Asking for money can be uncomfortable, but it’s a part of doing business. No matter how much you may be afraid that asking for payment will negatively impact your relationship with a customer, it won’t happen as long as you do it correctly. Your customers will not get upset and leave your company because you asked for payment for products/services provided, they know they owe you. The topic itself won’t result in bad blood, but the way you handle the conversation might. Remember, accounts receivable management is just as much a customer service function as it is an accounting function. Continue reading
The most important thing you can do in the case of collections is to be firm, yet polite when speaking with customers about payment. Accounts receivable is a combination of accounting, sales, and customer service. Every contact you have with your customers has the potential to either improve their opinion of your company, or drive them away, especially when handling a sensitive topic like payment. Crafting an accounts receivable collection letter that is both friendly and firm is the best way to elicit both positive feelings and payment from your customers. Continue reading
Many companies struggle with accounts receivable and have a significant number of unpaid invoices slowing down their cash flow and hurting their bottom line . While it’s easy to blame your customer for late payment, it’s usually not their fault, it’s yours. Sure, you’re sending them invoices, but are you giving them any reason delay payment? Your customers have plenty of other bills to pay and you know they’re picking and choosing who to pay first. The question then becomes, “how do I get them to pay me first?”
Some of the most common reasons customers prioritize one invoice over another include the following, by correcting these issues in your accounts receivable process, you can get paid faster.
As with the selection of any software system, choosing the right accounts receivable management software is paramount to its success. The goal of accounts receivable management software is to reduce disputes through the use of best practices, automate your collectors most time consuming activities, consolidate information, and work with your ERP and accounting system to help you get paid faster. But what makes a good solution? which features and functions should you look for in a system to help you reach those goals?
Any credit collection professional will tell you that collecting and managing invoices is time consuming and any manager will also tell you that the time collectors spend doing clerical tasks associated with invoice management is the largest killer of productivity. Of course, this is not the collector’s fault, those clerical tasks must be done in order for them to dp their jobs, but there is a better way. By implementing debt collection software, collectors can put such time consuming tasks on auto pilot and focus on more critical activities that directly impact the company’s bottom line. Continue reading
April 08, 2014, Chardon, OH- e2b teknologies today announced a reseller agreement with Solupay Processing Systems to provide a private-labeled cloud-based collections software under the Solupay brand. Solupay, a leading provider of electronic payment processing, will resell e2b’s Anytime Collect accounts receivable management software to the company’s prospects and current customer base under the name CloudCollect.
A large number of B2B companies attempt to use their accounting system or ERP for accounts receivable management, systems which notoriously lack the depth of functionality, insight, and automation required to properly manage the crtical accounts receivable process. So, if these systems are not meant for A/R management, why do so many companies use them to that end, why is this a bad practice, and what are the other options? Continue reading
The administrative cost of managing a freight invoice in the transportation industry is truly astounding. Administrative costs alone take up a significant portion of a company’s hard-earned money. According to a study by Ernst & Young, the cost for processing a single freight invoice represents nearly 2-4% of invoice value, even more than that in many cases! According to the study, most of that money is allocated to the administrative activities involved in collecting invoices, not financial ones. 2-4% can be a significant amount of money on large invoices and even with small invoices, those add up over time! Due to the nature of the transportation and logistics industry, cash flow is always a problem and you know you could use that money in many other, more beneficial ways. The key to doing that is changing your internal processes and giving your collectors the tools they need to do their jobs quickly and effectively.
Many law offices use QuickBooks to help them organize, track, and report on their financial transactions. While QuickBooks does help these firms maintain accounting best practices, track retainers, income, expenses, and other accounting information, it does not provide insight into what happens to your invoices after they leave your office or help improve the A/R management process as a whole. The management process behind Law office accounts receivable is truly what makes a difference in a firm’s ability to collect invoices and generate cash flow. Continue reading
Some companies, more than you might think, attempt to use their existing CRM software to manage the credit and collections process. This is because many have a hard time seeing the difference between CRM and debt collection software because they share some very similar qualities, but it is very important to understand the differences between these two systems and how they will affect your cash flow and overall profitability.
There are two critical differences between CRM and debt collection software:
The impact of getting paid late can be tremendous, and your ability to get paid on time is directly related to how your team manages outstanding accounts receivable and how they are spending their time in the office. Research shows that collectors who spend more time talking with customers about payment and disputes, get paid faster than those who spend a majority of their time looking for account information, updating spreadsheets, digging through emails, etc. The problem is that Accounts receivable in QuickBooks is time consuming and can involve an overwhelming number of manual steps and a huge amount of work.
So how are you, a Small to medium sized business with a limited number of A/R employees, going to increase the amount of time spent talking with customers and handling disputes when you have so many other things to do that also play an important role in the overall collections process? Continue reading
Do you ever feel like you lose sight of your invoice as soon as you send it off? Do you ever sit in your office wondering if your customer ever received the invoice? You’re not alone.Many A/R professionals have that same experience due to a lack of functionality and visibility in their accounting software and other AR processes.
Accounts receivable automation software integrates with your ERP software to give companies insight into what exactly is going on with their invoices from beginning to end for more effective management and improved cash flow. Continue reading
Chardon, Ohio, March 27, 2014-Today e2b teknologies, publisher of Anytime Collect accounts receivable management software, announced a multi-company conglomerate located in the Caribbean has chosen Anytime Collect for integration with their QuickBooks accounting software to be used in multiple companies throughout the corporation. Continue reading
You are probably familiar with the Jeff Foxworthy jokes, “you know you are a Redneck if…” So, as the publishers of accounts receivable management software, we figured it was time to have a little fun and come up with our own rendition.
You Might have an A/R problem if…
- Your idea of collections management involves intensive military training and a baseball bat.
- You are considering an alliance with a large person downtown named “Guido”.
- Your monthly staff meeting agenda has time dedicated to plotting which customers’ A/P departments to infiltrate and overthrow.
Chardon Ohio, March 25, 2014-Today e2b teknologies announced the company will exhibit its credit and collections management software, Anytime Collect, at the Mid America Trucking Show. Anytime Collect provides trucking, transportation, and logistics companies with an alternative to invoice factoring. Anytime Collect will be showcased at booth #76205 in the pavilion section of the Kentucky Expo Center in Louisville, March 27-29.