Of course, if you have a small AR department or do not have the right tools for the job, you will find AR management a little difficult. After all, software and communication templates may save the situation but they will never be able to replace a personalized communication. In such case, to deal with accounts receivable, you might have to hire debt collection agencies that can deal with the situation expertly and make your customers happier.
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Remember, accounts receivable is your last communication with the customer on a sale, and it can have a huge impact on whether or not they choose to do business with you again. Your email address will not be published.
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Managing the Cash Cycle - Accounts Receivable and Payable Best Practices Training
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July 3, June 11, April 25, January 16, Latest News. Customer Service. Your collectors should not be dealing with invoice disputes with no process in place. Invoice disputes should be recorded every time and escalated based on a set plan. And with every invoice dispute you get, you can expect to get paid later and for less than the original invoice amount.
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Spreadsheets and highlighters are never the most efficient or mistake-proof way to deal with your accounts receivable. Spreadsheets leave you open to making a data entry mistake or having multiple spreadsheets with outdated information floating around.
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Allow your customers to pay through an online payment portal to decrease the wait time to get paid. Many customers paying via credit card or ACH would much rather go pay the bill on their time, instead of trying to get a hold of you on the phone. Often time, you can send a link to their email and you will find that they pay within five minutes. This also eliminates the issue of customers saying they are missing their invoices or statements, as they can all be located in the payment portal.
Accounts Receivable Best Practices that Boost Cash Flow
You will only be able to tell if your efforts are working if you are analyzing your collection effectiveness and past due percentage. Any time you decide to change a process you should be benchmarking your progress to see if it is having a positive impact on your collections department. Not sure where to start on practicing credit management? Read our guide here. Request a Demo Take the Product Tour. Give Us a Call Chardon, OH