Overcoming Collection Email Hurdles: Part 4

 

Actually getting the customer to pay is one of the greatest hurdles to overcome in collection emails. You can lead them down the right path but there is no way to force them to open their wallet and pay on the invoice. The only way to be successful is to follow the best practices and give them all the resources they need to make payment immediately.

So far we’ve discussed how to ensure the email is in their inbox, how to get them to open it, how to get them to read it, and now is the moment of truth on whether you can get them to pay.  Continue reading

Overcoming Collection Email Hurdles: Part 3

It may not seem like a big deal what you write when you send a collection email, but it could mean the difference between a customer paying or not paying. Yes, you’ve gotten it in their inbox and at least they’ve opened it, but if they haven’t read the email then they won’t know to pay. Issues with getting customers to read the email all start with how wordy you have been and what type of tone you take. Below, you can find some tips on how to ensure your customers are reading the email all the way through.
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Overcoming Collection Email Hurdles: Part 2

Although email is one of the most efficient ways to send invoices to your customers and get them to pay on time, it does come with its challenges. In our last blog post, we discussed how emails can get stuck in Spam and junk folders. The first hurdle was simply ensuring the email got into your customer’s inbox. In this blog post, we’ll be discussing the second hurdle when sending invoices via email: getting your customer to open it.
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Overcoming Collection Email Hurdles: Part 1

For anyone involved in the process of collecting invoices from customers, sending out emails about overdue payments is an everyday occurrence but it’s not something that should be quickly completed, crossed off the to-do list, and forgotten. Being successful with invoice collection emails is much harder than you might think and there is a big difference between writing a collection email and writing a collection email that actually gets results. In order for an invoice collection email to be successful it has to overcome four major hurdles:
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4 Reasons Manufacturers Need to Automate Accounts Receivable

In the manufacturing industry, you often have many customers with many invoices to send out. In fact, we’ve seen manufacturing companies with over 100 invoices to send just for one customers. If those invoices are being sent out manually, either by printing and mailing or email, that could take hours. How do you expect to make follow up phone calls or spend time collecting from customers if you can barely get their invoices out on time? Automated accounts receivable software eliminates these manual tasks so you can focus on the most important aspect: collecting payments.
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PolyPortables, LLC. Cleans Up Collections Process with Anytime Collect

PolyPortables, LLC. has grown tremendously since their inception date in 1972. As a global leader in the manufacturing of portable restrooms, hand wash stations, deodorizers and other sanitary products, the company expanded to a 64,000 square foot facility in their headquarters in Dahlonega, Georgia and an additional 12,000 square foot facility dedicated to manufacturing deodorizers.
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How to Use Cash Flow Forecasting for Accounts Receivable

You know how much cash you have on hand right now, but what about next week or next quarter? Having insight into your cash flow is critical to making better decisions and heading off potential problems before they happen; but answering those questions is not easy to do. For most companies, forecasting accounts receivable is their most difficult forecasting task because it’s very difficult to predict when your customers will pay you. You may know when payment is due, but not all customers pay on time, right? Consider the strategies below to help you increase the accuracy of forecasting accounts receivable to gain better insight into cash flow. Continue reading

Why Lawyers Need Automated Accounts Receivable Software

Among the many tasks that an attorney is faced with, billing clients usually falls to the back burner. The manual task of creating an invoice, crafting an email, sending it out to each individual customer and waiting for reply is a lot of work. Even if you have a full time collections representative to do this work for you, it’s often difficult and time consuming to get this done with every client and collect all payments on time. In order for a law firm to stay on top of this, they need accounts receivable automation.
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Excel Best Practices for Accountants

Excel is one of the most popular programs used by accountants and financial professionals to keep track of financial data. Often times it is used for key information like a general ledger, aging report, cash flow projections and more. Although using Excel to keep track of data may seem pretty straight forward, this data is often sensitive information for the business. If lost, the business may suffer from wasted time recreating and consolidating the data and poor decision making in the meantime. If put in the wrong hands, sensitive information could be leaked with bad consequences. In order to keep track of accounting and financial business data without the risk, here are some Excel best practices for accountants.
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What is Cash Flow Projection?

Over and over again you are told that cash flow is one of the greatest assets to your company. Without it, your company will crash and burn. However, no one explains why this is true and how you can be tracking your cash flow to ensure it is where it needs to be. What good is hearing this phrase over and over without any meaning behind it. So, what is cash flow projection and how do you calculate it?
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How to Determine Customer Credit Terms

If you’re in the accounts receivable department of a B2B business, you’re most likely dealing with extending credit terms to customers. These aren’t simply the click of a button purchases, but the customer owes payments over an extended period of time and relationship between you and the customer is created in order to continually receive payment on time. Determining which potential customers are risky and which are credit worthy can make or break you company’s cash flow.
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Automated Accounts Receivable Software for IT Providers

As an IT provider, you are often inundated with publishing updates, responding to support requests and maintaining other customer requests and complaints. Since a majority of the technology sector has switched over to a subscription basis, invoices often need to be sent out on a regular basis to tons of customers. Attempting to do this manually, on top of all the other tasks that are needed to be done, can seem almost impossible. In order to properly manage accounts receivable as an IT provider and get paid on time, many businesses are turning to automated accounts receivable software.
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What is a Trade Credit Report?

Many B2B businesses are offering credit terms to customers in order to purchase products. Especially when a business is purchasing an extremely costly item, allowing customers to pay for a product or service later creates a more accessible product to more potential customers. However, using credit terms is not always foolproof. You have to vet each potential customer and ensure that they are not at risk of never paying the full amount. In order to determine a customer’s credit worthiness, you should be referring to their trade credit report.
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4 Ways to Improve the Sales and Accounts Receivable Relationship

For some reason, over the years the sales department and the accounts receivable department have been known to butt heads. Due to differences of opinions on how to handle credit and collection situations, it is now very rare to see sales and the accounts receivable department working together. However, this is the one sure-fire way to ensure that all accounts are collected upon. Here’s four ways to bridge the gap and improve the sales and accounts receivable relationship.

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5 Accounts Receivable Tasks You Should Automate

Collections is one of the most important areas of a business, however, it also takes up way too much time. A majority of businesses are still manually doing accounts receivable tasks using spreadsheets, highlighters and aging reports. This is not the most efficient of effective way to get customers to pay on time. Most of your time will be spent inputting and extracting data, rather than making those important phone calls to collect.
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