A Solution to Transportation Accounts Receivable

Currently, most transportation companies rely on either accounts receivable factoring services or freight invoice factoring to speed up their payment processes. However, a study conducted by Ernst and Young shows that services aren’t really working for the transportation industry. In the current state of transportation invoicing, it costs about $2-$5 to create the invoice, another $10 to process the payment and up to $15 per call when a dispute arises. That is a lot of money that is being siphoned out of a company just to get paid what you are due.
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How to Manage the Cost of Credit

Calculating and monitoring your lines of credit to customers can make a huge difference in your accounts receivable. For every invoice that you send out to customers, there is a cost associated. Are your customers paying you on time or are they significantly behind? If a majority are behind, extending credit could actually be hurting your business. Below we will cover the basics on how to calculate the cost of credit and share accounts receivable best practices to help you decrease and control the cost of credit moving forward.

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Invoice Collection Letter Tips, Samples, and Templates

Also known as a demand letter, dunning letter, or past due letter, a collection letter is an integral part of your invoice collection process. The collection letter usually comes into play after the customer is already past due and after you have made a few attempts to contact the customer via phone. Sending these letters makes a huge difference in being able to collect on the invoice as soon as possible, so making them effective is crucial. When it comes to writing an invoice collection letter, its success or failure hinges on both letter messaging and delivery timing.
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Improving Accounts Receivable with Automated Email

Sending thousands of manual emails a year to customers just doesn’t make sense. It would be practically impossible to take on new customers and ensure that they will pay on their accounts if you only have a small team in the accounts receivable department trying to keep up with daily email messaging and phone calls, unless these emails became automated. Throughout this blog posts, we’ve explained how automated email works, how it can save you time and how it can help improve customer service. In this blog post, we’re going to take a look at how automated email can improve your overall accounts receivable performance.
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Improving Customer Service with Automated Email

When you’re sending emails manually, it doesn’t leave a lot of time for customer service. Believe it or not, accounts receivable professionals are also customer service professionals. If a customer feels like the payment process is difficult or they dread calling in to pay an invoice, you have a big problem. Customers are going to put off paying, affecting your cash flow. The accounts receivable department should be practicing the best customer service tactics in order to collecting on invoices as early as possible.
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Saving Time with Automated Email

As an accounts receivable professional, a good majority of your time is probably consumed by sending email. And if it isn’t, that’s probably because you have too many other things to do than sit around and type out emails to customers. Either way, doing this task manually will inevitably leave you behind on your accounts receivable. Some customers simply won’t get touched. The solution to this is using automated email. In our last post of this series, we explained how automated email works. Now, we will go over some of the time saving benefits of using auto-email.
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How Automated Email Works

Automated email is used in a variety of industries. Almost every business today is using auto-generated emails to send marketing information to customers. Those pesky emails that build up in your inbox letting you know about a new deal or sale? Those were automated emails sent to hundreds, or even thousands, of potential customers. However, auto-emails aren’t just for spammy email, but can be extremely useful for accounts receivable purposes.
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4 Ways Wholesale Distribution Accounts Receivable Software Simplifies Collections

Wholesale distribution is an ever increasing market that is facing a lot of global competition at lower margins. Between managing the supply chain, quality control and delivery dates, among other important processes, paying attention to cash flow tends to get pushed to the wayside. However, cash flow is what keeps your company running. In order to manage time and accounts receivable in a more efficient manner, many companies are turning to wholesale distribution accounts receivable software.
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How to Write a Collection Email that Will Hold Up In A Deposition

When dealing with a customer’s failure to pay on time, it can be an extremely frustrating situation. Often times we send an email or make a phone call out of anger that we later regret our tone or use of words. What most collection representatives don’t think about is that these angry and regretful emails aren’t just affecting our personal guilt, but could one day effect the company and its reputation if the emails end up in a deposition.
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What to Do in Atlanta for Sage Summit 2017

Sage Summit 2017 will be held at the Georgia World Congress Center in Atlanta, Georgia from May 9-11, which is only two short months away. Straying from tradition, Sage Summit will not be having a evening party on one of the conference nights, which gives you more time to explore the city. We’ve put together a guide of all the best sights to see and things to do around Atlanta. Whether you’re just looking for somewhere to go on your night off or planning to spend a weekend getaway after Sage Summit, make sure you don’t miss these 10 Atlanta hot spots.

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Top Four Financial Challenges of Non-Profits And How to Fix Them

Working for a non-profit is a mighty cause, but it can also be a mighty challenge. Compared to accounting peers at for-profit organizations, a non-profit’s budget is much smaller and has less resources to work with. Unfortunately, these aren’t even the biggest challenges that finance professionals at non-profit organizations have to work with.
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10 Industries Known for Slow Accounts Receivable Collection

Sageworks, a financial information company, recently conducted a financial statement analysis and found that of the many industries in which business operate, there are ten that typically have a harder time with rapid accounts receivable collection than others. Read below to learn which industries have historically high accounts receivable days and what exactly that means for businesses operating within them.
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Credit & Collections Law: What You Need To Know

It’s all well and good to keep track of the latest best practices in credit and collections and try to get creative in your methods to collect on open invoices, however, there are laws that need to be followed. There are numerous laws in place that protect consumers and buyers when it comes to collections practices, but usually leave businesses within a narrow scope to do their jobs and collect. If these laws are violated, they could come with some hefty fines and punishments. Your credit and collections teams should at least know the basics of these laws.
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The Psychology of Accounts Receivable

No matter how automated the process of accounts receivable becomes, you’re still dealing with real people that need to pay you. There is always someone on the other end of the phone who is giving you the excuse for not paying or explaining why they need to dispute the invoice. In order to figure out the best way to deal with late payment, it is best to look at accounts receivable from a psychological stand point. Knowing how your customer’s behavior impacts their payment or non-payment can help you to avoid a crisis before it occurs. Further, understanding how your behavior can impact a customer’s payment can help you to get paid even faster.
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Using Collection Software in Municipal Accounts Receivable

Municipalities are probably one of the most difficult places to collect on unpaid bills. There’s a catch 22 that exists within in municipalities where citizens want the best of both worlds: no taxes, but more amenities offered by the city. We all know that the only way to offer all the great amenities like the city next-door is by collecting taxes, but the worst part is you can barely collect on delinquent payments at the tax rate you have now. So, how do you collect on municipal accounts receivable?
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