the cash allocation process? Remittance advice from clients is crucial for the seamless execution of the cash allocation process. Delays in allocation can impact your accounts and future funding.
3. How frequently does Sonovate manage cash allocations? Cash is uploaded daily into our system, and the process of identifying its allocation begins promptly.
4. How does Sonovate ensure efficient cash allocation? Our Accounts Receivable Team is responsible for managing the cash allocation process. When allocation is unclear, debtors are promptly contacted to obtain remittance advice.
5. How can we reach out to Sonovate's Accounts Receivable Team for assistance? You are welcome to connect with our Accounts Receivable Team via email at ar_support@sonovate.com for any assistance or inquiries related to cash allocations.