There is a saying among credit professionals; it is only a sale once the money is definitely collected, until then it’s a gift and we’re not in the present giving business.
If you are a small business and they are not collecting from your customers in the timely manor you need to re-evaluate your credit/collection practices. Many small business owners are experts in their field but might not feel comfortable about contacting their customers for money that is due.
There is also the misunderstanding that a credit /collection professional will stunt company growth simply by denying sales. Some fear they will lose customers by having someone call on invoices that are past due. Both are usually completely false; in fact a credit professional can actually help to increase sales for the business and improve customer preservation.
The collection process needs to be a regular systematic approach. It is much better to become proactive than reactive; when it comes to your cash flow for your business.
When you are proactive you are calling the customers and unveiling problems early on in the collection procedure. This gives you time to make the necessary corrections or supply the customer with additional documentation.
What this will do is bring in more cash for your business; much quicker than if you sat around waiting for the customer to send within their payment.
12 Steps To Improving Your Income
1) Always be professional.
2) Utilize a customer service approach, be a problem solver.
Should you loved this informative article and you would like to receive details with regards to 소액결제 현금화 please visit our own website.
3) Run an aging of customers each month.
4) Be prepared; review the customers’ file before contacting them.
5) Know what leverage available for you (is an order ready to ship)
6) Call all customers (once the invoice is 5 days beyond terms).
7) Confirm get in touch with names, numbers and email addresses associated with Accounts
8) Do not afraid to ask for the A/P Mgr or Controller to get answers upon past due invoices.
9) Keep Good notes; document everything.
10) Efficient follow up is a key success aspect! Use Outlook to schedule follow up phone calls or a check promise. (Follow up calls should be scheduled based on the info you have been told. If you leave a note; call back in a couple of days. )
11) When you do leave a message; also deliver a fax or email using the past due invoice. This will keep your title in front of the customer and increase your likelihood of being paid.
12) Return calls promptly, delaying means less money for you personally.
Implement these steps on a regular basis and you will discover an improvement in your cash flow.
For the small business owner who does not want to be bothered contacting customers or cannot afford the expense (salary and benefits) of employing an employee to do this job. You are confronted with a couple of options; keep ignoring the problem and continue struggling with slow income or outsource your credit plus collection function to a professional credit consultant.
Fact: Cash flow is the center of your business; without it your company will soon come to an end.
If you are a small business and are not collecting from the customers in a timely manor; you need to re-evaluate your credit/collection practices. In order to improve your cash flow you must have consistent and effective collection practices in place for the organization.