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Invoicing Best Practices for Small Businesses Invoicing can feel like a hassle when you first set up your small business. It can be exasperating to send out invoices, only to wait for payment from clients for days or weeks. Here are several best practices you can use to make invoicing easier allowing you to maintain…
10 Tips to Collect Late Invoices Without Upsetting Customers It would be wonderful if all customers paid their invoices on or before the due date. However, that is simply not the way things work. Any business running accounts receivable (AR) can expect some customers to pay late. Some people would never pay their bills if…
10 Ways to Improve Collections and Cash Flow If you manage accounts receivable (AR), you will be all too familiar with the usual excuses for non-payment. The check is in the mail, my manager is away on vacation, and we sent a payment to you last week; these are just a few tactics people use….
It’s likely you’re making at least one of these invoicing mistakes, but it’s not too late to put good practices in place. If your business sends out sales invoices, it’s a good idea to have your customers on a set billing cycle. This keeps money flowing into your company on a regular basis. Steady cash…
Try this approach to simplify your accounting process for recording invoice factoring Handling the bookkeeping of factored sales invoices is not overly complex. However, some accounting systems may complicate the process. And, if you have never recorded the various transactions associated with invoice factoring, the accounting can seem more complex than it is in reality….
Improve Customer Service and Cash Flow Invoice disputes are a common reason for the late payment of accounts receivable (AR) invoices. Sometimes, one disputed sales invoice can delay payment of the entire account. So, having a procedure to deal with disputed AR invoices is essential to improve customer service and help with a business’s cash…
Examine Impact of Payment Terms on Cash Flow Most companies operating in a business-to-business (B2B) sector will need to offer customers credit terms. If a company insisted on cash with orders, it would be hard to win customers in a competitive B2B market. Whenever you sell goods or services on credit, though, there is an…
Keeping the Balance Between Collections and Customer Relations If you want to maintain a healthy cash flow, you must keep on top of your accounts receivable, and that will inevitably mean sometimes chasing late payments. But collecting overdue accounts must be handled properly, because, on the one hand, you must be firm enough to ensure…
Create and Enact Policies to Ensure Customer Payments One of the biggest problems a company has when selling products or services to another business is invoicing and getting paid. You need to get paid timely. Late payments impact your cash flow, which can affect when you pay bills or produce new products. Fortunately, there is…
Accounts Receivable Team’s Actions Part of Brand Experience It is common practice for accounts receivable (AR) processes to be managed by the finance department. After all, a sales invoice is an accounting document, and chasing debt is a finance problem. It may be practical for accounts receivable to be managed by the finance department. But…