How to Write a Dunning Letter

A dunning letter is a letter that you send out to customers to ask them to remit payment. This is different from your payment notice or letters sent out with an invoice because, at this point, the payment has gone past due. You are asking the customer to pay immediately because their account has gone delinquent. Although a past due account is frustrating, that doesn’t mean the dunning letter needs to be harsh or rude. In fact, taking that tone with your dunning letter will make it less effective. Below we have templates showing you how to write a dunning letter professionally and effectively.
Continue reading

The Snowball Effect of Automated Invoicing

Everyone is looking for the quick fix to get their accounts receivable in order and get paid faster, which can sometimes seem like a distant dream. There is always a catch to something that gets you paid faster and fixes all your problems, right? Not entirely. Automated invoicing is one easy way to get paid faster that ends up creating a snowball effect, making all your other accounts receivable problems disappear or decrease. We map out the snowball effect of automated invoicing below.
Continue reading

How a Customer Payment Portal Helps you Get Paid Faster

Thanks to increases in technology, we live in a “now” society. We want everything as quickly as possible, including our money. This is one reason why the customer payment portal was created. Instead of waiting on snail mail or to check a cash, you can get paid right away. However, even with how wonderful it sounds, many still aren’t convinced about how easy it is to get paid through a customer payment portal. Below are 4 benefits of a customer payment portal that make getting paid faster and easier.

Continue reading

Accounts Receivable Software Comparison

There are quite a few options for accounts receivable software, and every company may benefit from the software differently. A smaller company with an accounts receivable team of 1-3 employees, may need an accounts receivable software that is tailored toward a small business, while a company with a very large team may be in search of something that has all possible functionality and automation. Rather than saying that one accounts receivable system is better than another all around, it is best to do an accounts receivable software comparison to see which one fits your company the best. Below, we do an accounts receivable software comparison based on team and company size and show what type of functionality you can get.
Continue reading

Extending Credit Safely with Credit Report Software

What is a Credit Report?
A credit report difference from a credit score in one major way. While a credit score is a numerical value, a credit report gives an overview of every area that affects a credit score. This includes the types of credit the customer has used, how long they have had open lines of credit, the amount of credit they have used, credit inquires, banking information and any information on bankruptcies, liens or other court related information. A credit report is helpful when conducting business and extending credit to customers because it gives an idea of what you can expect in terms of the customer paying you.
Continue reading

How to Resolve Invoice Disputes Quickly

Invoice disputes are very frustrating and time consuming. If we spent less time trying to resolve invoice disputes, we’d have more time to call late paying customers and receive payment quickly. Unfortunately, it simply doesn’t work that way and invoice disputes will continue to pop up. What many businesses don’t realize is that most invoice disputes occur because of our mistakes, rather than simply a finicky customer. In order to resolve invoice disputes quickly, try following some of the 5 steps below.

Continue reading

Getting Proactive with IT Consultant Collections Software

One of the hardest parts about being a consultant is having to continue work for a client after they have withheld payment longer than you would like. This is especially true for an IT consultant because your costs are likely pretty hefty. It is no easy task to break down the processes of a business, help implement software or fishing through their data. These costs can add up pretty quickly and your customer has a pretty large bill that they are not honoring. The best way to fight this is by being proactive and using IT consultant collections software.
Continue reading

How to Ensure Collections with Insurance Collections Software

As an insurance company, actually collecting from the businesses you insure is not always a huge problem. Without your services, their employees could go without crucial medical benefits or life insurance. One of the big issues that you can run into is dealing with companies that end up going into bankruptcy, and then you will never see payment again. How do you make sure that you get the money you’re owed before the business you were working with ceases to exist? Using insurance collections software can help.
Continue reading

Accounts Receivable Software Reviews

Recently, Capterra, an online reviews site for accounting software, ran a special where anyone who reviewed software that they use, whether good or bad, would receive a gift card. When our customers of Anytime Collect accounts receivable software got wind of the deal, many jumped on the chance to give us a review and many gave us great compliments. We rounded up the most loved features of Anytime Collect by reviewers and some of their personal comments.

Continue reading

How to Put Accounts Receivable on Auto-Pilot Part 3

In our last two blog posts of this series we covered two ways that can help you to put accounts receivable on auto-pilot; automating workflows and automating customer communications. By automating these two processes we found that you can eliminate the need to do manual tasks and can improve you customer services and the amount of time it takes you to get paid. In this blog post, and the final post in this series, we will discuss how to automate accounts receivable reports and alerts to further put the accounts receivable process on auto-pilot.

Continue reading

How to Put Accounts Receivable on Auto-Pilot Part 2

In part one of this series, we discussed how to automate workflows in your accounts receivable department to put the process on auto-pilot. By automating these workflows, and a majority of manual tasks, the entire process was taken from 7 steps, down to simply three. Most of the hands on work was whittled down to simply calling and dealing with customers. In this second part of the series, we will be looking at how to automate customer communications to make the process even easier.
Continue reading

5 Tips to Get Paid Faster On National Dollar Day

National Dollar Day is a holiday that celebrates the establishment of the U.S. monetary system.  The monetary system was set up in 1786 in order to make the country a little bit less confusing. Previously, you could travel from state-to-state and have to deal with a different currency in each one. The U.S. monetary system settled this problem and created one set of currency. Ironically, however, the first actual U.S. dollar bill, as we think about it today, was not printed until 1862.
Continue reading

How to Put Accounts Receivable on Auto-Pilot Part 1

A majority of time that is wasted in business is because employees are doing manual tasks. Not only do these simply take up a majority of the day because they are repeatedly entering in redundant information, but they are prone to error. Once those mistakes are made, more time is spent going back to see where the issue is and how to fix it. By simply putting these manual tasks in accounts receivable on auto-pilot you can become more efficient, save money and collect faster. In this three-part series, we will cover 19 ways you can put your accounts receivable on auto-pilot.
Continue reading

How Small Businesses are Affected By Accounts Receivable Software

Accounting and accounts receivable software are becoming more powerful every day, becoming more affordable and allowing for more efficiency in small business. However, despite all the pros the software can bring to the job, such as eliminating manual tasks and helping businesses to get paid faster, not many small businesses are using it. Approximately 29 million small businesses exist in the United States, but only 5 million use accounting or accounts receivable software. That means that about 24 million companies are relying on excel spreadsheets and manual tasks to get the job done.
Continue reading

Bad Payment Excuse #105: We Haven’t Received the Invoice

We have heard some bad payment excuses over the years, ranging from slightly believable to downright ridiculous (Check out these bad payment excuses: “My dog ate my invoice” or “My check book hasn’t arrived“). This blog post will be focused on the slightly more believable excuse: We never received your invoice. Although this excuse is perfectly possible, when you get it over and over again from the same customer, you shtick starts become stale and you start to get frustrated.
Continue reading