Maybe you have noticed lately that your cash flow has gotten slow, or you have just realized that your collections team could use some help. Sometimes people immediately turn to desperate measures, like blaming the customers and demanding payment. Usually, however, the best way you can remedy your accounts receivable problem is by looking at your own accounts receivable policy. Do you have one in place? Some companies don’t and it leads to inconsistencies and less customers paying on time. Here are some tips for setting up an accounts receivable policy.
The best way to ensure your business has proper cash flow is monitoring your accounts receivable. You may already do this and have a great policy in place, but improving on your accounts receivable is always a smart move. Instead of waiting for a problem to arise in this area of your business, you can be ahead of it and ready to tackle the issue.