Delay In Payments Research Articles

PROCEDURE FOR COLLECTION OF RECEIVABLES WITH RECEIVABLES BILL AT PT INTEGRASI PRODUKTIVITAS INDONESIA

Purpose - The purpose of this Final Project Research is to find out the process of making Receivables Collection Procedures with Receivables Bill at PT Integrasi Productivity Indonesia. The method used in this study is qualitative descriptive. Design/methodology/approach - The techniques used in collecting the data obtained are primary data and secondary data. Finding - PT Integrasi Productivity Indonesia as a company engaged in services really needs a Receivables Collection Procedure. With the establishment of Receivables Collection Procedures, it can help minimize the occurrence of payment delays by customers that cause bad debts, especially at PT Integrasi Productivity Indonesia. With the information obtained from this Receivables Collection Procedure, financial staff can carry out receivables collection better by using the procedures that have been made. Originality -

Penerapan Denda Keterlambatan Angsuran Pada Produk Pembiayaan Syariah (Studi Kasus Pada PT. BPRS Dana Moneter Cab. Kota Palopo, Sulawesi-Selatan)

This research aims to provide an overview of the application of fines for late payment of financing instalments. how to apply fines for late payment of sharia financing installments from the description of existing cases and the effectiveness of Sharia Economic Law on its application. fines imposed by Financial Institutions (PT. DANA MONETER BPRS Cab. Palopo). The method used in this research is a qualitative descriptive data analysis method. The type and approach is empirical and the case study approach is to see how the law works (juridical empirical). Secondary data reports, several financing financial reports are used as data material in this research. collecting information from research informants, namely the BPRS Monetary Fund, using observation, interviews and documentation. The research results show that: the practice of applying mulct/fines to debtors who experience delays in paying financing installments at PT. The BPRS Palopo Branch Monetary Fund is. The results obtained by field researchers and informants were that the application of fines gave consumers who could afford it but deliberately delayed payments, but in fact PT. The BPRS Monetary Fund does not include additional customer installment fees, because the fines referred to here are only used as a warning DSN-MUI fatwa (number 17/DSN-MUI/IX/2000). Regarding the permissibility of fines, the Bank has strengthened the method of applying fines to customers. Sharia Economic Law perspective on the application of fines to PT. The BPRS Monetary Fund is based on the provisions of the Sharia Economic Law Collection (KHES) regarding sanctions against someone who breaks a promise, and because of his mistakes (articles 36 and 38) the sharia economic compilation mulct application is only aimed at customers. who have problems or are able to pay but deliberately delay payment..

The Effect of Revenue Collection Outsourcing Approach on Improving Murram Levy in Local Government Authorities in Tanzania

The study assessed the effect of revenue collection outsourcing approach on improving Murram levy in local government authorities in Tanzania. The study was conducted using explanatory design since knowledge generation was facilitated through causality testing approach with three predicting variables identified for testing. They include delays in agents’ payment, tax framework and the compliance by taxpayers which were tested on revenue collections as the dependent variable. Facts on the study were obtained in Dar es Salaam city since it is the area where Murram levy is obtained at higher rate and pace than other regions specifically in Temeke Municipality as the selected case as the local government authority. Primary data were used in facilitating knowledge gathering process with facts being collected using structured questionnaires from the sample of 50 participants as employees of the local government authority (LGA). The collected results were computed in SPSS software version 23 to obtain statistics to present the results. Multiple regression analysis was used to describe the results as the outcome on the relationship between study variables. Findings revealed that all three predicting variables namely delays in agent payment, tax framework and compliance were positive and significant statistically towards revenue collections. The implication is that revenue collections through outsourcing in Murram levy in local government authorities (LGAs) is affected with delays in agent payment, compliance and tax framework. It is therefore recommended that the authority should be keen to avoid delays and assure the framework is certain to assure compliance.

Development of Web-based Application for Private School Tuition Fee Management with Prototyping Model

Private schools need help in handling school fees and financial processes. Traditional manual payment systems result in data processing issues, delayed financial reporting, and complications from misplaced records. Late fee payments threaten school income, which is crucial for staff salaries. Modern solutions are imperative. Desktop applications have limitations, requiring installation on specific devices, leading to compatibility concerns. This research opts for a web-based application. It employs prototyping models and predictive abilities using the Naïve Bayes algorithm. The web-based application aims to streamline fee management and predict payment delays, enhancing financial transaction management while prioritizing data security through database encryption. This web-based solution aligns with private schools' operational needs, simplifying payments and increasing late payment prediction accuracy. Extensive black-box testing validated its suitability, satisfying administrative staff needs. Four test cases gained administrative team approval. This innovation empowers private schools to optimize operations and financial management. In summary, the research tackles critical financial challenges private schools face by introducing a web-based application that simplifies payment processes, enhances accuracy in predicting late payments, and aligns seamlessly with administrative needs.

ANALYSIS OF THE IMPLEMENTATION OF RISK MANAGEMENT ON BSI HASANAH CARD PRODUCTS

In accordance with sharia law and principles, Bank Syariah Indonesia issues cards called hasanah cards whose functions are similar to credit cards. The financing card product issued by PT Bank Syariah Indonesia has risks in its management. This research aims to determine the mechanism for issuing hasanah card products and to determine the application of risk management in reducing the risk of default or credit risk on hasanah cards at PT Bank Syariah Indonesia KC Medan Ahmad Yani. The method used in this research is a descriptive qualitative method. The data collection techniques that the author uses in this research are interviews and documentation observation. And the data used is primary data from interviews with Hasanah Card at BSI KC Medan Ahmad Yani and secondary data comes from books, journals, brochures and others. The results of this research state that the hasanah card issuance mechanism applies 3 contracts, namely kafalah, qardh and ijarah. The biggest risks are the risk of bad credit and irregularities in payments. However, in overcoming this risk, PT Bank Syariah KC Medan Ahmad Yani implements risk management, namely if there is a delay in payment for the Hasanah Card, a ta'widh fee will be charged, namely by setting a maximum benchmark fee based on the approved card limit, which is called a monthly fee. The nominal monthly fee is 1.75%. Islam prohibits taking profits in buying and selling transactions or lending and borrowing, the application of this hasanah card is in accordance with the National Sharia Fatwa (DSN) No.54/DSN-MUI/X/2006.) Implementation of risk management to reduce the risk of default on hasanah cards in Bank Syariah Indonesia is carried out using a process of risk identification, risk measurement, risk monitoring and risk control which is guided by the 5C principles of Character, Capacity, Capital, Collateral and Condition.

Penyalahgunaan Wewenang Oleh Kreditur (Rentenir) Karena Tidak Dapat Membyar Hutang

This study relates to the lending and borrowing system to meet daily needs. Many people think that the credit process at banks takes a long time, so those who need money quickly will lend the money to parties who apply quickly using ID cards. Loan sharking is an act carried out by lending money in a very fast process but the interest offered is much greater than bank interest if the installments exceed the due date that must be paid. Research specifications that use analytical descriptives are intended to provide data that is as precise as possible about people, conditions or other phenomena. The approach method used is normative juridical. This study discusses: First, the implementation of the work system carried out by loan sharks in lending credit. Second, the legal consequences implemented if the customer has returned the debt but there is still interest to be paid. The results of this research show that firstly, a debtor who borrows money from a moneylender (creditor) if the deferred time has passed, then the collateral promised by both parties will inevitably be confiscated dishonorably due to the delay in payment of the debt to the moneylender. . Second, the practice of loan sharking is an illegal act that has not been regulated expressly in the laws and regulations, where this agreement arises from the practice of loan sharking which has violated the objectives contained in Article 1320 point 4, namely that it must be based on a cause that is not prohibited.

Lean management accounting, elimination of waste in the company

The purpose of this study is to outline the current problems with the company's documentation workflow process and propose a plan to implement a new automated system to eliminate waste and improve the company's cash flow. Every enterprise is required to accurately record business operations. Accounting is the foundation of an organization, serving not only to meet legal requirements, but also to support management processes. In the case of large enterprises, complex accounting carries the risk of problems with timely and correct accounting, which can lead to delays in payments, reminders, collection procedures and interruptions in deliveries. As a result, it becomes crucial to put processes in place to safeguard liquidity. The study includes an analysis of the company's current documentation workflow process and identification of problems associated with it. A plan is then proposed to implement a new automated system to eliminate waste. The methodology is based on an analysis of the company's internal data and available technological solutions. The main results of the study include the identification of existing problems in the documentation workflow process and a plan for implementing a new system. The findings indicate that improving process efficiency can help increase the company's cash flow. The study introduces a new perspective on records management in enterprises, especially in the context of eliminating waste and improving liquidity. The theoretical value of the work lies in identifying opportunities for effective records management in the context of supporting business processes. The introduction of an automated documentation workflow system can bring practical benefits, such as reducing payment delays, avoiding debt collection procedures and improving the overall efficiency of business operations.

Remittance flows and welfare implications: the Nigerian experience

PurposeIn Africa, recent data show that Nigeria is the second top remittance recipient behind Egypt, but welfare seems deteriorating. Most related reviewed literature is micro-based with surveys, giving credence to the dearth of macro-based literature whose gap this study attempted to fill. Thus, the main purpose of this study is to examine remittance flows and its welfare implications in Nigeria.Design/methodology/approachThe study used quarterly data (1980Q1–2020Q4) from World Development Indicators (2020) and applied the dynamic ordinary least squares (DOLS) model.FindingsRemittance flows were found to be significantly improving the welfare of Nigerians by about 0.04% for a percentage remittance increase. Financial sector development results show that while loans decrease welfare per individual significantly by 0.25% given a 1% increase in the loans accessible by the private sector, a percentage increase in broad money supply in circulation raises welfare per individual significantly by about 0.43%.Practical implicationsSince remittance is found to improve welfare, the study recommends that relevant stakeholders should endeavor to eliminate all form of bottlenecks (payment delays, remitting costs, transfer delays, poor policies and policy inconsistencies) inherent in remitting funds back to Nigeria. The implication of this is that if the impediments are minimized, remittances are bound to rise which will ultimately lead to improved welfare.Originality/valueThe existing literature revealed that there exists very limited or no macro-based study in this context, hence this novelty study.

PENGENDALIAN PIUTANG DAGANG UNTUK MENINGKATKAN EFEKTIF DAN EFISIENSI PENERIMAAN KAS PADA PT TIMUR JAYA INDOSTEEL

Accounts receivable is a concept in finance that refers to the amount owed to an entity (such as a company or individual) by another party who has received goods or services without paying in cash. This creates a financial liability for the debtor and a financial asset for the party providing the goods or services. Receivables management is a key element in effective financial management, which includes monitoring, controlling and collecting receivables to ensure good liquidity and business continuity. The aim of this research is to analyze how companies manage receivables so that delays in receivable payments can be minimized. The method used in this research is a qualitative method. The findings of this research are that companies have not strictly enforced fines for late debts owed to partners, even though delinquent receivables are money that still has to be paid to the company by partners whose payment due date has passed.
 
 Keywords: Effectiveness, Efficiency, Accounts Receivable

Blockchain-Based Fintech Architecture for Enhanced Interoperability in Health Insurance

Health Insurances play vital role in one’s life to bear costly medical services and delays in payments from insurer to service providers causes chaotic to insureds seeking immediate treatment for their diseases. Almost every stakeholder in this ecosystem is equipped with his own significantly efficient independent information systems usually known as Management Information Systems (MIS) which most of the times remain sufficient for their internal business needs but apart from so much technical advancements, the inter-communication of these stakeholders for up-to-date status of insurer, insured, and health service provider is still missing in various scenarios which causes distress to all stakeholders and patients. In this paper, we have proposed a Blockchain based data sharing solution among all the stakeholders to fast up the processes and smoothness of network along with a concept of Insurance e-Wallet for insured entities where they can have summary of all their purchased Insurance plans, their processed or pending claims, remaining limits, and upcoming changes in their policies from insurance vendors. Apart from interoperability, the second most important aspect this architecture addresses the avoiding of redundant paper work that every stakeholder manages to maintain their day-to-day activity records, these are almost the same set of documents regarding an insurance claim that a service provider, insurer, and a patient maintains. To avoid this redundancy, we made use of IPFS as the decentralized repository for such documents which makes Blockchain solution cost effective and light weight as just the reference or the hash ID is put in Blockchain instead of whole document in binary format. A prototype is developed based on suggested architecture and two experiments are performed on implemented prototype, first one for measuring expected growth rate of Blockchain based on routine appendment of data and second for measuring document access time required to access files from IPFS server. Lastly the paper concludes with some prominent implementation challenges that stakeholders may face during Blockchain ’s implementation to achieve transformation in this industry.

COVID-19 pandemic induced wage theft: evidence from Sri Lankan migrant workers

ABSTRACTThe COVID-19 pandemic-related labour market issues and the rapid departure from countries of destination have heightened wage theft issues faced by migrant workers. This article provides scientific evidence on pandemic-induced wage theft experienced by migrant workers with the aim of minimising migrant workers’ exposure to similar cases of injustice in the future. The qualitative and quantitative analysis of data on migrant workers who returned to Sri Lanka during the pandemic provides evidence of the dimensions of wage theft. These dimensions include non-negotiable wage reductions and delays in payment of dues, non-payment of salary dues, non-provision of other dues and benefits, unconsented setting off of benefits, non-transparent calculation of benefits and their setting off against other goods and services provided by employer and holding migrant workers in situations of bonded labour. The findings also highlight that non-payment of due wages is more common among vulnerable migrant workers. The article suggests strategies to remedy wage theft issues faced by migrant workers by changing the behaviour of the migrant workers as well as by changing the behaviour the employers. Moreover, the punitive measures to offending employers need to be combined with remedial financial compensation measures to victimised migrant workers.

Determinants of Poultry Egg Farmers’ Participation in Livestock Insurance in Rivers State, Nigeria

Poultry farming is exposed to several hazards caused by epidemic diseases, climate change and marketing among others which lead to losses of revenue. Yet, majority of poultry farmers do not neither shared nor transferred their hazards rightly. In the light of this, this study examined the determinants of poultry egg farmers’ participation in livestock insurance in Rivers State, Nigeria. Primary data were obtained with the aid of questionnaire and interview schedules from 120 farmers drawn through multistage sampling procedure. Descriptive statistics and Probit regression model were used to analyze the data. Results shows the mean age of the poultry egg farmers to be 45.21 years, years spent in formal education mean of 14.87 years, mean household size of five (5), and stock size of 1721 birds were obtained. 60.8% were aware of livestock insurance and about 35% of the farmers insured their farms. Probit regression result shows that access to credit facilities, stock size and household size were statistically significant determining the poultry egg farmers’ participation in livestock insurance scheme. Poor agricultural extension service delivery and delay in indemnity payment among others were constraints encountered in participating livestock insurance. The study recommends that extension agents in collaboration with the insurance company providers should educate poultry farmers on livestock insurance role in risk management. Also, insurance companies should endeavor to keep terms of contractual arrangements not to delay in indemnity payment to the farmers.

Investigation of critical factors affecting cost overruns and delays in Egyptian mega construction projects

Construction projects are prone to cost overruns and delays that can significantly impact their profitability and quality. Identifying the root causes of these issues is critical to finding practical solutions. This study focuses on the Egyptian construction sector and identifies the top six factors that lead to cost overruns and delays in mega construction projects. These factors are inadequate project planning, poor communication and coordination, changes in project scope, lack of skilled labour, insufficient budget allocation, and payment delays. The study recommends strategies to mitigate these factors, such as involving all stakeholders in the planning process, using project management tools, and setting realistic timelines to improve project planning and scheduling. Regular meetings and clear communication channels can achieve effective communication and coordination. The study also suggests managing changes in project scope through effective change management processes and ensuring sufficient budget allocation by conducting accurate cost estimates and setting aside contingency funds. These recommendations can provide practical insights for practitioners and policymakers in the construction industry to mitigate the impact of cost overruns and delays. Overall, the study emphasises the importance of identifying and addressing the key factors contributing to cost overruns and delays in mega construction projects.

Transition to selective regulation of retail trade in Ukraine on the basis of EU experience

The article analyzes the causes and consequences of the rapid development of retail trade networks. It is shown that this contributed to increased production efficiency, while retail chains gained market power and began to play a key role in the supply chains of many consumer goods. This allows them to redistribute in their favor part of the value added created in other sectors. For this purpose, they use unfair trading practices: unjustified delays in payments for delivered products, imposing services that do not add value to suppliers, transferring commercial risks to them, etc. The system of regulation of retail trade in European countries has been studied. Differences in the regulation of this sector in 13 countries were analyzed based on the data of the Retail Restrictiveness Indicator. It is shown that the strictest restrictions are enforced in Belarus and in Italy. The regulatory regime in the Baltic states is the most liberal. The authors argue that in the EU countries there is a tendency to move to selective regulation of retail trade, whose object primarily includes "discontinuities" in commodity and financial flows in the systems of vertically adjacent commodity markets. Selective regulation does not limit the operation of market mechanisms, but, on the contrary, promotes their more efficient functioning, eliminating market failures without a significant regulatory burden on business. On the one hand, restrictions on the opening of large-format stores, on trade at reduced prices, etc., are considerably eased. On the other hand, regulation is introduced in certain areas where it was not implemented before. Clarified changes in the regulatory system of retail trade in the EU after adoption of Directive 2019/633 on unfair trading practices in business-to-business relationships in the agricultural and food supply chain. The authors substantiate the necessity and ways of transition to selective regulation of retail trade in Ukraine. It is shown that the prohibition of unfair trading practices in the food supply chain is much more important in Ukraine than in EU countries. The need to implement the norms of EU Directive 2019/633 into domestic legislation by adopting the Draft Law "On protection against unfair trading practices in relations between business entities in the field of supply of agricultural and food products" has been justified.

Pay Later Risk Management: A Review of FMECA and Potential Customer Prediction Frameworks Through the Application of Machine Learning

The development of technology continues to develop and gradually change the way people buy such as on online shopping sites. The increase in internet use, especially in the use of E Commerce, has given birth to great potential in the market, especially in Indonesia. These changes prompted the birth of various payment methods. One of them is Pay Later. 27% of the 3560 samples decided to use Pay Later with all the conveniences offered. However, the development of Pay Later is not synchronized with good risk management. The use of Pay Later, which is not targeted at the right consumers, causes PT. XYZ suffered losses due to 22.37% of users defaulting on Pay Later installments. The purpose of this study is to reduce Pay Later default users by answering what factors cause consumers to default. To support this study, the authors used FMECA, Cause Effect Diagrams and conducted tests using Machine Learning to improve company efficiency. Through critical matrix analysis, the author gets 3 priority failure modes, Users default, users disappear, and users experience payment delays. In solving the problems in this study, the authors provide recommendations in the form of a new framework in the form of analyzing the best Pay Later offers by analyzing consumer behavior patterns in an E Commerce by utilizing Machine Learning. However, future research will need to be conducted correlation analysis and static testing in testing attribute correlation before testing algorithms when building machine learning models. The authors also suggested comparing using other methods to improve risk management in this study.

The Inventory Model for Deteriorating Items with Permissible Delay in Payment and Investment in Preservative Technology: A Pragmatic Approach

The Inventory Model for Deteriorating Items with Permissible Delay in Payment and Investment in Preservative Technology: A Pragmatic Approach

Payment delay in workfare programmes and household welfare: Theory and some evidence from India

AbstractUsing the lens of a life cycle model, we argue that an administrative failure of a wage payment delay in a workfare programme could adversely affect the welfare of the poor through two channels. First, it imposes an implicit consumption tax on the household. Second, it changes the status of labour from a “cash” to a credit” good and encourages workers with negative net worth to work harder to clear off the debt. The loss of welfare persists even when the worker has outside employment options. The model's prediction accords well with India's flagship National Rural Employment Guarantee Act (MGNREGA), where payment delay to workers participating in the programme has been endemic. Our empirical evidence suggests that, contrary to conventional wisdom, worker participation in the MGNREGA programme is positively associated with a wage payment delay. However, such increased worker participation instead of signalling success of the programme points to a deeper problem of this workfare programme because of the welfare loss suffered by asset‐poor households.

Deferment Roots in Building Formation and Construction Projects in South-eastern Nigeria

Deferment in the course of building formation and construction projects is an aspect of the shared situations in the formation stage of the building industry, several factors like timing, availability of raw material, delay in down payment, and readiness of finance, construction goodwill and building logistics. This study is aimed at determining the prime roots of deferments in the formation stage of building projects in South-eastern Nigeria. Research study approach was engaged throughout the sampled urban areas in South-eastern Nigeria, for instance: Aba, Abakalikki, Owerri, and Awka. 150 copies of well-completed questionnaires were collected and analyzed. The outcome specified that disparities roots, deferments in stage-to-stage overheads, bidding below cost price, and subcontractors’ weak execution, and complications in communication were fundamental to the deferments in the execution of building projects in South-eastern Nigeria. This study is the foremost on the roots of deferments in the formation stage of building projects in South-eastern Nigeria. The relative study revealed two exceptional roots of deferments in the Nigerian building industry, for instance, pressure in demanding job safety, and irrational demand for advance disbursements by constructors. It also discloses diverse categories of deferment roots in accordance by means of notable civil and financial situations in South-eastern Nigeria. Conclusively, the result from the study is not only applicable to South-eastern Nigeria but can be extended to building construction projects in other parts of the developing nations of the world for similar outcomes. Keywords: Deferments; building projects; hazard supervision; South-eastern Nigeria, building formation; relative study; building construction.

Measures To Mitigate The Main Causes Of Social Hoising Delays In Algeria

Social housing in Algeria is carried out with state budget funds in order to eliminate social inequalities and guarantee a decent life to the citizen. However, delays have been observed in the realization. This study aims to examine the main causes and develop guidelines to effectively mitigate delays. Through an in-depth analysis of the literature and formal interviews on the topic of potential risks with construction experts, a list of 67 delay factors was identified. Data was collected through an online questionnaire via Google Forms and semi-structured interviews of a sample professionals established in Algeria. A total of 59 valid responses were analyzed and classified by SPSS software. The results indicate that the 5 most critical causes are: "Delay in payment", "Slow change orders in extra works", "Ineffective planning and scheduling", "Slow change orders in extra quantities", and "Difficulties in financing the project by contractor". Though, the correct implementation of the measures suggested by this study allows government authorities and professionals to deal with the 10 most critical causes that have favored the occurrence of delays in order to successfully implement similar construction projects.

The Exsistence Of Mindring And Its Risks In An Islamic Perspective

One of the informal economic institutions in Harjokuncaran Village is mindring. Mindring credit still exists in Harjokuncaran Village because it does not charge a guarantee of valuables as a condition. This study aims to determine the process of implementing mindring practices and the risks that arise from mindring practices in Harjokuncaran Village, Sumbermanjing Wetan, Malang Regency. The author uses qualitative research methods in this study. The purpose of this method is to provide a more in-depth explanation of the results of observations, interviews, and documentation obtained by the author regarding the description of the implementation of mindring and the risks that arise from this business in Harjokuncaran Village, Malang Regency. In this study, the main informants are mindring business actors. Data collection techniques used are observation, interviews, and documentation. Data analysis methods used include data reduction, data display, and conclusion. The mindring process is easy and flexible, starting from ordering, delivery and payment. The risks that arise include consumers who do not pay regularly, installment periods that make consumers delay payments, and finally consumers who disappear before completing their credit. The limitations of researchers in conducting this research are changes in market conditions that make it difficult for researchers to find respondents, because with conditions like this all online, many mindring respondents have switched professions.