It’s good when you can use attributes like accurately, consistently, timely, and easily to describe getting paid…it’s not so good when you can’t. What can we do to get paid accurately, consistently, timely, and easily? One place to start: establish, test, refine, and implement systems and processes that are accurate, consistent, timely, and easy to use.
Here are three good places to start...
Invoices, Customer Service, and Past Due Accounts Receivable Management
Invoices: Quality, Production, and Delivery
A good invoice:
- looks professional, feels professional, and has a good design
- accurately captures the quantity and correct pricing of goods and/or services sold
- is timely relative to the purchase and/or delivery of goods and services sold
- uses language that is easy for the payer to understand (no unestablished codes, uncommon acronyms, or uncommon abbreviations)
- clearly defines terms of payment
- offers clear and easy ways for customers to pay
- is easy to produce and send on a consistent and timely basis
- gets delivered to the right person at the right location
Customer Service: Delivery, Options, and Comprehensiveness
Great customer service:
- gives customers easy access to information resources they can use to answer questions
- offers self-service and personal (talk to a real person) options
- is readily available and easy to access
- is supported by simple, current, and accurate data / information
- is supported by knowledgeable personnel
- delivers timely and complete resolution to problems and disputes
Past Due Accounts Receivable: Management, Execution, and Consistency
An effective accounts receivable management strategy utilizes:
- technology to manage strategies, workflows, and events
- systems that include calls to action and alerts
- automation to efficiently generate statements and notices in a timely and consistent manner
- easily accessible and easy to use self service solutions for customers to get account information and pay
- knowledgeable, confident, customer oriented representatives who can effectively execute customer contact strategies that effectively – and consistently – resolve past due accounts receivable
- analytics to identify threads of information and flush out trouble spots (like rogue salespeople, or difficult verticals)
- management to develop and execute strategies, evaluate performance reporting and analytics, and coach representatives
Three good places to start…if you shored up these three areas you’d be closer to getting paid accurately, consistently, timely, and easily. A good way to start shoring up these three areas is to walk through the bullets in this blog and see what you’ve got – and what you don’t.