When a company goes bankrupt, the trustee in bankruptcy uses its assets to pay creditors. The trustee blocks the accounts, sells equipment or machinery and collects any debts, and then pays the company's outstanding debts.
But the order in which creditors are paid is not arbitrary. For this, the trustee in bankruptcy applies a legally strict order. Some creditors are therefore more likely to be paid (in full) than others. The decisive factor is whether a creditor is preferential or ordinary.
A customer goes bankrupt and you are at a loss what to do. What do you do now? Can you hold the directors or managers personally liable for the outstanding invoices? Sometimes you can, sometimes you cannot. Much depends on the type of company that goes bankrupt. Find out how things work here.
Every entrepreneur encounters it sooner or later: you send an invoice and only afterwards you realise that you have made a mistake or that something needs to be changed. Enter: the credit note! Because you can't just modify your invoice and send it out again. And you certainly can't delete them from your accounts. You have to draw up a credit note and send it to your customer. We explain briefly what a credit note is, when you should send one and how you should draw it up.
When do you send your invoice, after having delivered a product or service? You can't wait indefinitely, but drawing up an invoice after each sale is not always efficient either. What term is acceptable, when are you really too late and what are the consequences? You can read all about it here.
As an entrepreneur, you know how important it is to guarantee a good customer experience. But do you also stop to think about the final piece in this, the payment? Today, we will take a closer look at the payment experience of your customers. Why is a positive payment experience so important? And how do you make it easy for your customers? You can read it here.
A mistake on an invoice can mean waiting longer for payment, so check your invoices carefully before sending them to your customers. Incorrect or incomplete information make an invoice invalid, and then the customer doesn’t have to pay it. Here we list the seven most serious mistakes companies make so you can be sure that you are preparing correct invoices!
On February 1, 2022, the legal term of payment for an invoice between companies was reduced to a maximum of 60 days. This new law was passed somewhat unnoticed in August 2021 but has had a significant impact. This article offers an insight into what this means for your business.
It is important for your company that your customers pay as soon as they are invoiced. You need this income to pay your costs and grow your business. At the same time, you need to build and maintain healthy customer relationships, because losing good customers also has a negative impact on your business. A healthy customer relationship ensures a healthy source of income. But what do you do if a good customer does not pay, or pays very late? How can you collect an unpaid invoice without damaging your customer relationship? Here are some tips from our experience!
Accounting - is it a necessary evil for you, or does it make your heart beat faster? Keeping accurate accounts is a legal obligation for any business, whether you like it or not. Fortunately, there is a great variety of handy bookkeeping software nowadays, software that makes your administrative work much simpler and more efficient. Below we list the advantages.
Days Sales Outstanding (DSO) is one of the most widely used measuring tools in receivables management. In plain language, the DSO ratio indicates how long you must wait, on average, for a payment. Find out in this article how to calculate your DSO and how monitoring this parameter can improve your business.
A badly paying tenant is every landlord's nightmare. After all, you don't have much leverage to force them to pay. But have you considered Unpaid? In a business-to-business environment (B2B), using our procedure is the best way to collect overdue rent.
In the world of business, like almost everywhere, you will, unfortunately, find managers who do not necessarily have the company’s best interests at heart. In this context, the terms 'ghost company' and 'zombie company' often crop up. Although both terms seem to come from a horror story by Mary Shelley, they refer to companies with the main purpose of looking like a company to the outside world. What is the difference between the two, and most importantly, how do you keep them at bay? Read on to find out.
In short, Peppol is a secure international network of organisations. They use the network to send standardised invoices. The biggest advantage? When you use Peppol, you know for sure that your customer will receive and interpret your invoices correctly. Thus, they will also handle them easily and quickly, read them, and pay.
Invoice fraud. Ever heard of it? Besides phishing, it is a common form of fraud. In this case, a swindler replaces your supplier’s account number with their own account number. Your supplier has not been paid because fraudsters have made off with your money.
Every company comes across unpaid invoices from time to time. You have sent the invoice to your customer, with good general conditions, correctly and on time. Well done! But unfortunately, this does not guarantee (correct) payment. The payment is in the hands of your customer. Once you have sent the invoice, it is in your accounts and will be included in the VAT statement. It can therefore happen that you pay VAT and even taxes for an invoice that has not yet been paid by your customer.
Do you think of a collection agency as your solution to resolving unpaid invoices? Sometimes a collection agency does, indeed, offer the answer to your problem. However, it is important to consider how you want to tackle the defaulter. Unpaid's IOS procedure could be a valuable alternative for you.
Has your customer still not paid your invoice? Has there been no response to previous reminders? Then it is time for a notice of default. In this article, we explain exactly what this is and how you can send one yourself.
And if you have drawn up the invoice, it means that you cannot enforce payment after that period. The bottom line is to make sure you know the legal limitation period for your invoices. That way you can collect them before it is too late.
Do you have unpaid invoices? A legal debt collection procedure is not always necessary. Before going to court, you can start an amicable collection procedure. What is the difference between the two? We will explain it to you in this article.
What does the interruption of a limitation period mean, and what are the benefits of applying it? Interruption is the way to prevent an invoice from expiring. How does it work? We will explain it to you!
When exactly does your customer become the owner of the goods you deliver? Is the client the owner from the moment of delivery, or not? The principle of 'retention of title' plays an important role here. In this article, we explain what it is and how to apply it.
Your work is done! Your product has been delivered; your service has been carried out. You click on 'send', and off goes your invoice. That is always satisfying. But—oops—there appears to be an error on your invoice. And whoever notices this, you or your customer, you want to correct it as soon as possible. In this article, you will learn how to elegantly correct errors on invoices.
Suppose that I, as a Belgian company, have a non-Dutch-speaking customer. In which language should I draw up my invoice? At first sight, the answer may seem logical. To Dutch-speaking customers, you need to send an invoice in Dutch; to French-speaking customers, you need to send an invoice in French, and to other international customers, you need to send the English version. But, legally speaking, things work differently. We will explain it to you!
How quickly do you take the step of disputing an invoice with which you do not agree? As an entrepreneur certainly you should not let people walk all over you. But it is better not to dispute an invoice without thinking carefully, because such an action could cost you a lot of money. In this article, we explain how it works.
Picture the scene: You have received good news from your client; he is about to pay his unpaid invoices. But there is a catch. Your customer does not want to pay the whole invoice in one go, but, instead, suggests a repayment plan. Can you or can’t you live with the customer paying in instalments? Here, we list the pros and cons of a repayment plan, and help you decide.
The IOS procedure, or procedure for the recovery of undisputed company debt, was created by the Belgian legislator in July 2016. It is known as a faster, more efficient, and cheaper way to recover unpaid invoices from companies. What are the advantages of this legislation for you? We list them below for you.
A claim is considered irrecoverable as soon as it is clear and plausible that amicable or judicial attempts have failed to recover it. As a creditor, you may not skip this important step in determining the irrecoverability of the claim. If it is impossible to reclaim the claim, the additional recovery procedures will only result in a greater loss of time and money. Why is this the case? Since it is impossible to collect the outstanding debt, the recovery costs cannot be recovered either. As a creditor, you lose twice; not only do you lose the outstanding debt, but you are also charged for the collection costs incurred.
Factoring provides you with an advance on invoices that your customers have not yet paid. In this article we share some insight with you into the advantages and disadvantages of factoring, the distinction between American factoring and the traditional variant, and the difference between factoring and collecting invoices using the IOS procedure.
Are your unpaid invoices piling up? Do you have to wait too long for money to which you are entitled? Do some customers refuse to pay your invoices? You can keep sending emails or letters or making phone calls, or you can call us, but it is even better to avoid this situation in the first place. The below seven tips will help you avoid unpaid invoices.
Unpaid invoices; you'd rather lose them than get rich. Unfortunately, as a company, it is sometimes unavoidable that you are confronted with them, and action needs to be taken. Why, in such a case, would you choose the services of Unpaid? In this article, we give you 10 reasons to select Unpaid. After all, it is only normal that you want to know what we stand for. At the end of the day, it's all about your money.
Many companies have a strong focus on sales. This makes sense, because without sales, a business will not run. But when is a sale successfully completed? As soon as the order form is signed? As soon as the product or service is delivered? Or from the moment the invoice amount is in your account?
Sooner or later, every company will have to deal with a defaulter. If your customers suddenly don’t pay correctly any more it has consequences for your cash flow. To avoid this, it's better to recognize a defaulter in time. Below we'll give you a few tell-tale signals that should ring alarm bells.
Unfortunately, Corona has caused problems for the Belgian economy. For more than 2 months the economy was almost completely at a standstill. Moreover, it seems that the restart will be a long- term job.
Every invoice you send or receive must include a payment term - the time you get or give to pay the invoice. The most common period is 14 days, but some companies give a longer period of 30 days or more. In any case, the payment term is an important aspect of your company's financial health. We give you 5 tips on how to deal with it below.
Occasionally a customer asks for a postponement of payment. How do you respond to this and what is the best thing to do? Allowing a postponement of payment is not required by law. But why risk a good relationship and maybe even lose a customer by refusing? Maybe a short consultation is enough to agree on a new payment term together. You are happy and your customer even more so.
Keep a number of things in mind.
In your private life and at work,: digitisation is omnipresent. As a company, it is also essential to take the digital train. Most of your customers have already switched to e-invoicing. In this article we look at what it means and what the benefits are.
Whether you run a large company, an SME, a start-up or a one-man business: it's your customers who keep your business running. A good customer relationship is therefore necessary. We give you a few tips to maintain and even improve them in the best possible way.
Cash flow: one of the most commonly used business terms. But what does it mean and why is cash flow so important for your business? What exactly is a good cash flow and a bad cash flow? And what is its impact on your business?
Unpaid invoices have a major impact on your business. They put pressure on your liquidity and in the worst case, you have to postpone investments or be in financial distress. With our calculator you can calculate how much extra turnover you need to generate to make up for unpaid invoices. But there are a lot of extra hidden costs.
If you want to collect unpaid invoices via the IOS procedure, for example via Unpaid, it is possible that this will not work because your debtor is bankrupt or has invoked the law on the possibility of judicial reorganisation (now insolvency law, formerly known as the law on the continuity of the company or WCO). We would like to explain to you exactly what this means.
In 2016, the "Recovery of Uncontested Cash Debt" (IOS) procedure came into effect in Belgium. This procedure ensures that companies no longer have to collect their uncontested claims against another company through a court of law. You have an unpaid invoice and wish to collect it via the IOS procedure. In this article we inform you what conditions an unpaid invoice must meet in order to claim it via the IOS procedure.
In a previous article we discussed the increasing number of bankruptcies of companies and how important it is in that respect to respond quickly to unpaid invoices. In this article we explain REGSOL - the digital platform for handling bankruptcy filings electronically. It ensures that you are kept informed of the entire bankruptcy procedure and it increases the chance that you may yet recover unpaid invoices from a bankrupt debtor or a debtor in WCO.
Did you know that, as a Yuki user, it's easy to have your outstanding business-to-business invoices collected via Unpaid? Thanks to this smart integration, collecting your overdue, unpaid invoices is simple, fast and efficient, leaving you free to focus on your core activities. In this article, we will briefly explain how the integration works.
Since July 2016, the so-called Potpourri law has been in force. This new law has made it much easier to collect unpaid invoices between companies in Belgium. Unpaid was created shortly after this law came into force. We were one of the first to specialize in this new procedure. But how does this procedure work?
Are you an Exact user and would you like to collect your unpaid invoices in a very simple manner? Thanks to this connection between Unpaid and Exact you can very easily import your invoices onto our platform. Discover how it works, very easily!
A compensation clause allows you, as a supplier, to ask for an extra amount on top of the standard invoice amount and in addition to interest on arrears if your client is not paying on time. Such compensation clause can be a percentage (for example, 1% per month), a fixed amount (for example, € 75 per invoice), a variable amount (for example, 10% of the invoice value), or a combination of the foregoing.
How do you improve your cash flow? It is not always easy for you, as an entrepreneur, to decide which solution suites you best. Factoring is one of the many solutions which are worth considering, At Unpaid we however believe that in many cases, our solution is better suited. We briefly explain the difference between factoring and our services.
Avoiding unpaid invoices starts with making a clear quote. With an accurate quote, you bring the expectations of both parties into focus. Your customer can count on your high-end service or high-quality product and knows what you expect of them. Moreover, a well-prepared quote helps you win the deal. With the following tips, you can devise a quote that makes money.
If an invoice remains unpaid, you've got to act quickly. The longer outstanding invoices are allowed to remain unpaid, the greater the chance that you will miss out on payment. That's why you should wait no more than a few days after the due date to call your customer. What if the customer does not honor the agreement you made for payment? Then send a reminder letter.
We offer you the crucial tips and an example of a good reminder.
When you think of a recovery procedure, you instantly think of the high costs of a bailiff and a lawyer. But that picture is no longer accurate. You don't actually need a lawyer to collect your business invoices. We'll explain how it works.
A good invoice makes the entire payment process go more smoothly. For example, there are a number of crucial elements that have to be contained in an invoice in order to avoid problems if a customer should fail to pay. Are you certain that your invoices are complete? Read here what a good invoice looks like.
There really is something like a prescription period for an invoice. So it's important to take action as quickly as possible once the payment date has passed. Do you have an old, unpaid B2B invoice sitting on your desk that you'd still like to collect? Read more about the prescription of business invoices here.
In the past, if you had unpaid debts, you would make every effort not have to take legal action because it would be a slow, frustrating and expensive ordeal. But in 2016, the law on the recovery of uncontested monetary debts (IOS) caused a true revolution in the debt recovery world. Thanks to the IOS procedure, you no longer have to go to court to enforce the payment of undisputed ‘business to business’ invoices or to obtain a court order.
Every entrepreneur knows the problem of invoices that are paid too late. When it happens, we recommend calling your customer first before sending out a reminder. A phone call is quicker than sending a letter, it's more personal than an e-mail and you'll receive instant feedback from your customer. What's more, your customer won't be able to keep ignoring you once you've got him on the line. The purpose of a phone call of this type is always to set a final deadline for payment. But how exactly should you approach the conversation? Here are our five tips.
Unpaid or late invoices can be dramatic for your business' liquidity. Yet many companies wait (too) long before actually taking any action. We asked companies why they hesitate to claim their outstanding invoices. The main reasons given are presented below. And also, why these reasons don't hold up…
If an invoice remains unpaid, it's not always easy to know what steps to take and when to get started. But it is extremely important that you do take action. We will explain step-by-step what you can do and the best way to go about it.
Unpaid invoices are a source of frustration for any company.
But did you know that you can already limit the chances of non-payment ahead of time?
Read the 5 steps you can take to cover yourself from the start here!