It’s a challenge to stay ahead of the curve on late payments using manual accounts receivable (AR) processes. Manual AR systems tie your team up with low-value tasks, reducing the time available for collections.
Persistence is key to collecting on-time payments, but it takes a lot of time and discipline to be successful with manual accounts receivable (AR) processes. Customers that are contacted regularly for payment know you
Finding the right balance of when to remind customers of open invoices can be tricky. You don’t want to be annoying, but you also need to be paid on-time. In this sense, it is generally
Make it easy for customers to pay you by accepting all forms of payment including: electronic transfer, automated clearing house (ACH), credit cards, fintech payment processors such as PayPal, and paper checks. It will
The choice of invoice payment terms and conditions can ensure timely payment of your invoices. You need to consider a number of factors before deciding which payment terms to use. Choosing the wrong payment terms
Accurate invoices are a necessity to ensure that your invoices are paid on-time. Inaccurate invoices can lead to disputes and delays in payment. Payment delays reduce cash flow and increase DSOs, a situation many
Manually creating invoices from scratch is a time consuming task. In an office with manual AR processes, invoicing is juggled with other competing priorities. Instead of making invoicing a top priority, manual offices often
If your DSOs are too high, take a look at your AR processes to see what can be done to increase on-time payments. After an order ships, the order to cash process (OTC) in AR