My friends at Anytime Collect have put together a terrific resource guide titled "17 Things You Should be Doing Right Now to Reduce Outstanding Accounts Receivable."
- Every dollar outstanding in your receivables is a dollar that is NOT sitting in your bank account to fund your operations!
WHAT'S IN IT FOR YOU?
Having an effective credit and collections strategy and related applications has been shown to have the following benefits:
- 10-20% reduction in days sales outstanding
- 25% reduction in past due receivables
- Better cash flow and more!
17 THINGS YOU CAN DO...
To get you started, here is a short list of ideas:
- Create a plan - this becomes your road map to success in managing your receivables
- Provide accurate and timely information - this step covers not just those internally that are managing receivables but also to your customers as well
- Set up Key Performance Indicators (KPI) - your favorite NFL team is evaluated by their won-loss record and and other statistics, right? So should your credit and collections systems.
GET WAY MORE THAN QUICKBOOKS OFFERS...
QuickBooks can provide you with some of the core reports to begin the process of managing your receivables such as:
- The A/R Aging Summary
- The Collections Report
QuickBooks is really not so hot at handling the automation many businesses need to see real improvements in reducing the money they are owed.
Enter Anytime Collect.
Anytime Collect is a budget friendly and rich suite of tools you can rapidly implement to start putting a dent in your receivables and keeping them under control.
Anytime Collect has full integration with your QuickBooks as well, so put your worries about double-data entry to rest.