Manage Unpaid Invoices Smarter

Best Practices for Payment Collection Are you spending too much of your precious time on payment collection? Do you wish you had a specific person in charge of this so you could focus on running your business? We have a solution for you! Keep reading this article to learn about best practices to improve your payment collection processes including:  Valuing your client  Setting clear expectations  Maintaining consistent communication  The right tools  Valuing your client We believe it is easier to collect money from clients that know you care about them. It’s the little things that count. Go visit them at…

Increase Your Accounts Receivable Ratio An Accounts Receivable Turnover Ratio is found by dividing the net annual credit sales by the average accounts receivables (Net Annual Credit Sales / Average Accounts Receivables). A high accounts receivable turnover ratio means that a company is efficient at collecting payments on their invoices. In contrast, a low accounts receivable turnover ratio would be a sign a business has a large amount of unpaid invoices and are owed a large amount of money. It is a good metric to quantify the financial stability of the business and how well companies are managing their cash…

How To Collect Past Due Invoices? A past due invoice is when a client/clients don’t pay the amount you billed for a service or product you provided in the past. These amounts add up to create a business’ accounts receivable- the revenue expected but yet to be collected. In this article, we want to discuss:  Why a large amount of past due invoices can be damaging to your business and a hindrance to your business’ success.  Common Reasons past due Invoices Collect  Ways to Be Proactive about past due Invoices  How to Use Technology to Collect Past Due Invoices Most…