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Time is as much an enemy as anything else when you are charged with collecting past due accountsreceivable (AR), so it is crucial you don’t waste time by making mistakes, which will also serve to elongate the collection process.
Market volatility and rising costs are instead disrupting working capital budgets, causing late payments that inflate accountsreceivable (AR). Employ Technology: Automated billing systems, debtcollection software, auto-cash, and other tech tools effectively streamline your cash conversion process.
To address all the contingencies associated with collections and to ensure the collection process is effective, you should follow a predetermined collection strategy. Collection Activity: Investigate the reasons behind the abrupt changes in payment behavior and assess the debtor's financial situation.
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