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Photo by Alex Radelich on Unsplash When small businesses add customers and increase sales, their company’s AccountsReceivable (AR) will grow. it just might help them pay you sooner! These benefits will only increase as a company experiences sales growth.
No two are alike, but they do tend to fall into some common groupings. Identifying the groupings within your customer accountsreceivable (AR) portfolio enables you to deal with them all more effectively and efficiently. Firms that take a lot of payment deductions can fall into this category.
AccountsReceivables (AR) require active management. Any O2C friction that results will ultimately have a negative affect on AR performance. Photo by Elisa Ventur on Unsplash When a company’s AR under-performs, the consequences are substantial. Laissez-faire doesn’t cut it.
Solutions exist for credit application processing, collections, payment deduction resolution, and remittance processing, all of which can create more time that can be used to increase your collection efforts. Offer Payment Incentives to Increase Payment Velocity Discounts for Early Payment: Provide small incentives (e.g.,
Understanding Integrated Receivables Automation Solutions An Integrated Receivables Automation Solution is a technology-driven platform that consolidates various accountsreceivable (AR) processes into a unified system. Why is Receivables Automation Important?
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