Each 4th of July, we here in the U.S. think fondly back to our forefathers who founded our country. They were a wise bunch, and one of the wisest was Benjamin Franklin. In 1736 Franklin organized Philadelphia’s first fire department, and from that effort arose one of his more famous quotes:
“An ounce of prevention is worth a pound of cure.”
Here at InvoiceCare, we see the results of that adage every day. Often we don’t wait until the invoice is past due to begin our work. We start immediately, ensuring the customer has received the invoice and that they have everything they need to pay it on time. Then, if the invoice isn’t paid on time, we follow up immediately, and diligently work with the customer to resolve any issues.
Waiting until an invoice is long past due to start following up is a bit like having your car towed in for repairs because no one changed the oil for 50,000 miles. Or like showing up at the dentist with a toothache because you haven’t brushed your teeth in three years. Prevention is key, and it saves a lot of hassle down the line.
Think of a customer you bill regularly. You know, the one that either doesn’t pay on time consistently or that you always have to remind to pay. To get the best results, someone on your staff should be constantly watching that account to make sure every invoice is received and every invoice is acknowledged as payable--before the due date. And they should also know the instant an invoice is late and immediately start finding out why.
It takes time and focus to prevent a build-up of overdue invoices. If you don't have a team member available to put that level of focus on your accounts receivable, consider outsourcing to a resource like InvoiceCare. That’s what InvoiceCare does best. We help you get paid faster.