By Burt Edwards
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Extra resources for Credit Management Handbook ~ 5th Edition
Every Proﬁt and Loss Statement shows ‘Interest Paid’ as the last cost before Net Proﬁt Before Tax (NPBT). The interest item results from how the net assets have been managed, that is, stock control, credit control on debtors and the credit taken from suppliers. In most companies, Interest is less than 10% of proﬁts, but where it gets to 50% or more, the business is usually destined to fail within a year. This is because the assets are so out of control that the cost of ﬁnancing them can never be recovered in trading proﬁt and the company is producing more proﬁt for the bank than for its shareholders!
In other words, it is an established feature of sales and targets to provide a varied array of incentives to encourage the meeting of those targets and the rewarding of such achievements. The same principle can apply to those whose task it is to turn sales into cash. It is doubtful if such collection activity earns holidays in the Bahamas, but bonuses and gifts are by no means uncommon. There are many ways to set targets for cash collection, according to company cultures and cash needs, but given that there is a clear list of debts becoming due on deﬁned dates, plus other debts past their due dates, it is very simple to deﬁne the expected cash, based upon that date plus the known payment habits of customers and various states of solvency.
It has been successfully argued therefore that though a reduction in DSO is always desirable, maintaining DSO at its present level while at the same time sales have gone up by 150% over the same period could well be seen as successful credit control – the investment in debtors has remained stable but sales have shot up, so proﬁts should reﬂect that success. The DSO can be used to show how an improvement in DSO performance can also give some degree of competitive edge. 4 million, that is, 60 DSO.