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If you are an executive at a small or mid-sized business, chances are you are in the process of putting together a budget for 2024, or have already done so. Maybe you have factored in an incremental improvement in DSO, but how much thought have you given to how you are going to meet that budgeted goal?
This misguided search for a singular understanding applies to many things, including collectingAccountsReceivable (AR). Optimal Collection results are achieved by utilizing different collection techniques with different types of customers. “One size does not fit all.”
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To address all the contingencies associated with collections and to ensure the collection process is effective, you should follow a predetermined collection strategy. Are there past-due accounts you are trying to collect? The experts at Your Virtual CreditManager can help you bring in the cash.
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