SDM Accounting Insights: Let’s Find A Better Way To Manage Your Receivables

Failure to collect accounts receivable (AR) in a timely manner can lead to myriad financial problems for your company, including poor cash flow and the inability to pay its own bills. Consider these five strategies to facilitate more timely collections: 1) Create an AR aging report. 2) Assign collection responsibility to a sole accounting employee. 3) Simplify and clarify your invoices. 4) Offer customers multiple ways to pay. 5) Learn customers’ preferred methods for formatting and submitting invoices. If you’re unsure where to start, contact us to discuss ways to manage your AR more effectively. We can help improve collections and, in turn, boost your revenue and cash flow.