8 Tips for managing your accounts receivables

Solve your accounts receivables issues and get your customers paying on time!

 

 

 

 

 

 

 

 

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Due to their limited budget, small companies may only be able to make the majority of their purchases on credit. By selling more on credit, small enterprises could have a competitive edge over companies that don’t sell on credit. On the other hand, selling on credit exposes a business to risks of unpaid invoices, which increases the need for extra monitoring and management of payments.
   

Get paid on time with the tips below:

1.  Get Organized!

Start by setting up a professional credit application that gives you a chance to gather as much information on your customers as possible.

2.  Use the Credit Limit

Without a doubt, a credit limit is the best way to ensure that a customer will practice proper payment behavior when it comes to accounts receivable management.

3.  Start Early

Implement a system that allows you to remind customers when they have a payment waiting around the corner.

4.  Don’t wait

Upon discovering that a payment is late, don’t wait. Start calling immediately!

5.  Remind, Remind, Remind

As soon as a payment is past its due date, send a reminder by mail.

6.  Collection Call

Prepare for the call and be ready to accomplish your goal. Work with the customer to create a payment plan that meets both of your financial needs.

7.  Prepare for Excuses

Get acquainted with the most common late payment excuses  and learn how to respond to each one.

8.  The Experts

Many people are hesitant when it comes to using collection agencies. However, if you are wise and do your research, you will find a company that will get you paid and treat both you and your customer’s right.

 

 

 

 

 

 

 

 

 

 

 

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Disclaimer

The statements made herein are provided solely for general informational purposes and should not be relied upon for any purpose. Please refer to the actual policy or the relevant product or services agreement for the governing terms. Nothing herein should be construed to create any right, obligation, advice or responsibility on the part of Atradius, including any obligation to conduct due diligence of buyers or on your behalf. If Atradius does conduct due diligence on any buyer it is for its own underwriting purposes and not for the benefit of the insured or any other person. Additionally, in no event shall Atradius and its related, affiliated and subsidiary companies be liable for any direct, indirect, special, incidental, or consequential damages arising out of the use of the statements made information herein.