Gaviti

JANUARY 7, 2025

In certain cases, youll also need to follow up with a past due invoice email. Why Past Due Invoice Emails Are Essential Financial issues, administrative error, and miscommunication of payment terms are the most common reasons businesses fail to pay invoices on time. Manage customer risk.

Past Due Invoices 105

Past Due Invoices Invoice Amount Payment Portals Credit and Collections 105

Your Virtual Credit Manager

MARCH 14, 2023

Collection myths can be found at the very root of bad decisions as well as informing counter-productive activities. Adhering to collection myths more often than not leads to bad outcomes. A large percentage of past due invoices are caused by up-stream problems in the order-to-cash process.

Collector 189

Collector Past Due Invoices Bad Debt Credit and Collections 189

Your Virtual Credit Manager

NOVEMBER 14, 2023

It affects the level of bad debt loss (uncollected Accounts Receivables) you suffer. Selling only to financially strong customers reduces the risk of bad debt loss, (and the cost of Credit and Collections activity required). The increased risk of a significant bad debt loss that your firm bears.

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

Your Virtual Credit Manager

NOVEMBER 1, 2022

Effective collections can also reduce bad debt losses by compensating for a liberal or weak Credit Control function. Simply defined, collections is the process of contacting customers to secure payment for your invoices. For the most part collections deals with past due invoices — those not paid within established terms.

Credit and Collections 130

Credit and Collections Past Due Invoices Bad Debt Accounts Receivable (AR) 130

Your Virtual Credit Manager

JANUARY 16, 2024

The other reason you should require a credit agreement or contracts that stipulate selling terms and conditions is that these also inform your customer of your payment expectations. Poor Record Keeping You also need maintain accurate records and documentation of the debt, payments and adjustments.

Debt Collections 130

Debt Collections Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

SEPTEMBER 10, 2024

Is all necessary information easily accessible, or is it difficult to locate? Orders should be assessed promptly to ensure they comply with credit approval parameters, such as sufficient credit limits and the absence of past due invoices beyond the grace period. Are there external factors causing the backlog?

Credit and Collections 130

Credit and Collections DSO Deductions Accounts Receivable (AR) 130

Your Virtual Credit Manager

JANUARY 3, 2023

Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late. Match as many unapplied payments and unapplied credit memos to open invoices, deductions, and debit memos as possible. This included a 100 percent increase in past due collected.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130