How does better Accounts Receivable management help your business?
Accounts receivable is generally the term for the invoices that you have outstanding to your customers. In most business cycles, the time taken from raising an invoice, to receiving payment, can be as much as 50 days (according to recent Dunn & Bradstreet surveys).
Are you lying awake at night, wondering if you will be able to pay your bills and staff wages this week? Are you annoyed and frustrated because you shouldn’t be in this position if only your customers payed their damn bills on time?
How quickly you can collect those payments is often a function of a number of things, such as your terms and conditions, your invoicing and your collections process. By tightening and updating these processes you can bring the terms down, and get paid by your customers earlier, easing the burden on your working capital.