Almost two out of three CFOs delay or completely refrain from submitting overdue invoices to debt collection. The number one reason behind this is fear that debt collection can lead to negative consequences - nine out of ten financial managers state they are hesitant because they want to avoid damaging customer relationships.
This is one of the key takeaways from the 2017 CFO Debt Collection Survey, conducted by Kantar SIFO on behalf of OpusCapita. In the survey, 500 CFOs in Sweden, Finland, and Norway were asked to share their thoughts on debt collection.
The 2017 CFO Debt Collection Survey - Customer Relationships is the first report out of a series of four. It focuses on companies’ experiences on debt collection and its consequences. For instance, the answers reveal that many CFOs in the Nordic countries will rather accept credit risk than take action that could potentially damage their customer relationships.
In the following reports in this series, we will also discuss debt collection processes and best practices, go over how different departments and functions inside organizations are affected by debt collection, and pinpoint interesting differences between the Nordic markets.
Begin gaining fresh insight into the current status of debt collection and learn how CFOs feel about the processes by reading the 2017 CFO Debt Collection Survey - Customer Relationships report!
“Based on the 2017 CFO Debt Collection Survey, financial managers would like to take a more active and even tougher approach to credit management and debt collection. But as they fear it would lead to losing customers, they end up closing their eyes and accepting unnecessary credit losses.”
Olle Andersson, Product Manager OpusCapita Kredithanterarna