Even if you do an excellent job pre-screening your customers, there will inevitably be incidents where some will fall behind with their payments. Dealing with delinquent customers is critical to the financial health of your business, and you should always be prepared to act quickly to ensure prompt payment. It’s
Your business, whether small or mid-sized, relies on invoice payment to pay your employees, keep the lights on and pay for the supplies that you need to do business. Unfortunately, all of the clients you invoice do not always respect or recognize that fact. One of the trickiest things for
When companies operate in a business to business or B2B space, it can be difficult to decide whether or not to charge late fees. You don’t want to risk upsetting a loyal client or charging them for an invoice that got lost in the mail. However, every day that you
Goal setting is a critical skill for every department of your business. Without a defined set of standards and goals that you want to achieve, how can you come up with a roadmap to get you there? Goal-setting for your AR department is no different from planning done in other
While you might not typically think of your accounts receivable department as remotely related to your customer service department, the two should serve as extensions of each other and build goodwill with your customers. Viewing your accounts receivable department or customer service department in a vacuum is a big mistake,
Millennials are growing up, and their debt is growing alongside them. Numerous studies have shown that many millennials are in precarious financial situations that can increase the odds they will face collections at some point in the future. Almost 2/3 of millennials are living paycheck to paycheck, and they face
Data breaches are happening all the time, even at high-profile companies like Equifax and Capital One. Your customers entrust you with their personal information, including credit card numbers, addresses and more. Are you doing enough to safeguard your customers’ personal information? The Impact of Data Breaches From the time that
Business to business debt collections, also known as B2B debt collections, can be more complex than traditional consumer collections. If you are not skilled in business to business debt collections, it can be very difficult to recover sufficient amounts of debt and keep your doors open. To collect in the
Sometimes, unpaid invoices force a business to make decisions that are not pleasant or comfortable. In many of those incidences, that decision is to fire a client. If your unpaid invoices are piling up, existing relationships with companies don’t always override your bottom line. How can you determine when it
In our last blog, we reviewed the qualities that make an excellent Accounts Receivable employee. In this post, we will share tips on how to gauge the qualities of the best Accounts Receivable employee candidates, in order to hire the right person for the job. What Qualities Should You Look
Are you hiring? The hiring process can be tricky when you’re looking for the cream of the crop. After all, just because someone has experience in Accounts Receivable (AR) doesn’t mean that they are right for your work environment. What qualities separate the best Accounts Receivable employee from the pool
Business fraud is a devastating issue for companies of every size. According to The Association of Certified Fraud Examiners, in 2018, United States businesses lost an average of 5% of their gross revenues due to fraud. Private companies, including small businesses, experienced median losses of $164,000. In fact, fraud hit
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