An International Company had royalty sales and minimum guarantees contracted direct, and through third party agencies, across Eastern Europe and the Middle-East, with debtor days running in excess of 450 days and in one instance, in excess of 3 years.
- Implemented complete review of all debtors managed by third party agencies.
- Performed audit review with all third party agencies to appraise controls and procedures being implemented in each territory.
- Opened communications to understand what issues were being faced resulting in delayed payments.
Developed relationships with third party agencies to identify areas for improvement, recommending procedures to improve debtor days and implement effective systems to manage local regulatory requirements.
With greater understanding of client restrictions, payment plans were implemented allowing the client to pay outstanding debts over an achievable and affordable period of time.