If you’re a company who invoices clients for your products or services, then you know what’s it like to have receivables on your books. Managing receivables can be one the hardest, yet most crucial parts of running a business. This is money you are rightfully owed, and most importantly, you certainly need to keep your cash flow healthy and your business running seamlessly. Therefore, evaluating and continually improving your receivables performance management should be a top priority. Asking for money is never fun, but if you can work to make your receivables management process systematic and seamless, you’ll find getting paid becomes a breeze.
1. Set Expectations Early - If you want customers to pay on time, you need to relay that very early on. Understandably, it seems that this is obvious, but the more diligent you are in explaining your payment terms to customers in the beginning, the better they will be about following them down the line. It’s important to have you customer sign aRead More »from 6 Tricks to Enhance Your Receivables Performance Management