Is There Fraud Risk in Your Accounts Receivable Collection Process?

fraud with accounts receivableMore and more accounting progressionals support making the move from paper checks to paperless payment processes and this is the case for many reasons. For example, going paperless can make the payment process easier for customers and streamline accounts receivable collection for your company, but security is a major driver of the change as well. According to a recent business payments study, 45% said that paper related to accounts payable, such as checks, invoices and contracts, creates a serious risk. Further, 30% said that they have had a client victimized by fraud related to the bill payment process!
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Information to Gather Before Calling A Lawyer to Collect Overdue Customer Invoices

Calling A Lawyer to Collect Overdue Customer InvoicesTry as you might to avoid invoice disputes and non-payment situations with your customers, you may eventually find yourself ready to call a lawyer when you need to collect overdue invoices from customers.Those hourly charges from your lawyer add up though and many of those hours are spent gathering information about the invoice and customer in question. You already have that information, so before you hire them on for the job, pull all the info together to give them a head start on the case and save yourself some billable hours.
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How to Spot Accounts Receivable Collection Problems Before It’s Too Late

If you’re having a hard time getting paid on time, you’re not alone. Companies across industries and of various shapes and sizes have trouble with accounts receivable collection, but before you can solve the problem, you must first identify what exactly is causing it. For example, are your invoice collection problems due to poor invoicing procedures, incorrect information, a lack of resources, or another reason all together?

Below are 5 of the most common issues we’ve seen crop up time and time again as we work with customers to solve their collection troubles and improve their accounts receivable collection process.

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7 Really Good Reasons to Consider Accounts Receivable Collection Software

No matter what your business, your organization spends thousands of dollars a year on software to help improve processes and make more money. You have software to help you drive more leads and close more deals, you spend money on ERP software and other solutions to help you provide high quality products and services, but what about the rest of the process? The work doesn’t stop after manufacturing is done or services are provided, not when you sell to customers on credit. You have to close the loop by collecting the money owed to you, otherwise everything else really doesn’t do much good. Don’t worry, there is software for this too! Below we discuss 7 of the largest benefits recognized by companies who choose to implement accounts receivable collection software.
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Attain the Accounts Receivable Collection Dream: Do Less, Get Paid Faster

Accounts Receivable CollectionCollecting accounts receivable is a huge job; whether you are an office manager who has been saddled with the repsonsibility of managing invoices on top of your other duties, or a full time accounts receivable professional, there is always too much to do and never enough time! Even when you’re working your hardest, you still don’t see the results you (or your managers) want to see. That’s why every person out there who is responsible for accounts receivable collection shares the same dream, to get better results while simplifying the process, right?

Here’s the good news…some dreams can come true. Continue reading

49% of Those Responsible for Accounts Receivable Collection are Making This Major Mistake- Are You?

Accounts Receivable Collection

According to an August 2014 survey conducted by National Association of Credit Management (NACM), nearly half of those employees responsible for accounts receivable collection are not taking steps to ensure their emails are not getting stuck in a customer’s “spam” or “junk” mailboxes. The results of this report are truly shocking considering that a majority of invoices and payment reminders are now sent electronically. The findings from the August 2014 survey are below: Continue reading

Accounts Receivable Collection Best Practices: Make Your Phone Calls Count

Accounts Receivable Collection Best PracticesEach and every time you communicate with a customer you’re leaving an impression- are your accounts receivable collection calls leaving the right one?

For a collection call to be successful, you need to do more than dial the number and rattle off the invoice due date and amount owed by the customer. There are a number of things that will factor into the success of your collection calls that can take your conversations with customers from good to great, allowing you to enhance your relationship and start getting paid faster. Here are a few things you must remember:

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How to Identify Underlying Problems to Improve Accounts Receivable Collections

accounts receivable collectionsTo be successful in accounts receivable collections, you must be proactive and remain observant in order to identify underlying problems with both your customers and with your own internal processes. By catching these issues early on you can avoid them ballooning into more serious problems. When your customers give you feedback, don’t just take it at face value, consider what they may be holding back or what that means about the way you manage collections. Ask yourself, what is the customer REALLY saying? and how are your internal processes impacting your accounts receivable collections? Here are just a few examples to consider: Continue reading