4 Accounts Receivable Management Secrets of the Successful CFO

Managing cash inflow and outflow is one of the most important aspects of a finance executive’s job but it’s far from easy, especially when it comes to accounts receivable management. You can set terms and send invoices, but managing the process and policy behind getting paid on time is an entirely different story. Cash flow is delicate and it’s a vicious circle- you know when you need to cover an expense, but if you’re not getting paid on time, you may not have the cash you need to take care of it. So what can you do to improve collection performance and gain more control over cash flow? Below are a few of the most effective ways to get a handle on accounts receivable management and some additional resources to help you find the right balance of cash in and cash out.
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Accounts Receivable Management Tips for Advertising and Marketing Agencies

Advertising and marketing agencies are facing a crisis in their ability to get paid on time. Over the years, average payments to these agencies has gotten longer and longer. Many big companies are taking advantage of this and auctioning off work to the agency with the lowest bid, most free hours of work, and longest payment terms. This leaves agencies in a difficult position, often fighting with each other to do the best work for the lowest price. In fact, the Guardian reports that 66 percent of mid-sized agencies experienced problems with late payments.  In addition, one in five small companies experience some type of “corporate bullying” in the form of late payments or excessively long payment terms.
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23 Warning Signs of Accounts Receivable Management Problems

One of the biggest concerns of any business, but especially growing small and mid-sized companies, is cash. In order to support growth, these companies must have access to working capital and the cash flow necessary to invest in their growth strategies. The problem is that cash flow is usually held up in accounts receivable. Because accounts receivable management tends to get pushed aside due to more obvious business struggles, many companies don’t even know they have a problem until they begin to notice a shortage of cash and difficulties meeting financial obligations- by that time it’s too late. Continue reading

The Flaws of Using Excel For Accounts Receivable

When a company first starts up and doesn’t have much to deal with in terms of accounts receivables, Excel gets the job done. However, it won’t be long before you end up outgrowing that system, for a variety of reasons from time wasted to data errors. As your customer base grows, so does the amount of data that you’re trying to manage in Excel.
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Determining Staff Size for Effective Accounts Receivable Management

Have you ever wondered whether you have the right amount of staffing to ensure effective accounts receivable management? Everyone knows that cash flow is one of the most important facets of a business, so it’s important that they are correctly managed. Unfortunately, this is not common knowledge. A study conducted by Credit Today found that 25 percent of credit departments don’t have adequate staffing.
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5 Tips for Spring Cleaning Your Accounts Receivable

With spring comes the age old spring cleaning. Most of us do this in our houses; dusting, cleaning windows and going through storage closets to get rid of the clutter. We often don’t think about the spring cleaning we could be doing in our business. I’m not just talking about going through our offices to clean up papers that are lying around. You should be spring cleaning your accounts receivable.
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Six Degrees of Separation and Your Accounts Receivables

Often times, it’s easy to forget that the global world around us can have an indirect impact on our business. Especially if we’re a small business that thrives on our direct community, when an international world leading business gets hit hard with bad debt, we’re simply glad we’re not in their shoes. However, the six degrees of separation theory isn’t far off when it comes to businesses and you may feel the impact of these business leaders bad debt.
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4 Tools for Your 2016 Accounts Receivable Management Toolbox

Accounts Receivable Management How has the end of October come so soon? It seems like the year has flown by and as 2016 draws near, it’s time to make an accounts receivable management plan for the coming year. The first step is to look at your 2015 accounts receivable performance metrics and compare them to your goals. If you’ve fallen short this year or want to improve performance even further in 2016, you may be in need of some new tools. Below we outline four tools we think every business should consider as a way to collect invoices faster for improved cash flow.
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3 Straightforward Steps to Automating Accounts Receivable

accounts receivable automationWhen it comes to accounts receivable, the average cost of collecting a single invoice can be significant considering the amount of a collector’s time and effort that goes into it. Further, any missing field, unattached document, or incorrect information can snowball into major payment delays, cash shortages, and bad debt write offs. If you dream of a more efficient, error-free, and streamlined accounts receivable management process, automation is your answer; but getting started doesn’t happen overnight. Here are three very important steps you must take to build a strong foundation for this project.
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Accounts Receivable Management Software Myth: ‘It’s too expensive’

accounts receivable management mythWhile there is without a doubt a movement toward accounts receivable management automation taking place as companies realize the importance of collecting outstanding invoices in terms of overall cash flow and access to working capital and the benefits of A/R automation, many companies balk at the idea because they are unaware of the benefits of A/R automation or maybe because they are under the impression that it’s too expensive!
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Gain Greater Control with Accounts Receivable Management Automation

While automated accounts receivable management software is not a new business technology, it is still a spring chicken when compared to business applications that have been around for decades, like ERP software for example. More and more companies are beginning to realize though the importance of an optimized accounts receivable process and the benefits an automated system can bring to the table. As with all things new to an organization, the idea of automating accounts receivable can be scary to those who are considering it. In a recent article we discussed and (hopefully) put to rest some of the biggest fears of a cloud-based accounts receivable management system and today we wanted to talk about another common fear businesses face when considering accounts receivable management automation- the loss of control.
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Accounts Receivable Management Tools: Home Grown & Custom Applications

When it comes to accounts receivable management, and many other areas of business for that matter, many companies feel that they’re special – that they’re needs are so unique that they couldn’t possibly find software to do exactly what they want (or need) it to do. They go off in their own direction, hire developers and build their own systems to manage accounts receivable, credit, and collections. While we dont doubt that your business is special,  there are so many reasons why custom accounts receivable management tools should be the last resort.

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Accounts Receivable Management Checklist for a More Profitable Year-End

Chardon, Ohio, November 18, 2014-Today, e2b teknologies, publishers of Anytime Collect accounts receivable management software, announced the availability of a new accounts receivable fiscal year-end checklist. The checklist serves as a resource for businesses to help them optimize the accounts receivable process for a faster and more profitable year-end close.

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How to Conquer the Top 5 Challenges of Accounts Receivable Management

Every business process brings with it specific challenges, and accounts receivable management is no different. In a recent study, industry analysts Paystream Advisors asked financial professionals to rank their most important challenges when it comes to their receivables operations, the results of this survey are below, along with some very good news.

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27 Frightening Accounts Receivable Management Facts You Need to Know

In the spirit of Halloween, we wanted to share some of our most terrifying facts about the state of accounts receivable management. Prepare yourself for some truly shocking and terrifying facts that may make you think twice about your current accounts receivable management strategy. Read on, if you dare…
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