Growing Your Business

Optimize Your Accounts Receivable Function to Boost Cash Flow

5/14/2015

One of the biggest mistakes that a business can make is to allow your accounts receivable collection process to slide. Countless businesses have gone bankrupt after spending too long blithely assuming that clients would eventually get around to paying their bills. Remember that a sale may look good on paper, but until it's been paid for, it's nothing but a liability.

The best way to avoid this problem is to make sure that your Accounts Receivable function is given the priority that it deserves. Avoid the pitfalls of neglecting collections by following these important tips:

• Make one person responsible for Accounts Receivable - Many billing departments split up responsibilities in a general way, with each employee simply taking on the next project or whatever is deemed most important at the time. Accounts Receivable is always important, and you should have one person who is dedicated to the task. Failing to do this risks having collections set aside in favor of something that is either more urgent or less stressful.

• Start with a clear invoice - No matter how responsible and organized a client is, if the invoice that you sound out is difficult to understand, unclear, or simply incorrect then you are going to delay your ability to get paid. Create a format for your invoice that provides clear instructions for payment with all pertinent details on what is being billed laid out in a way that is easy to understand, and make sure that you get your bills out promptly.

• Keep yourself organized with an aging report - If you create an aging report, you will have an at-your-fingertips rundown of the payment status of each of your clients, as well as how long ago a bill was generated and has gone unpaid. Being able to assess your accounts receivables based on a 0-30 days, 30-60 days, 60-90 days and 90+ days basis allows you to prioritize your collection efforts, as well as when to stop selling to a client that is not paying their bills.

• Don't let past-due accounts slide - If you see that a client is slipping into a past-due status, it is important that you act quickly to make them aware of the need to pay. There have been studies done that have proven that the success of collection efforts diminishes the longer past due a bill is, so you should start making calls as soon as a bill is overdue.

• Be strategic in your collections approach - Collection efforts can be handled in a number of different ways, and it is important that you make a strategic decision in exactly what your methodology and tone will be. Whether you choose to be friendly or aggressive in your approach, there should be an established process, perhaps starting with a note or call from Accounts Receivable as soon as the bill is overdue, and then progressing in an established period of time to dunning letters and past due notices.

• Payment plans can get you paid - In many instances, a client wants to pay their bills but have gotten into a temporary cash flow problem and are unable to pay all at once. By offering a payment plan you can maintain good will while at the same time maximizing your chances of actually getting paid. One note of caution - if you go this route, make sure that you put the terms of the payment plan in writing and signed by all involved.

• When all else fails, hire a collection agency - Making a decision to use a collection agency to help you with past due bills is one that should not be taken lightly. Though collection agencies can be extremely effective, their use automatically puts your relationship with a client into an entirely different light, and often ends the possibility of doing future business. Additionally, collection agencies charge a percentage on every dollar that they collect, so it's a good idea to reserve this option for those that you are simply unable to go further with, and for clients you are willing to sacrifice.

Making Accounts Receivable a top priority is essential to keeping your cash flow healthy and your business profitable. Several TaxBuzz Accounting professionals specialize in helping small businesses with their cash flow, including Texas based Nancy Williamson CPA and Atlanta based Karen Drescher CPA.

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Lee Reams II

CEO

I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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