As each day passes, the chances of collecting on these unpaid accounts are diminishing continuously. Often, business owners push accounts receivables onto the back burner, thinking that leaving it alone is perfectly fine and the issue will resolve itself. This could not be further from the truth because improper Accounts Receivable practices produce a ripple effect that drains money and productivity from a business. The good news is, these problems can be easily avoided if handled properly.
Effective management solutions can improve collection rates, which will boost cash flow and free up working capital for your business. This will prevent existing capital from going to waste, which increases liquidity. Hopefully, you are starting to see why proper AR Management is of vital importance to your company’s growth and survival.
A streamlined and efficient AR process can also seep its way into other aspects of the business; positively impacting marketing, sales, customer service, and overall operations.
Your tone is essential and can impact the effectiveness of your communication with customers who are past-due on their accounts; thus severely influencing how well or poorly these account holders react to your inquiries. Healthy customer relationships are the foundation of every thriving business and it is important not to go about your collecting efforts brutishly. Persistent action, done so professionally, is the best system for maintaining these relationships. Timing is also key and there are proactive measures you can take on the front-end to minimize your risk, such as: establishing payment terms or getting a new customer to agree to electronic payments early in the relationship.
Perhaps, your company has a lack of time or the experienced personnel who can adequately deal with the complexities connected to debt collection: that is where Alexander, Miller & Associates can step in and take the reins. We dedicate ourselves to the appropriate measures needed to get the money your company has earned. We have our headquarters in the Bayou City of Houston, TX, but our services extend much further than the Gulf Coast. Our company has helped companies, big and small, collect past-due invoices, from Washington state to New York.
Why exhaust yourself chasing money when you can get the commercial collections experts to do it for you?