Receivables Management

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Invoicing Practices and Collection Effectiveness
written on December 01, 2011 by John Doucette
Receivables Management

 

The first step of the Payment Cycle is billing.  It’s hard to collect an invoice that the customer does not have or which is inaccurate or incomplete. Here are a few simple suggestions to make your invoicing process more effective.v

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Benchmarking Collection Performance
written on September 27, 2011 by John Doucette
Receivables Management

 

As a business owner you need to know if your business is healthy. You monitor sales, cash flow and profitability, of course, but what about other financial and operational metrics? Following are some benchmarks for assessing the efficiency and effectiveness of your commercial collection activities.

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Prioritizing Collection Activity - You Can't Call Them All
written on June 06, 2011 by John Doucette
Receivables Management

Two things are true for most businesses: a significant percentage of sales (and therefore receivables) are concentrated in a small percentage of customers and they have insufficient staff resources to contact every customer about past due payments. I suggest adopting a collection strategy that identifies priority accounts for ongoing personal attention and uses efficient automated processes to contact the others.

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The Cost of Extending Credit
written on April 21, 2011 by John Doucette
Receivables Management

Many small businesses extend credit to their customers as a matter of course, without evaluating the cost and consequences of doing so. In most cases you will want to continue selling to your customers on credit but you should understand what it costs you, take reasonable steps to reduce this expense and consider some alternatives.

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Tips for Making Effective Collection Calls
written on March 04, 2011 by John Doucette
Receivables Management

 

In most small businesses the person who is responsible for making collection calls is not a full-time professional collector but is someone with significant other responsibilities – a bookkeeper, salesperson or even the business owner. Here are some tips for making effective collection calls while maintaining good customer relationships.

 

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Invoicing and the Collections Process
written on March 01, 2011 by John Doucette
Receivables Management

 

The first step of the accounts receivable management process is invoicing.  It’s hard to collect an invoice that the customer does not have or which is inaccurate or incomplete so here are a few simple suggestions to make your billing process more effective.

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Best Practices for Collections
written on September 24, 2010 by John Doucette
Receivables Management

Cash flow is the lifeblood of every business and slow paying customers can seriously affect it.  This article will address some best practices that a business can use to improve the effectiveness of its internal credit and collection processes.

 

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Collections Means Customer Service
written on September 08, 2009 by William Kesman
Receivables Management

It's important for collectors to remember that customer service is a key part of their position when making calls to past due customers. This not only makes it easier for the customer to open up about what the delay in payment is, but also keeps a positive attitude during the call and prevents a hindrance on future business with the customer.

 

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Make a Wise Investment Partnering with a Collections Agency
written on August 04, 2009 by William Kesman
Receivables Management

Many business owners have been faced with the reality of delinquent accounts receivable and have made attempts to collect these past due balances from their customers and clients. However, what some business owners have realized is that collecting on a bad debt takes finesse. Whether it is sending out collection letters or making the dreaded collection call; each account requires the workmanship of a skillful and knowledgeable collections specialist. Your collections specialist must encompass a degree of delicacy and refinement; however, must also be firm and direct when maneuvering your accounts receivables.

 

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Developing a Steadfast Collection Policy
written on July 20, 2009 by William Kesman
Receivables Management

Chances are when you decided to open your own small business you had visions of new customers and clients beating a path to your door and you were convinced that new business clients and/or customers meant success. What many entrepreneurs fail to set as a priority is their plan of action for collections. Simply stated without a steady flow of incoming cash your business will ultimately fail.

 

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Getting Back To Basics
written on June 15, 2009 by William Kesman
Receivables Management

It's time to get back to basics with collections. Often time's clients leave customer chargeback's unresolved or left as unimportant. However, they should be resolved as quickly as possible. The first reason, to make sure the customer's billing is correct and not to irritate the customer. Second, to resolve the issues while they are fresh in the customer's mind. If a chargeback goes unresolved for a period of time, the customer is likely to forget the reason for the chargeback and assume since they took it at the time, it must be correct.

 

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Is Credit and Collections Making History
written on June 03, 2009 by William Kesman
Receivables Management

The government is doing a lot to stimulate the economy right now. Some of these drastic measures are both, in favor and against small businesses. It's important to keep up with the current events and decisions being made by the government and how they can affect your business long term.

 

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Making the Collection
written on May 11, 2009 by William Kesman
Receivables Management

As we all know the economy has recently taken a turn for the worst. A lot of small businesses have been asking how this will impact their business in both granting and receiving credit. Credit has become the way of American living. In part this has been the cause of today's economic condition. Those businesses who did not grant credit in the past, are now considering it. Making the right decision for your business is one that needs much thought and planning to ensure that it's also not the downfall of your business.

 

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