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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QuickBooks Invoicing and Receivables Management Best Practices

 

While QuickBooks helps you create invoices and store important account and contact information, it does little to help with the actual receivables management process.This tedious and often times overwhelming task is then left to the people in charge of collecting payment from customers who must design and carry out  an effective A/R strategy; a task that is much easier said than done.

Because QuickBooks does not provide tools to manage the process from beginning to end, it is critical that accounts receivables professionals use proven invoicing and receivables management best practices to make sure payments are received on time and nothing falls through the cracks.

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