Many professionals outside of the AR department, and maybe those who are active in AR, feel as though asking or demanding payment from customers will negatively affect your customer relationships. Fortunately, this widely held belief is just not true. Your customers will not get upset of leave your company because you asked for payment for products/services provided, they know they owe you. In fact, better accounts receivable management can significantly improve customer satisfaction and retention. If your customers are leaving you, it’s not because you’re asking them to pay their bills, but it may have something to do with the way you go about collecting invoices. By implementing proven credit collection best practices, you can not only provide better customer service and increase their satisfaction, you can increase your cash flow and grow your business too.
Most companies struggle with outstanding A/R for many reasons:
- Maybe they don’t have a dedicated A/R employee
- lack standardized collection procedures
- fail to get invoices to customers quickly
- send incorrect invoices
- and many others.
Collecting outstanding accounts receivable is hard, but it doesn’t have to be when you have the right tools, information, processes, and people in place. Debt collection software helps companies pull those elements together to address the above issues and help you get paid faster. With the inclusion of debt collections software into your business strategy, you’re going to see some pretty amazing things happen, some of which include:
Chardon, Ohio, June 5, 2014- Business software developer and reseller, e2b teknologies, today announced the company will exhibit its flagship A/R management software, Anytime Collect, in booth #717 at the 118th NACM Credit Congress. Hosted each year by the National Association of Credit Management, Credit Congress is the largest annual gathering of business credit professionals in the Nation and will be held June 8th -11th at Rosen Shingle Creek Resort in Orlando, Florida.
As a business professional, you understand how important working capital is to your company’s financial health and growth strategies. But let me ask you this; How important is your accounts receivable? Hopefully your answer is “very important” because accounts receivable is one of the best and most accessible sources of working capital a company has; you’ve already earned it, all you need to do is collect it! For many companies though, collecting invoices is easier said than done but by implementing best practices in working capital management, you can quickly and easily turn those outstanding invoices into the capital you need to grow. Continue reading
There are many accounts receivable best practices, but without an all-star team to carry them out, you’re back at square one. You assign resources to sales, marketing, preventative maintenance, customer service, and virtually every aspect of your business, but who is responsible for managing your accounts receivable? In most businesses, it’s a part-time, untrained bookkeeper or junior accounts receivable clerk. Considering that accounts receivable is such as vital part of your cash flow – does this sound appropriate? Probably not. Let’s discuss the steps to defining your accounts receivable management team.
For large law firms and small law offices, collecting outstanding accounts receivable is a challenge for many reasons; but time is usually the biggest issue. Because attorneys make their money on billable hours, getting them to take care of administrative duties, like chasing down late invoices, can be nearly impossible. Legal debt collection software can help.
Many firms rely on low-tech, manual tools to manage and track their invoices; usually a combination of spreadsheets and reports from their accounting system. While spreadsheets and aging reports are good for some things, they are not sophisticated enough to track an important and dynamic asset like accounts receivable. Continue reading