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How To Collect and Manage Your Accounts Receivables Like A Pro!

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As with any other aspect of your business, good planning and organization of a sound strategy to collect payment and manage your accounts receivables for your services and/or products can help keep your business on track and allow you to sleep at night without worrying about how you will pay your own bills. 

In this post, we will discuss several tips on how to set up an organized plan for accounts receivables.

Training Your Staff

If you want to see consistency in the implementation of your accounts receivables procedures, you need to ensure that all staff working with accounts receivables, know and understand every step of the process. 

In order to maintain a good relationship with your clients, it is important to maintain this consistent appearance in your billing and collection processes so as not to cause any misunderstandings. 

Consistent Billing

As a business owner, it is always helpful to know when your own bills are due so you can plan for them each month. 

Your clients feel the same way. 

Providing a predictable billing sequence to your clients allows them to conveniently fit their payment to you into their own budget plan. 

When your clients know what you expect from them, it increases their ability to provide consistent payment to you.

Offer Multiple Payment Options

Offering flexible payment mechanisms is generally a win for everyone involved in a transaction. 

Clients may very well select your business based simply upon the way in which they can pay you and your business scores a win since flexible payment options typically means you get paid faster. 

Depending upon the type of business you have, some common payment options are:

  • cash
  • check
  • credit card
  • line of credit
  • PayPal

In the next post, we will review some good ways to interact with customers when it comes to closing a transaction with a payment.

Want to know more about smart strategies for accounts receivables?  Contact us.

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Topics: Accounting Accounting procedures