Your Virtual Credit Manager

JANUARY 16, 2024

Lack of Primary Documents Most of the time it won’t matter if don’t have a signed credit agreement or contract, but it will if you are forced to place an account with a collection agency, and even more so if you have to go to court to recover your receivables. Your terms and conditions should always be crystal clear.

Debt Collections 130

Debt Collections Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

NOVEMBER 21, 2023

Using a report generator, it should not be difficult to create a report in CSV or XLS format that both lists and totals past due invoices by account. Once you create the past due report and the templates for your notices, it is a simple matter to generate the notices, personalize them and email them.

Credit and Collections 130

Credit and Collections Past Due Invoices Small Businesses Credit Management 130

Your Virtual Credit Manager

MARCH 5, 2024

If you send an email or text you can attach a copy of their account statement and/or invoice ccopies. On a phone call, you should summarize all amounts past due, such as “you owe $10,000 that is over 30 days past due” or reference one or two large past due invoices (number, amount and due date), but no more.

Past Due Invoices 100

Past Due Invoices Credit and Collections Collector Accounts Receivable (AR) 100

Your Virtual Credit Manager

JUNE 4, 2024

Successful collections require the coordination of a variety of activities: timely and accurate invoices and payment posting, monthly statements, email reminders and other dunning notices as well as telephone calls. Of all these items, making the necessary phone calls generates the greatest value in respect to recovering past due invoices.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

Your Virtual Credit Manager

SEPTEMBER 10, 2024

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. Orders on credit hold must be addressed quickly, and unresolved issues should involve communication with sales and customer contacts.

Credit and Collections 130

Credit and Collections DSO Deductions Accounts Receivable (AR) 130

Your Virtual Credit Manager

NOVEMBER 14, 2023

These customers will require more intense follow up of past due invoices (e.g., at 4-7 days past due versus the two weeks or more that is typical). As electronic storage of documents and EZ Pass type toll collection proliferated, the demand for this paper declined substantially.

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

Your Virtual Credit Manager

DECEMBER 13, 2022

Consequently, most businesses need to designate somebody to handle the collection of past due invoices. You should insist they immediately provide documentation to prove that the debt should be invalidated. It behooves that person to put some thought into what they are trying to accomplish.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

The Esker Blog

JANUARY 10, 2023

This often leaves customers without noticeably high balances or long past-due invoices receiving limited collections touches, forcing collectors to be more reactive than proactive.

AR Aging 95

AR Aging Accounts Receivable (AR) Credit and Collections Past Due Invoices 95

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. Clear from your AR ledger as many of the clutter transactions as possible.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

Fundera

AUGUST 29, 2017

When working with a factoring company , the lender actually purchases your outstanding invoices outright in exchange for a flat sum, as well as for a percentage of payments received. Also, invoice factoring is typically used for delinquent or past due invoices, while asset-based lenders will probably look at the sum total of your receivables.

Past Due Invoices 75

Past Due Invoices Credit Scoring Default AR Aging 75

Emagia

JUNE 19, 2023

Invoice is an important factor in financing in many industries. Invoices serve as a record of transactions between businesses and clients. An invoice is a document that provides information of products and services provided to a client. Invoicing is important for managing cash flow. What is an Invoice?

AR Automation 52

AR Automation Past Due Invoices Accounts Receivable (AR) Days Sales Outstanding 52

Fundera

DECEMBER 2, 2015

For invoice factoring, the lender actually purchases your outstanding invoices outright in exchange for a flat sum, as well as for a percentage of payments received. Also, invoice factoring is typically used for delinquent or past due invoices, while asset-based lenders will probably look at the sum total of your receivables.

Past Due Invoices 61

Past Due Invoices Credit Scoring Default AR Aging 61

Credit & Management Systems, Inc.

JULY 26, 2017

We’d love to chat about how your system can aid in streamlining your new account approval, current customer risk assessment, and/or collections monitoring processes so you are receiving maximum benefit. Are you taking advantage of these features?:

Past Due Invoices 40

Past Due Invoices Credit and Collections Dashboards 40

Lendio

MARCH 31, 2023

On every invoice you send , you should remind customers of these terms, including the payment due date and any penalties or fees associated with late payments. Having these payment terms clearly documented is important if you run into payment issues.

Past Due Invoices 52

Past Due Invoices Small Businesses 52

Fundera

JANUARY 24, 2019

As a result, it is not at all uncommon to see invoices from vendors that include a 10% or even 15% penalty charged on all overdue invoices. Some accounting software even offers settings that implement those penalties on past due invoices automatically.

Small Businesses 63

Small Businesses Past Due Invoices Credit Scoring Default 63

Fundera

APRIL 24, 2017

As a result, it is not at all uncommon to see invoices from vendors that include a 10% or even 15% penalty charged on all overdue invoices. Some accounting software even offers settings that implement those penalties on past due invoices automatically.

Small Businesses 63

Small Businesses Past Due Invoices Default 63

Fundera

JUNE 16, 2020

Address any invoices that have gone past due quickly and courteously. Just like your customers are more likely to pay you quickly if you invoice soon after completing work for them, they’re also likely to take care of any past-due invoices if you ask them before too much time has passed.

Credit and Collections 40

Credit and Collections Past Due Invoices Default Small Businesses 40

Your Virtual Credit Manager

JANUARY 21, 2025

the credit limit is sufficient and any past due invoices are within your grace period) must necessarily be executed in a timely manner. If the expectation is to ship orders within 24 hours or less of receipt, your process for making sure the order is within credit approval parameters (e.g.,

Order to Cash 130

Order to Cash Credit and Collections Bad Debt Accounts Receivable (AR) 130