For most businesses, accounts receivable (AR) has been developed and standardized to ensure one thing: that payments are received on time. Outstanding receivables are not only the bane of most accounting teams, they can be used to gauge their productivity (or lack thereof).Read More
Consider all the tasks your team must complete to get cash in the door. Every month they create, print and mail invoices. Not all payments come in on time, so your staff must identify clients who need follow up. That usually requires running AR aging reports and sorting them manually to prioritize the calls. Then there are phone calls to be made, followed by waiting for payment and another round of follow-up calls - just in time for the next month’s invoicing cycle.Read More
Far, far away in the land of Silicon Mountain, where new ideas are dreamt, innovations are cultivated and efficiency is the goal, was a young, tired, overworked back office lady. This lovely lady that went by the name of Aimee worked for the next predicted unicorn of the land. Her small team of herself and just 2 others approved credit worthiness, invoiced, collected and applied cash for her ever growing company.Read More
Working capital is oxygen to the nation’s 200,000 middle-market businesses, vital to their survival, competitiveness and growth. But managing working capital efficiently is all too often a challenge.Read More
In the midst of a busy workload, your invoices can get buried in your clients’ inboxes. While the first time is understandable, you shouldn’t let this become a habit as it could severely damage your business’ cash flow.
Using an accounts receivable software can help you manage your client billings and collect your business payments faster. To help you further in getting your invoice prioritized and paid on time, here are some tips we’ve collected.
Accounting is no easy task, as suggested by the challenges of receivables payment management, which includes bad debt write-offs, making the accounts receivable staff more productive, and portfolio risks.
It is, therefore, important for a finance team to delegate tasks and do more despite having the minimum number of employees in the department.