Guest Author Chris McKee, Managing Partner of Venturity Financial Partners, talks about accounts receivable, customer invoice followup and how the InvoiceCare virtual A/R team fits in perfectly with Venturity's solutions.
Have you ever looked at your aging report with high hopes that your over-60-days and over-90-days columns would just zero out this once? In this article, we’ll talk about the most common reasons these balances persist.
Best case, all your customers pay early or on time. But since we're addressing accounts receivable best practices, we need to address topics like late payment penalties. The late payment penalty is an important lever in your cash flow cycle, so let's talk about how to set them up, how to communicate them, and how best to enforce them.
The fact is, humans and animals are a lot alike. We’re creatures of habit. We do things the same way time and time again—until we learn otherwise. We’ve all been trained in various ways, and for you to get the most out of your invoicing and shorten your cash conversion cycle, you’re going to have to train your customers.
I come bearing news that’s good, weird, and perhaps even a little bit shocking: Your customers want to pay you. Understanding this simple truth can help you reorient your entire accounts receivable strategy so it’s not only friendlier, but also more effective.
Despite everything you may have heard or believed about following up on invoices, the fact is that it pays to be nice. Seriously. Forget “getting tough” or “laying down the law.” When it comes to getting a customer to pay you, those manners your mother taught you weren’t too far off the mark.
We talk a lot about being proactive when it comes to invoicing, but now let's talk about a specific practice that can make an enormous difference in getting paid faster, lowering Average Days to Pay (ADP) by 10 days for a typical business.
Are repeated email reminders not getting your “please pay me” message through? Do your weekly voicemail reminders seem to be going into a black hole? One of the most important parts of training your customer to pay is diversifying your communications channels.
It happens. Despite despite delivering fantastic goods and services in a timely manner, sometimes there are customers that simply can't pay your bill. What do you do now? Let's talk about the strategies and options that are most likely to get you paid.
Dealing with a client who’s going through financial problems requires that you be proactive. So let’s talk about a few steps you can take to make sure that your client’s financial difficulties don’t become your financial difficulties.