Want to Manage Your Accounts Receivable More Efficiently? Read This.
If you look for ways to manage your accounts receivable, you will find them. When managing accounts receivable, efficiency is key. Is your process as efficient and effective as it should be? Efficient handling of your accounts receivable will not only give you more time to handle other aspects of your business. It also provides the money you need to keep your business open and growing, and it keeps your employees (and yourself!) paid. Ineffective handling of your accounts receivable will result in lost payments from clients and less cashflow. It can affect whether you’re able to get a business loan. Poor accounts receivable management can even cause bankruptcy and the loss of your business.
Provide a Payment Policy
All around you, businesses have payment policies. When you pay on a credit card, you must pay in full or you are charged a percentage of the money you used that month. Why should your business be any different? Brainstorm and put a payment policy in place. Make your policy easy-to-read by writing it in plain English. A clear policy will be helpful to both you and your clients. Don't forget to add what happens to past due accounts and explain all the ways that payment can be made, as well as whether you allow payment plans.
Place your policy on your website. Also, place it or prepare to give it to your clients in person if you have a brick and mortar storefront.
Use Electronic Invoicing
Technology has given us ways to make life easier. You can send an invoice with a few clicks of a mouse. Why not take advantage of it? A fast, easy, and cheap way of doing business, sending electronic invoices upgrades your accounts receivable experience and business. You can say goodbye to waiting in line at the post office or buying stamps. Invoices can be sent out as soon as you render a service. This makes for a fast and easy way to get paid. Many clients have email and most have credit or debit cards, a form of online banking, or PayPal which they can use to pay the invoice online. They can also print out the invoice to pay by check if they so desire. Providing different payment options allows your clients a no-fuss way to pay their bills.
Remote Accounts Receivable
Accounts receivable can easily be outsourced. With the time managing your accounts receivable can take, it's wise to look into firms that specialize in this service. Look for someone with a great track record and long-standing reputation to handle your accounts receivable. Accounts receivable are vital to the life of your business. Invest in a company you can trust so you can rest easy knowing your business and clients are in knowledgeable hands.
Clients ARM specializes in accounts receivable management. With over 30 years of experience, Clients ARM is ready to tackle any problems you may have. We combine old-fashioned customer service values and innovative technology to bring you the best solutions for your business's accounts receivable needs! If you are in the market for accounts receivable management, don't wait! Schedule your free consultation today and see what Clients ARM can do for you!