Economic uncertainty highlights the importance of proper credit management

Each year, Onguard surveys how Dutch finance professionals view current trends and developments: economic uncertainty and credit management. The survey is called the FinTech Barometer and is conducted for the sixth time this year.

wilco May 31, 2023
2 min read

The finance professional’s role is dynamic, and the COVID-19 crisis has made it even more crucial in organisations, with an increasing involvement in (digital) strategy. Currently, the profession is once again facing a number of challenges. The turbulent economic situation is making organisations more cautious, resulting in fewer innovations and less investment. Organisations are more cautious when granting loans, for instance, and credit policies have been tightened. As a result, organisations are also facing payment delays, and this is reflected in the figures.

Onguard asked over three hundred Dutch CFOs, finance managers and finance staff how economic uncertainty is affecting their organisation’s credit management and how they are coping with the challenges involved. The results are compiled in this research report – the 2023 FinTech Barometer.

About the FinTech Barometer

Each year, Onguard surveys how Dutch finance professionals view current trends and developments: economic uncertainty and credit management. The survey is called the FinTech Barometer and is conducted for the sixth time this year. The survey involved 311 respondents working as CFOs, in finance management or as finance professionals.

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Utilising the power of credit management software: A beginner’s guide

Dive into the transformative world of credit management with our Beginner’s Guide Whitepaper! Discover how credit management software streamlines tasks, enhances efficiency and tackles international trade challenges. Uncover the driving forces behind its rising demand amid economic recovery and heightened competition and elevate your organisation’s credit management strategy.

Credit Health Scan
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What is the annual revenue of your organization?

What are your standard payment terms with customers?

How many FTEs are in your credit management department?

How many invoices does your organization send annually?

How many days on average do your customers pay past your payment terms?

Which system do you primarily use for accounts receivable management?

What percentage of your invoices is paid after the due date?

How does your reminder process for outstanding invoices work?

How quickly do you have insight into your total accounts receivable position?

How do you assess the credit risk of new customers prior to delivery?

How are payment agreements with customers recorded in your organization?

How do you forecast your expected cash flow for the next four to eight weeks?

What percentage of your annual revenue do you write off as bad debt on average?

How do you handle invoice disputes and payment discrepancies?

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