It’s no secret, accounts receivable departments have their hands full. It can be a daunting task to be responsible for monitoring all of the debts from various customers and clients. This is why some companies have massive accounts receivable departments with a large amount of employees.
But what if there were a way to quickly and efficiently improve the time needed to collect debts from a potentially long list of customers? Here are some pointers to get your accounts receivable team back on track:
- Create a uniform and company-wide payment policy, one that clearly outlines the expectations of payment amount and schedule so the customer is not caught by surprise. You should provide this to your client before you officially begin working with them so they are aware of the expectations from the very beginning of your work relationship.
- Demand punctual billing – bills are more likely to be paid on time when the bill arrives on time as well. This means you need your team to be on top of invoicing. If invoices aren’t getting to clients on time, how can you expect them to be paid on time?
- Make resources available – whether your accounts receivable department requires 1, 5 or 20 employees, make sure your company hires the appropriate amount to aid in debt collection. If your company doesn’t have the right amount of resources to achieve it’s goal you’re doomed from the start.
Still need help with accounts receivables? The Debt Collection Experts are a leading collection agency. Contact us today for a free quote and assistance with your debt collection needs. We’ll help take the strain off of your team while adding to your bottom line.