We know you’re busy and no matter how important improving your accounts receivable is, it can be hard to find the time and, let’s face it, the energy, to sit down and sift through the countless articles and resources about best practices in accounts receivable collection. To make your life a little easier, we’ve compiled our top 5 most downloaded accounts receivable white papers to help you speed up the research process so you can put these best practices into place and start seeing results.
Below are short descriptions and links to our top 5 most popular resources for best practices in accounts receivable collection to help you get paid faster:
17 TIPS FOR REDUCING OUTSTANDING ACCOUNTS RECEIVABLE
There are some fundamental and easily-deployed tactics that are sometimes forgotten in the rigmarole of daily activities – tactics and concepts that every credit department can use to reduce outstanding receivables. This white paper highlights these 17 points with descriptions and suggestions related to implementation of each strategy and examples to illustrate how they can be integrated with manual and automated systems such as credit and collections management (CCM) applications
HOW TO DEVELOP A CREDIT POLICY PLAN
The goal for a Credit Plan is to clearly define these elements so that employees conform to documented steps and procedures designed to improve all related business processes. Many companies struggle to formalize policies due to ad-hoc credit management from salespeople, lack of critical financial information, or simply due to time constraints and higher priority projects. When we take time to look around, we suddenly see the importance of developing a formalized credit policy and we plan covering rules, regulations and procedures to manage daily operations, approval workflow, optimize our resources, reduce credit risk, and improve cash flow.
This document outlines six easy steps to developing a world class credit policy and collections action plan to help you gain significant advantages in your business.
HOW TO SPRUCE UP COLLECTION EMAILS USING MARKETING TACTICS
It’s not very often that the accounts receivable department sees cross over with the marketing department, but when it comes to crafting effective emails that customers will read and take action on, accounts receivable could take a few tips from marketing. Marketing departments research and test how to get customers to open and take action on emails almost every day. In this whitepaper on sending accounts receivable emails while thinking like a marketer, we will delve deeper into all these email areas and how they can help you to become more effective by crafting effective subject lines, words to use and avoid, using personalization and paying attention to timing and frequency.
HOW TO DEVELOP KILLER A/R COLLECTION LETTERS, CALL SCRIPTS AND EMAIL TEMPLATES
Communication frequency and the quality of those communications play an enormous role in a company’s ability to quickly and effectively collect receivables. This white paper provides everything you need to consider before you start building out email templates, collection letter templates, and collection call scrips. Sample templates, documents and scripts are provided at the end of this document for examples to get you started. In addition to sample templates, documents and scripts, this document helps you define accounts receivable procedures, set goals, identify invoice problems, measure your results, and more.
UNDERSTANDING THE PSYCHOLOGY BEHIND ACCOUNTS RECEIVABLE COLLECTIONS
Often times when collecting on accounts receivable we can end up in a rut. We collect what we can from the same accounts every month and complain about those that continually give us a hassle when we try to collect on them. However, there is a way to break that cycle by understanding and using a field very different than ours – Psychology.
This whitepaper will take a look at the link between accounts receivable and psychology, common excuses people give for not paying, how we can analyze the excuses and behavior using psychological theories and how we can react to collect more quickly now that we understand their behavior.
