Addison Rockledge Co- 5 ways to incorporate for faster debt collection
Running any business requires finances and none can function without it. Sales are important but there is something we always miss out on and that is the account receivable collection which is another half of generating revenue. Being in the field, Addison Rockledge Co. helps you with ways from our experts that can speed up the collection of the ARs down below:
1. Sending electronic invoices
It takes a long period in sending and receiving a paper invoice from clients and slows down the process of managing revenue. On the other hand, electronic invoices can be easily sent to and fro for smooth revenue generation. Accepting electronic payment would make the process easier and smoother.
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There is a lot of software available now, thanks to technology that can easily track all processes from outstanding AR, reminders to follow-ups which can keep you on track and consume less time. While you no longer have to manage all processes manually, that leaves you time for other things.
3. Don’t wait up on debt
You shouldn’t let it slide by if your client goes even one day past the collection term. There should be an AR team connecting them from day1 past their date to remind them. Let a special AR team connect with them on the 31st day past their collection term period.
4. Convenient payment methods
Not all clients have the same methods and preferences when it comes to payment. If you don’t diversify and give your clients different payment methods to choose from, that would be the main reason for late payment. Having options to choose from, the clients pay off the AR at the right time reducing the pressure from you as well.
5. Bonus points for good image
To encourage your clients you should always have a reward system for them. You should keep discounts or give them extra bonuses if they pay off before time. This not only puts in a good revenue generation for you but also results in happy and loyal clients.
Making client’s processes easier Addison Rockledge Co. has been helping them every step of the way for deriving AR on time and meeting their revenue goals. These practices can help you meet with those outstanding AR.
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