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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5 Accounts Receivable Tasks You Should Automate

Collections is one of the most important areas of a business, however, it also takes up way too much time. A majority of businesses are still manually doing accounts receivable tasks using spreadsheets, highlighters and aging reports. This is not the most efficient of effective way to get customers to pay on time. Most of your time will be spent inputting and extracting data, rather than making those important phone calls to collect.
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BEGA-US Finds Credit and Collections Success With Anytime Collect

BEGA-US can trace its roots back to Germany, however, it has become an all-American company. A manufacturer of public, residential and commercial lighting, a majority of BEGA-US products are designed and produced in their 120,000 square foot facility in Carpinteria, California. This means that their products qualify to carry a “Made in America” label. Having grown since their inception in the US to include 110 employees, their customer base and accounts receivable department has also grown.
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How Your Team is Impacted by Accounts Receivable Software: Third Parties

So far in this blog post series we’ve covered how accounts receivable software is beneficial to a lot of different areas in a company, from the C-Suite to credit and collections and even customer service and sales reps. The one area that you probably never thought we’d cover as an area that accounts receivable software can help is actually outside of your company, the third-party bookkeepers, lawyers and collection services you hire can actually benefit from a software product you use internally. Below, we’re going to highlight how.
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How Your Team is Impacted by Accounts Receivable Software: Customer Service

Traditionally, accounts receivable software is viewed as a piece of technology that is only benefited by the accounts receivable department. Although it is true that those on the credit and collections team’s lives are made much easier, they’re not the only ones that see a decrease in workload from the software.
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How Your Team is Impacted by Accounts Receivable Software: Credit and Collections

In our last blog post of this series, we broke the myth that accounts receivable software is only beneficial to those in the collections department. Even those as high up as the C-Suite have a use for accounts receivable software, from pulling reports to escalations of troubled accounts and more. Almost every department in a company can benefit from using the software, such as customer service, IT or hired third parties.
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How Your Team is Impacted by Accounts Receivable Software: C-Suite

Usually the assumption is that accounts receivable software is only truly beneficial to the accounts receivable department. The end users, like collections representatives and credit managers, are the ones that are able to automate most of their tasks and actually save time. While all this is true, they aren’t the only ones that get something out of the accounts receivable software. The whole business is affected by the automated processes, reports and valuable information that comes out of the software.
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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.
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How to Choose the Right Accounts Receivable Software

At this point, you’re probably aware that your accounts receivable is one of your most important assets in your business. If you’re not collecting from your customers then you have no way to continue to grow your business. One way to combat chronic late payments is by implementing accounts receivable software, however, just like any software it can be difficult to decide which one is right for your business. Below, we will cover the four most important considerations for choosing accounts receivable software.

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Managing Time With Law Firm Collections Software

Attorneys are put in a difficult spot when it comes to collections. It is critical that the clients you represent maintain a great relationship in order to give the best legal counsel, however, having to call and ask them to pay on their delinquent invoices doesn’t always help that relationship. Plus, how often do you truly have time to call every client that hasn’t paid? As a result, you’re usually waiting on payment from a few clients, missing out on the cash flow you need. Using law firm collections software can help manage your time by automating most of the process and prioritizing your calls.

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Improve Cash Flow in 5 Quick Steps

As the cost of living increases, so does the cost of labor, equipment, product and anything else you need to run your business. Which means you need to improve cash flow fast. Before jumping out with a new idea or product, the first place to start is by checking to see if you’re customers are paying you on time. You may realize that a lot of your much needed cash is locked up with your current customers who are withholding your well-deserved payment.
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How to Develop the Perfect Accounts Receivable Policy

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.

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One Simple Trick to Speeding Up the Order to Cash Cycle

The order to cash cycle, from the moment a customer makes an order to the moment you receive payment, can be handled partially from your ERP system. Handling quoting, order processing, shipping and logistics can all easily be entered and automated, however, you’re missing out on powerful accounts receivable functions. Although your ERP system is great for some of the order to cash cycle, you truly need a solution that will automate invoicing and customer communication to ensure you get paid on time.
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Reduce DSO in 6 Easy Steps

To keep a business running, you need cash flow. As obvious as this is, cash flow isn’t always what it is expected to be. You may make a lot of sales, but if customers aren’t paying their invoices on time you will be running on empty.  Each industry has its own average days sales outstanding (DSO), but one fact remains: the best way to increase cash flow is to reduce DSO.
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3 Crucial Reasons to Embrace Invoice Software

One of the trending topics in accounting is technology. Many worry that accounting jobs will eventually become completely automated, while others see the benefits of technology. Invoice software can take a lot of weight and stress off of those making financial decisions for a company. In fact, so much time is saved by automating accounts receivable functions that, as an accounting team member, your job will become more valuable because you have the time to give insight on important financial decisions.
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