4 Steps to Successful Billing and Collections
As the premier billing and collections firm in Seattle, Washington, Clients A.R.M. continues to provide accounts receivable management services that are focused on our clients. To showcase our knowledge and to help small business owners, Clients A.R.M. is proud to present ___ steps to successful billing and collections.
Step 1 – Your Policies and Procedures
The very first thing that you can do to ensure that you have a successful billing and collections experience is to take a good, long look at your policies and procedures. Are they clear? Are they easy to follow? Does the document provide the answers to most common billing and collections questions? Most importantly, do you have a written policies and procedures for your billing and collections department?
Step 2 – Understand the Needs of Your Customers
When it comes to billing and collections, your customers will have distinct needs. While you follow the tips in this section, it’s also important that you think about the needs of the customers in your specific industry.
First, you must make sure that your billing and collections is sending out timely invoices. There are some people who don’t pay their bills because they really didn’t get it or because they received it later in the month than they anticipated. This is another area that should be addressed in your billing and collections policies and procedures. Your invoices should go out at the same time each month. Your collection policies should be clear.
Second, you must understand that your customers will have times where they feel the pinch of the economy. As we discussed previously, you have options on how you can handle this. We, of course, advocate that you become a hero for your client and give them a resource that can help them be more fiscally sound.
Step 3 – Ensure Your Employees Understand the Law
Billing and collections does have some legal guidelines that need to be followed. This is particularly true in collections. For instance, there are federal laws in place about calling debtors. It’s important that you make sure that your employees understand both federal and state statutes in regards to collections. The collection laws that would apply to Seattle, Washington may be different than those in St. Louis, Missouri. If your employees don’t know the law or they do not adhere to the law, you can be sued.
Step 4 – Get Expert Help
You should get expert billing and collections help. Clients A.R.M. provides a full range of accounts receivable management services. Although we are located in Seattle, Washington, we can work virtually with you regardless of where your business is located. We can help you with your policies and procedures, your monthly billing, your first party collections, and your third party collections. Clients A.R.M. can develop a custom plan for your billing and collections needs. In fact, we’re offering a free process review for billings and collections. There’s no obligation. We will help you pinpoint areas that can be streamlined for maximum efficiency. If you’re ready to book your free review, just click here!