Answer Review :: Haq Hai | Business Coaching in India | IILD

Q. How do I recover old outstandings from Customers ?

: Suraj | : 2017-12-06 | : AccountOutstandingsGrowthBusinessCustomers

Reveal Answer

Huge overdue Debtors are a result of timely & irregular follow-up.  A monthly Standard Report has to be issued by the Accounts Department to the Sales Team.  This Report will highlight by Invoice, by Customer the total outstanding amount and the number of days overdue.  This report has to be reviewed by the Senior Management on a Monthly basis and identify persons responsible for the recovery of such overdue amounts. A monthly review and regular follow-up will help in considerable reduction of old outstanding.

Q. How do I ensure that my book keeping system provides timely and accurate financial data ?

: Ramadhin | : 2017-12-06 | : BookkeepingfinancialdataAccountsSOP

Reveal Answer

We will need to identify reasons for a delay in passing of accounting entries and determine workarounds to resolve them. A Standard Operating Process (SOP) needs to formulated and rolled out with clear actionable areas for each stakeholder. A clear demarcation of roles and responsibilities will ensure employees doing their tasks thus leading to the timely availability of Financial data.

Q. My maximum time goes in procuring cheap raw material as their is a lot of fluctuation in the prices. Because of this is did not give time to other department. What is the way out?

: Nitin | : 2017-12-05 | : ProcurementLogisticsInventory

Reveal Answer

If procurement volume is more and regular activity, need to hire procurement person.

Q. How will i create purity in Salary structure?

: Shekhar | : 2017-12-05 | : SalaryHumanResourceHRBusinessManagement

Reveal Answer

Adhere Minimum Wages act, statutory compliance acts like PF, ESIC, PT, Etc and also Income tax act guidelines to design employee friendly salary structure.

Q. Mera employee bina baat kiye chodd ke chala jata hai job, toh main kya karun?

: Rohan | : 2017-12-05 | : HRManagementEmployeeProblemsHire

Reveal Answer

Are you engaging with your employees enough? if you don't engage with them, somebody else will..

Spend some time on the development of your employees, attrition will go down because of the development issues, better performances will lead to appreciation and monetary gains and then people would not want to leave without informing you. You will have to check your right relationship quotient with your employees.

Upcoming Questions

Q. I have a very low margin business .wholesale and retail of rubber sheets ..just %5 margin in wholesale and max 15 % in retail...How can i improve on my business .

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