- November 20, 2017
- By Lindsey O'Brien
- In Uncategorized
- 1347
- 0
Collecting on accounts receivable is one of the most important tasks that a business can put effort into. It doesn’t matter how well your marketing efforts are going or how many sales you make if you don’t collect on any of your open invoices. Accounts receivable is what gives your business cash flow and continues it running.
So, how do you collect on accounts receivable? What are the best tactics to tackling accounts? Below we look at a few ways you can get started on collecting accounts receivable.
One of the main reasons that a customer doesn’t pay on time is because there was an issue. Whether this is because the product was damaged, there was no purchase order made available, the incorrect quantity was delivered or any other issue, these can be avoided. By working proactively and putting in a process to ensure that these types of issues do not occur again can eliminate almost half of you’re collection issues.
Unfortunately, there is no magic number that will guarantee your success with collections for staffing your team. Every company is different and has different needs when it comes to creating a well-rounded team. However, you can make small changes to the way your team works which will improve their efficiency.
There are many different ways to improve your collections process and increase your success in collecting accounts receivable. These tips will simply help you get started on how to collect accounts receivable. Once you have mastered these first steps, check out the rest of our whitepapers to dive deeper into collection techniques.
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