Spending more time than necessary in an Excel spreadsheet is the bane of an accountant’s existence. Often times when working on a spreadsheet we spend more time playing around with formatting and attempting to get the cells to do what we want than we actually spend manually inputting data. If you’re in the accounts receivable department, there are probably a thousand different tasks that would be more productive, such as making phone calls, than playing around in a spreadsheet. Below we have highlighted 5 Excel shortcuts to make formatting and navigation easier.
When a company is considering implementing any type of technology, whether it is ERP software, document management, sales tax automation or accounts receivable software, the conversation always narrows down to one main topic: ROI. Software is, admittedly, not cheap, so the amount of savings you make by implementing the software is a big deal.
The concept of collecting on your accounts receivable quickly in order to maintain healthy cash flow is not new to those in financial institutions. Financial concepts are second nature in these businesses, however, that doesn’t mean that it is always easy and quick for you to collect on your outstanding accounts. Unfortunately, financial institutions still face the same hurdles of late-paying customers and mistakes on invoices.
When you send a collection letter you have two primary goals; to get paid and to maintain a positive relationship with your customer. It may seem easy, but it’s harder than you might think to send a collection letter that is effective in both respects. Many times, a company will send a letter that is either too friendly and the customer shrugs it off, or too firm and the customer may not want to work with you in the future due to your customer service. Here are a few suggestions to help you find the perfect balance between polite and firm and write a collection letter that will help you get paid faster.
If you’re someone who likes to look on the bright side, you’re response to “how late is too late to collect on delinquent accounts” might be that it’s never too late. Unfortunately, when it comes to dealing with accounts receivable and collecting money owed to you, you can’t simply look on the bright side. There is a specific timeline that needs to be dealt with when collecting on invoices and, without it, you can run the risk of not collecting anything. So, how late is too late?
Unfortunately, the construction industry tends to get the short end of the stick when it comes to getting paid on time. They have some of the longest wait times to receive payment among all B2B industries. Typically, this is because the construction business has longer project times than most other industries. A product is not simply being handed over, but rather a long project is taking place that involves many different companies that all need to get paid. Clients can often come up short. In order to combat this, many B2B companies are turning towards automated accounts receivable software to speed up client payments.
One of the most important assets of a business is your accounts receivable. Without proper cash flow, you cannot continue to pay for labor, equipment or product and your business will fail. In dire cases, when companies do not know where to turn next for cash flow, businesses will turn to accounts receivable factoring. So, what exactly is accounts receivable factoring?
If you ask a majority of CFOs about their biggest concerns, most of them will tell you that increasing cash flow is a high priority. In order to succeed in this, you have to keep an eye on the credit and collections department. However, many companies do not have the means or data to find out where they currently stand. Especially when these companies are using manual processes and spreadsheets, this data is often hidden and would take hours to retrieve.
Receivables document management has become a popular option among businesses because of the cost and time savings it offers. Searching through thousands of paper files simply doesn’t make sense anymore, now that we have access to cloud technology. Employees and customers expect to have instant access to their documents and receivables document management offers this.
Receivables document management speeds up the collection process and makes everything more efficient. Instead of filing and searching for important documents like invoices, purchase orders and past due notices, all of those documents are stored in an easily accessible and searchable cloud account. In our last blog post we talked about what receivables document management is and how it works. In this second blog post of our series on document management, we’re going to discuss how the accounts receivable department benefits from document management.
Document management solutions were created for a very simple reason. Businesses realized that having to maintain hundreds of thousands of paper files and important documents was risky. If all documents are stored in a file cabinet or around the office and a natural disaster occurs, such as a flood or fire, you could lose everything. It could take years to get you back to the place you were before the disaster.
Those that either develop or sell computer software are aware of the benefits of automation and using software to complete manual tasks. Chances are, you are constantly preaching this to customers. We are always telling them that automation is the most efficient way to run a business and to never store information on disparate systems. Despite knowing that this is the best way to work and run a business, not all computer software companies are following this mantra.
It’s not easy to know when it is time to hire new employees or create new positions as your company grows, especially when it comes to your accounting department. It’s relatively easy to identify when to hire new salesmen and easy to justify that hire because with them, you will be able to close more deals and make more money, right? Making the same decision about accounting functions like collecting accounts receivable is a little bit more difficult, but just as important.
There is no real formula for figuring out when you should turn your part-time position into a full-time one, or how many people you should have dedicated to collecting accounts receivable, but over the years, we’ve come up with a few general rules to help you make this decision for yourself based on your organization’s specific needs. Continue reading
In order to keep an eye on how the credit and collections team is doing. This can determine whether a business needs to tighten or loosen their restrictions on offering credit to customers, and can make or break their cash flow. One often used calculation is the accounts receivable turnover ratio.
The Anytime Collect Users Group meets the third Wednesday of every month from 1p.m.-2p.m. EST.
This users group was created for Anytime Collect users to:
- Provide a forum for open discussion on how to best use the product
- Troubleshoot common issues when using Anytime Collect
- Ask questions about the software and about proper collections techniques in general
- Gain feedback from users about Anytime Collect, which e2b teknologies can use to further enhance the software
In order to maintain a safe environment for users to ask questions, we ask that all members of the Anytime Collect users group adhere to the following guidelines:
- Be respectful towards other user group members. Do not say or post any defamatory, threatening, abusive, illegal, offensive or profane material during these meetings.
- We have new Anytime Collect users and those who have been on the product for years, no question is considered a “dumb question”
- There are multiple ways to get the same outcome in Anytime Collect, no one way is better than the other
- Answer any question from another member to the best of your ability
- Questions and discussions do not have to be geared specifically to the software, they can be around any accounting, business or collections topic
- Do not de-rail the conversation with something unrelated, try to answer and address all questions from your peers first
- This group is provided as a service to users of Anytime Collect. We are not held reliable or responsible for anything said or posted by a member. In no event shall e2b teknologies be liable for any special, indirect, or consequential damages or any damages whatsoever resulting from loss of use, data, or profits, arising out of or in connection with the use or performance of any information posted on this site.
- This users group is for discussion of Anytime Collect best practices. There will not be any solicitation of sales, promotion of products or sales activities of any kind during the users group meetings.
- Any data, including other members of the group and company names, shall not be discussed or “leaked” outside of this users group for any purpose, including solicitation of sales.
If the above guidelines are not followed, the Anytime Collect User Group panelists do reserve the right to ask you to no longer attend Anytime Collect User Group meetings and remove you from the group.
Have fun and enjoy our new Anytime Collect Users Group!