Debtor Watch – Check The Creditworthiness Before Engaging With Customer

September 5, 2017 | Author: | Posted in Start Up

Bad debts are the nightmares of every entrepreneur. Despite all the hard works, one usually experiences no command over bad debts that may you require to wipe away a part of your revenue.

Unanticipated delays in due payments can have a disastrous effect on business. For businesses where payments are paid on invoicing for transferred goods or services, payment delays are quite frequent.

According to a report, 38% of businesses say that late payments jeopardize the survival of the business and if they were paid earlier, many businesses would hire more employees or invest in further business growth. Startlingly, the majority of respondents to the EPR Survey “believe that the withholding of payments after the due date is intentional.”

Deepanjan Periwal, a Chartered Accountant (CA) by occupation, came up with the concept of “Debtors Watch “. In a dialogue, he stated “I tried to identify what I could work out to get back my dues or to avoid bad debts in future? Could I have managed a background research on the client before engaging with them? Unfortunately, I noticed no solution to these queries which inspired me to enter up with the conception of Debtors Watch,”

Debtors Watch LLP is also recognized by “Startup India”.

What is Debtors Watch and How Does it Work?

Debtors Watch is a web based platform, which is also associated with Ministry of Company Affairs (MCA) data and other relevant data like court trials and justices. This platform is for B2B. Users can report a bad debt free with supporting documents. It’s free and simple. On reporting, the system delivers an email and SMS to debtors and reminder to pay the dues. On failure of payment, the portal shows up the data when opportunities are moving to explore for that specific business in future.

Users can also upload their customer list and observe their credit value. This benefit to enhance the overall cash flow and forecast in business.

Now, you can access the credit worthiness of any business and pick up an opinion before allowing any credit.

It is also necessary for all small, medium size business members to report the debtors, for the stronger economy and prosperity of the country.

 

 

 

Original Article Published on Zoopah

 

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