Make sure you are focusing on building perfectly managed methods and plan with your ar collection that will keep the pace and timings updated with the collection of due invoices. Timing is everything with the whole workflow of the process and we will be talking about the three most important stages of collection what should be your approach keeping in mind the professionalism:
1.ON THE TIME OF INVOICE GENERATION Invoice payments that are quick and efficient have better chances if your communication is clear with the customers right from the beginning using the help of a better ar collection software. 2. ON THE DUE DATE OF THE INVOICE Receiving the payment within the given time is very important. If your clients or customers are aware of your practice of routine follow up for payments, there are various AR collection processes available which can help you do that efficiently. 3. TWO TO THREE MONTHS PAST DUE DATE Once the software shows that the invoice crosses the monthly mark past due, you can give a follow-up reminder in the form of writing collection letter which includes late payment notice and all the possible consequences. The tone should be professional altogether whether you are communicating in person or via text message or email. Post 3 months, the invoices will be then sent to collections and this way the ar collection management workflow should go on.
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January 2021
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