Among the most effective ways to improve your accounts receivable is by prioritizing your credit and collections activities. This way you can take care of your most critical activities first, such as your largest outstanding invoices, delinquent accounts, etc. before moving on to your less important activities. This strategy will help you collect more efficiently, get paid faster, and increase your cash flow. Unfortunately, without the right tools and processes in place, it can be an extremely time consuming and overwhelming task for smaller A/R departments, which is why many companies struggle to practice this strategy. But there is something you can do to solve this problem in your A/R department. Continue reading
The best way to improve your receivables management in the future, is to know what’s going on in your company, your industry, and your customers organizations today. This will help you refocus on your accounts receivable management practices to ensure you are heading down the right path. Answer the following five questions and you will be well on your way to make the changes that will lead you to successful and effective credit and collections. Continue reading
You spend a lot of time and money marketing to prospects and converting them to profitable customers and you have tools to help you do that, like ERP or CRM, right? Managing accounts receivable is overwhelming for many businesses because they lack the right tools for the job. Sure you can go try to use your CRM or your ERP to manage them, but that is like trying use a hammer when you should be using a screwdriver; you can try all you want and it might work out, but the result won’t be all that great.
Good communication is the #1 requirement for effective credit and collections. If you spend the time developing credit and collections communications call scripts, email templates, and letter templates, you will be significantly more effective in your credit and collections activities. To that end, we have developed a library of templates and everything else you need to get started. Continue reading
Chardon, Ohio, January 7, 2014 - Today e2b anytime apps, publishers of Anytime Collect accounts receivable management software, officially announced a new white paper entitled “How Many Employees Do I Need For Effective Accounts Receivable Management?” The white paper discusses the number of credit and collections professionals required in a company for more effective accounts receivable management, improved cash flow, cash forecasting, operational efficiencies, and minimized bad debt write-offs. Continue reading
Accounts receivable collection phone calls take more than contact information, a phone, and your voice if you want them to work. Even the smallest factors can influence the outcome of your collection call such as your voice, emotion, tone, your ability to control the conversation, etc.
Try these 7 mantras during your accounts receivable collection calls to help improve your success rate. Continue reading
As publishers of credit and collections management software, we work with companies in many different industries, from small companies all the way to large enterprises. Over the years, we have found that because SMB’s are more focused on generating revenue though product development, sales, services, human resources, and other aspects of the business, and are much less efficient or proficient in managing their accounts receivable. Due to their focus on other critical tasks, credit and collections is not a priority until it starts to affect cash flow and the company’s ability to pay its employees or to secure working capital for investments in equipment, personnel, expansions, or other initiatives. Continue reading
While credit and collections phone calls can be the most direct way to get in touch with your customers about outstanding accounts receivable, sometimes written communications are necessary to back up a phone call or they are the preferred way in which your customer would liked to be contacted. It is important that your written receivables management communication is clear, concise, and does not leave room for interpretation by your customer. If they are confused after reading your letter/email/fax, that can delay payment. Here are a few ways to make sure poorly written communications does not hinder your receivables management efforts and the pros and cons of each type of written communication.
Your provide quality products or services to your customers with competitive credit terms but they’re taking too long to pay you. What should you do? This is a fundamental question facing business owners and financial executives every day – especially in lean economic times.