Get Paid Faster - Accounts Receivable Management

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All successful businesses rely on automated
accounts receivable process which is their life
blood for cash flow increase. To improve
bookkeeping process, the below simple tips shed
light on common pitfalls that hinders your
accounts receivable. Prompt Invoices Cash flow
for small businesses depends on prompt invoices
accurately. The more quick we send the invoices,
the same rhythm we can expect in payments from
the customers. Also, immediate invoicing to your
customers is important to make sure that your
services are kept noted.
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Sending Monthly Statements Monthly statements
are essential for the frequent customers you
work. Apart from Invoices , if your customer
receives an account statement on each month, they
clearly know that when they need to pay. And also
reconciling those statements in order to make
sure that they have all your invoices. Monitoring
Overdue An aging summary report helps you to
know the customer account balances at a glance,
thus, you can view the accounts which are overdue
by 30 days, 60 days or even longer. Overdue
invoices becomes the less cash flow in that
month. The main objective is to stop the failure
of 30 day invoice payments getting extended to 60
days and more.
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Overdue Chases It might be difficult to make a
call to the customers on reminding their overdue
balance, but it is absolutely essential for
providing them reminders before the invoice comes
due. Sometimes, customers will not make payments
because it might slipped in their mind with their
payment processes. Thus, until you make a call,
they won't know the issues. Automating these
reminders improve the return rate quicker.
Automated accounts receivable management
improved knowledge of the process is a breeze to
have the customers paying on time, everytime.
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