OUR 10 MOST POPULAR BLOG POSTS OF 2018

OUR 10 MOST POPULAR BLOG POSTS OF 2018

Each year we have thousands of professionals flocking to our website to learn more about accounts receivable and put some tips and tricks into action. This year was no different, as 600,000 visitors used our blogs to further their A/R education. We’ve spent hours developing, researching and curating this content for you – to help A/R professionals become cash flow heroes. After such a great year of new content, we’ve put together a list of the most popular blogs this year – decided by you! If you’re looking to take your A/R to the next level and increase cash flow, these blogs will help you get started.

HOW TO CREATE AN AGING REPORT IN EXCEL

No one said using Excel is easy. In fact, it can sometimes make you feel like you’re sitting back in high school Algebra with those long string of parenthesis and if-then statements. Instead of trying to pull these statements out of thin air, we’ve put together how to create an aging report in Excel for you. We’ve included all the statements needed to find out who is the most overdue and how much money you’re owed. CONTINUE READING

COLLECTION LETTER TEMPLATE SERIES

This series of “how-to’s” on developing collection letters walks you through all the steps you need to take to develop collection letters that will work. Each collection letter – first, second, third and notice of legal action – is detailed in this series and tweaked to work at each step in your collections process. At the end of each “how-to” is a template you can simply copy and paste, and start using right away. To get the most out of this series, feel free to personalize each template to work for you. READ THE SERIES HERE.

COLLECTION EMAILS AND EXAMPLES

Studies show that the more contact you have with customers, the more success you will have with collecting your open accounts receivable on time. One great way to contact customers is via email. The least amount of work goes into this step, especially if using an automated email service which sends out pre-created emails to customers automatically. However, you can’t simply send the same email to every customers. Some may be later than other, which means your tone should be different for each. Many of our customers have also found that emails that sound exactly the same over and over will eventually get ignored by customers. CONTINUE READING

ACCOUNTS RECEIVABLE COLLECTION CALL SCRIPTS

These collection call scripts will help to get you on the right track so your collection calls are productive and efficient. The article walks you through your initial call, common excuses and responses to use and two different follow ups you can use. Share these collection call scripts throughout the department to ensure all collectors are on the same page and are making the most of their collection calls. READ THE SCRIPTS HERE

HOW TO MEASURE ACCOUNTS RECEIVABLE PERFORMANCE

Monitoring your accounts receivable performance is the first step in improving the way you manage it; after all, “If you don’t know where you are going, you will probably end up somewhere else.” (Laurence J. Peter ). Below we’ve compiled and explained, in plain English, some of the most important metrics you should consider when measuring accounts receivable performance and how to interpret them to better gauge the health of your A/R and overall cash flow. CONTINUE READING

HOW TO CREATE AN ACCOUNTS RECEIVABLE LEDGER IN EXCEL

Excel can sometimes be one of the most confusing applications to use. One small mistake can result in the dreaded “#VALUE!” popping up, and then wasted time trying to figure out what mistake you could have possibly made. Instead of spending all that time trying to create your own accounts receivable ledger in Excel, we’ve created it for you. Follow the directions and formulas below to quickly create your own accounts receivable ledger in Excel. CONTINUE READING

HOW TO CALCULATE CREDIT LIMITS FOR CUSTOMERS

You have weighed the pros and cons of extending credit to customers, have deemed the customer in question to be a good credit risk, and now you need to figure out how much credit to offer. This is not something to gamble on, setting appropriate credit limits is important to ensure you are giving the customer what they need, but also protecting your organization against financial instability. Here are three ways to determine credit limits for customers to help you reap the benefits of credit sales while mitigating the risks. CONTINUE READING

HOW TO MAKE THE PERFECT COLLECTION CALL

Making collection calls is never easy to do. No matter how long you have been doing it, there is always someone that ends up throwing a curve ball and you simply don’t know how to respond. The best way to handle this possibility and lose your fear of collection calls is to prepare ahead of time. We’re going to cover five easy steps to help you prepare for each collection call and collect what you’re owed on every one. CONTINUE READING

SIMPLE AND EFFECTIVE DEBT COLLECTION TECHNIQUES

How productive are you in your day to day activities? Before you answer, think about what that really means. The term ‘productivity’ can be defined as the efficiency of a person in converting inputs into useful outputs; so in terms of an A/R collector, that means completing tasks that directly relate to turning invoices into cash. For example, calling a customer about an overdue invoice, settling a dispute, helping a customer with a payment plan, etc. In many cases, collectors are not as productive as they could be due to the enormous amount of time spent on things like data entry, figuring out who to call, sifting through aging reports, and other non-value added tasks. If that sounds familiar here are 4 surprisingly simple, yet extremely effective debt collection techniques to help you become more productive. CONTINUE READING

HOW TO SET GOALS FOR CREDIT AND COLLECTIONS MANAGEMENT

Too often we see businesses that are focused on the cash aspect of their credit and collections management. While cash is important, it’s simply the result of effectively managing your accounts receivable credit and collections process. As such, your goals should not be based on cash improvements but rather, on improvements in your invoicing and customer communications plan and process. If you set the right goals and you attain them, the cash will come – I promise. CONTINUE READING

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