“Our DSOs are down and we have beaten our collections targets for two quarters in a row. I attribute that to ramping up on Lockstep Collect and it’s automation.”
See how accounting departments are succeeding with Lockstep Collect.
WHAT YOU NEED TO KNOW ABOUT ACCEPTING B2B CREDIT CARD PAYMENTS
Credit card payments in the B2B industry are beginning to take off. In a report by the Federal Reserve Payments Study, credit card payments grew more than 10 percent between 2015 and 2016. The usage
HOW TO CALCULATE COST PER INVOICE
We all know by now that the best way to get more cash flow for your business is to employ best practices for accounts receivable, including sending invoices early and often, following up with a
5 ACCOUNTS RECEIVABLE COLLECTION MISTAKES AND HOW TO AVOID THEM
Managing accounts receivable collections can be an overwhelming task, so it’s easy to fall into bad habits for the sake of crossing something off the to-do list. But bad habits can lead to costly
WHY YOU SHOULDN’T BE USING ERP AS YOUR ACCOUNTS RECEIVABLE SOFTWARE
A large number of B2B companies attempt to use their accounting system or ERP for accounts receivable management, systems that notoriously lack the depth of functionality, insight, and automation required to properly manage the
THE SIX STAGES OF CREDIT AND COLLECTIONS
[vc_row][vc_column][vc_column_text]Accounts receivable management should be looked at like a strategy and a process, not just an accounting function or as the result of doing business. Like any other process or strategy, there are a number
BEST PRACTICES FOR EXTENDING CREDIT
The credit industry is constantly evolving. With the advent of new technological advances, the abilities of credit professionals are extended. Instead of manually searching for information on businesses, credit managers can focus more on the
4 ACCOUNTS RECEIVABLE MANAGEMENT STRATEGIES TO DITCH
Our company works with all kinds of organizations that operate across various industries, from small companies to multimillion-dollar enterprises. In our experience working with so many different kinds of companies and learning the strategies
HOW TO APPROACH CONFLICT RESOLUTION IN ACCOUNTS RECEIVABLE
I love getting into conflicts with customers, it really gets me pumped up for the rest of the day and excited to take on the rest of the accounts receivable of our clients! ….said no
HOW TO UNLOCK THE TRUE POWER OF ACCOUNTS RECEIVABLE DUNNING LETTERS
A dunning letter, also known as a collection letter or past due notice, is written to inform customers that they have an overdue invoice and how to correct the issue. A well written dunning
WHY YOU NEED BETTER INTACCT ACCOUNTS RECEIVABLE SOFTWARE
Accounts receivable is one of the most important assets in your business. You can sell as much products or services as you want, but if you don’t collect on your payments, what’s the point?
CREATING A PURCHASE ORDER CHECKLIST
Little mistakes in a supporting document, like a purchase order, might not seem like a big deal. You can easily fix a mistake once it is pointed out. However, incorrect or missing purchase orders
HOW TO ENHANCE THE COLLECTIONS PROCESS WITH DIFFICULT ACCOUNTS
The longer an invoice takes to get paid, the more difficult it will be to collect on these accounts. When customers are in the beginning stage of paying their accounts, they typically have more
WHAT DOES ACCOUNTS RECEIVABLE DO & THE FIVE WORST PERSONALITY TRAITS FOR THE JOB
Collecting on outstanding invoices is probably the least fun part of any job. It is an uncomfortable and, often times, frustrating task. Everyone’s personalities are different, but some are better suited to credit management
HOW TO ENCOURAGE YOUR COLLECTORS TO WORK HARDER
Collection work can become frustrating and tedious from the constant draining phone calls. When your collectors are calling the same accounts over and over again and those accounts are not paying up, the work can
