Improved Accounts Receivable management can boost your cash flow quicker than any other source of funding.
When cash flow becomes a problem, companies often increase their overdraft.
Prevent wasting money on interest by following a proactive approach to your receivables.
Use the tools you have to collect the money that’s owed to you right now.
- Keep everything in one place – Instant visibility of who owes you what, and an activity log are most critical to keep you ahead of the game.
- Automate payment reminders – Set them up to trigger according to the due date. We know your customer relationships are the most important thing besides your cash flow. That’s why we recommend sending out a friendly reminder with no harsh wording. Consistency beats threats!
- Make it easy for your customer to pay – Provide access to a customer portal, and include a payment link or give them your bank details.
- Get your sales team involved – Collections is not a purely administrative role, and your salespeople often know relevant information that you may be unaware of. You can assign users to see only specified customers so that each user cannot see the entire customer list. You can also give them a direct login to the A/R app, so they do not need to be a user of your accounting app.
- Keep notes – If your customer promises to pay you on a given date, make it easy to follow up and remind them about their promise. Keep track of all customer notes in one place, available to your team, so that everyone is on the same page.
Click here for more information about ARCollect, the premier accounts receivable management and collection app.