If we lived in a world where every client paid their bill on time, we wouldn't have to talk about the "dirty work" of collections. Talking to clients about money can be uncomfortable, especially when you might be taking their non-payment personally. We recommend the money conversation early and often and we highly recommend following up on any invoices that are past due.
You could automate your accounts receivable collections and save yourself a headache.
Here's why you should automate your A/R collections.
Prioritize. Be Proactive. Get Paid.
When you're proactive with accounts receivable collections, the more likely you'll get paid what you're owed. To be proactive, you'll need a system that regularly notifies you when an account will be due or past-due. A system that can move a serial late-paying or bad credit account up on the list is even better. Targeting accounts when they're about to be due can increase the likelihood of full payments and reduce the need for collections efforts.
Automatic Payment Reminders
If you're A/R process depends on you running a report and then manually sending reminder messages for past due payments, this one's for you. Imagine a process that both knows when a payment is due and sends a payment reminder for you, automatically. When your client is non-responsive, the system will switch to a different template to inform the account that the invoice amount is past due. You control the templates and language so your client relationships are handled professionally.
End-to-End A/R Processing
Orders, invoicing and online payments are also part of an accounts receivable collections process. When clients are able to view and pay their invoices through a self-serve portal, they're likely to pay quicker. Online payment options offer a positive client experience that can increase client retention and reduce collections. By automating the process, it also reduces the time and efforts required by the A/R department.
Enterprise Recovery's B2B collection software offers an intuitive interface designed to help with A/R collections while valuing your client relationships. Improve operational efficiency and accelerate cash flow by outsourcing your A/R collections to Enterprise Recovery.