RevCycle

DECEMBER 7, 2023

Targeted Collection Strategies Segment your customer base: Identify customers who are more likely to become delinquent and focus your communication and collection efforts on them. Personalize your approach: Avoid generic collection letters. This eliminates delays and simplifies the payment process.

Collections 98

Collections Invoicing Revenue Cycle 98

Accounting Today

NOVEMBER 6, 2023

Delaying a payment or not paying an invoice and letting amounts pile up are a way for a client to give voice to a problem with your services without causing an immediate confrontation.

Accounts Receivable 319

Accounts Receivable Accounts Receivable Account Receivables Collections 319

Accounting Tools

JANUARY 5, 2024

What is a Collection Period? A collection period is the average number of days required to collect receivables from customers. It is commonly tracked as a measure of the credit and collection efficiency of a business. It is measured as the interval from the issuance of an invoice to the receipt of cash from the customer.

Collections 40

Collections Cash Collection Accounts Receivable Accounts Receivable 40

Gaviti

MARCH 4, 2024

Once an invoice hits accounts receivable (A/R), it enters what’s called the average collection period. Other common names include “days sales in accounts receivable,” “average receivables collection period,” or “ days sales outstanding (DSO).” Your average collection period is an important key performance indicator (KPI).

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables Collections 52

Enterprise Recovery

OCTOBER 14, 2022

When making the decision to use commercial debt collection services, businesses should be choosy. The collections specialists will be speaking to your clients on your behalf. Here's a helpful guide to choosing the best commercial collection services.

Collections 85

Collections 85

Accounting Tools

JULY 23, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law What is the Procedure for Collections? The collections staff may deal with an enormous number of overdue invoices. The detailed collection procedure is listed below. The steps are noted below.

Collections 40

Collections Invoicing Accounting Software Accounts Receivable 40

Enterprise Recovery

AUGUST 11, 2023

Do your business debt collections keep you up at night? Is outsourcing B2B debt collections the right choice for your business? Is outsourcing B2B debt collections the right choice for your business? More often than not, some of those invoices will remain unpaid unless you have the resources to follow up with them.

Collections 80

Collections Invoicing 80

Gaviti

FEBRUARY 17, 2024

For some customers, however, you’ll need another strategy altogether for collecting unpaid and overdue invoices: debt collection. The Key Components of Effective A/R Management The main aspect of A/R management is the collections of receivables. Deciding between debt collections and write-offs. Dispute resolution.

Collections 52

Collections Accounts Receivable Accounts Receivable Account Receivables 52

Enterprise Recovery

MAY 12, 2023

Debt collections may not be the most enjoyable part of back office operations, but it's absolutely necessary. What happens when business debt goes to collections? Unfortunately, some of your business clients will miss a payment or more due to various reasons. If you've signed an agreement and fulfilled your part, they still owe you.

Collections 78

Collections 78

Accounting Tools

JULY 28, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law What is a Collection Agency? A collection agency is a business that contacts customers on behalf of their suppliers , using various methods to enforce payment of overdue receivable and loan payments.

Collections 40

Collections 40

Enterprise Recovery

DECEMBER 9, 2022

The objective of an effective collections policy is to ensure that clients pay on time. When your business is struggling with cash flow or falling behind on collecting what's owed, it could be a sign that the policy needs updating. Here are signs that your B2B collections policy isn't working.

Collections 85

Collections Accounts Receivable Accounts Receivable Account Receivables 85

Enterprise Recovery

APRIL 21, 2023

If those subscribers fail to meet their obligations, their accounts can be sent to collections for recourse. Non-payer churn is one of many reasons that Saas companies need debt collection services. Businesses selling software-as-a-service (SaaS), or anything else "as-a-service," rely on monthly or annual fees from subscribers.

Collections 71

Collections Accounting Accounting 71

Enterprise Recovery

JULY 7, 2023

B2B (business-to-business) and B2C (business-to-consumer) debt collections are different. Agencies that collect from individuals will use different collection tactics and are subject to harsher regulations than those that collect from businesses.

Collections 72

Collections 72

Enterprise Recovery

JULY 17, 2023

It's crucial to provide a detailed process for escalating past-due invoices beyond accounts receivable to collections. Does your A/R team know when to escalate delinquent accounts to collections?

Collections 74

Collections Accounts Receivable Accounts Receivable Account Receivables 74

Future Firm

MARCH 13, 2024

The post 3 Simple Ways to Collect Feedback From Your Clients appeared first on Future Firm. Level up your firm's customer experience with these three effective methods to gather and understand client feedback.

Collections 52

Collections Accounting Accounting 52

Accounting Tools

SEPTEMBER 6, 2023

Related Courses Credit and Collection Guidebook Effective Collections What is Collection Dispute Cycle Time? Collection dispute cycle time is the time required to resolve the average collection dispute. Related Articles Accounts Receivable Discounted Collection Effectiveness Index Deduction Management

Collections 40

Collections Record Keeping Accounts Receivable Accounts Receivable 40

Enterprise Recovery

APRIL 7, 2023

When companies seek out debt collection agencies that they can trust, they also want to work with those who understand their industry. When a debt collections agency speaks your language, B2B account recovery can be more successful.

Collections 68

Collections Accounting Accounting 68

Accounting Tools

AUGUST 3, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law Debt collection for a small business can be a difficult endeavor. A smaller organization does not have the resources to invest in an expensive debt collection infrastructure.

Collections 40

Collections Invoicing Accounts Payable Accounts Payable 40

Accounting Today

JULY 12, 2023

The Internal Revenue Service has been sending out erroneous balance due notices demanding taxpayers in federal disaster areas pay up, even though they're supposed to get extra time.

Collections 246

Collections Tax 246

Enterprise Recovery

DECEMBER 30, 2022

Here are the Accounts Receivable and Business Collections Trends for 2023. In previous years, we've used this annual review to learn insights on how we can do better for our readers. Let us know if there's a topic that we can do better for you in the upcoming year.

Accounts Receivable 91

Accounts Receivable Accounts Receivable Account Receivables Collections 91

Accounting Tools

JULY 27, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is the Collection Ratio? The collection ratio is the average period of time that an organization’s trade accounts receivable are outstanding. The formula for the collection ratio is to divide total receivables by average daily sales.

Collections 40

Collections Financial Statements Accounts Receivable Accounts Receivable 40

Gaviti

JANUARY 8, 2023

How Prioritization Strategies Improve Collections Performance. Accounts Receivable teams can use prioritization strategies to increase the efficiency of their collections process. Organizations can improve the efficacy of their A/R processes by using task prioritization in collections management. Use Automation Tools.

Collections 98

Collections Accounts Receivable Accounts Receivable Account Receivables 98

LedgerDocs

JULY 6, 2023

But collecting and organizing these documents can be a daunting task. The post Bookkeeping Document Checklist: Collect and Organize Your Financial Documents appeared first on LedgerDocs. Accurate record keeping can help you to remain organized, compliant and gain insight into the financial position of your business.

Collections 97

Collections Bookkeeping Petty cash Purchase Order 97

Enterprise Recovery

FEBRUARY 3, 2023

Or you could escalate to a professional B2B collections agency that values your business relationships and your cash flow. Are You Taking Too Long to Collect on Receivables? Late or non-paying clients cause your business to write receivables off as bad debt, and they could cause the deterioration of your business relationships.

Collections 79

Collections Accounts Receivable Accounts Receivable Account Receivables 79

Enterprise Recovery

JUNE 30, 2023

Business-to-business debt collections could also impact your relationships with current and potential clients. Use these tips to protect your business reputation during B2B debt collections. Nobody likes asking for money - least of all when your clients aren't paying their invoices promptly.

Collections 73

Collections Invoicing 73

Gaviti

APRIL 18, 2023

This blog post will explore various strategies that finance and collections teams can adopt to better handle issues that might arise from these recent unyielding interest rate increases. Ensure that your collections team has the necessary resources and tools to collect outstanding receivables and manage cash flow effectively.

Collections 97

Collections Accounts Receivable Accounts Receivable Account Receivables 97

Gaviti

MAY 9, 2023

We are thrilled to announce the launch of our latest addition to the Gaviti accounts receivable collections platform: the Credit Management Module! The enhanced profiles also help streamline your communication and follow-up processes with customers, ensuring that your collections efforts are as efficient as possible.

Collections 98

Collections Accounts Receivable Accounts Receivable Account Receivables 98

Enterprise Recovery

NOVEMBER 11, 2022

When it's your job to collect past-due invoices, what you say matters. Here's what to say when collecting past-due invoices. And what you say will depend on your state of mind when you type the email or get on the phone. It's important that you're well-prepared.

Collections 78

Collections Invoicing 78

Accounting Today

SEPTEMBER 20, 2023

The top three states had an average change percentage of 215.76% between 2021 and 2022.

Collections 288

Collections Tax Corporation Tax 288

Gaviti

JANUARY 7, 2024

Understanding the Challenges in A/R Collections Like many ERPs, Netsuite is a leading Enterprise Resource Platform (ERP) designed to optimize various business processes and includes various financial capabilities such as bank reconciliation, management of accounts payables and financial reporting. Inability to track collections performance.

Collections 52

Collections Account Reconciliation Invoicing Bank Reconciliation 52

Accounting Tools

JULY 29, 2023

Related Courses Credit & Collection Guidebook Effective Collections The collections clerk position is accountable for collecting the maximum amount of overdue funds from customers , which may include a variety of customer location techniques, collection methods, legal claims, and the selective use of outside collection services.

Collections 40

Collections Invoicing Accounting Accounting 40

Gaviti

MAY 30, 2023

How well your team handles collections determines whether you have the cash to make payroll, pay taxes, and cover other financial obligations. What Is Accounts Receivable Collections Outsourcing? A/R collections outsourcing refers to the practice of hiring another entity to manage your collections activities.

Accounts Receivable 98

Accounts Receivable Accounts Receivable Account Receivables Collections 98

Gaviti

JANUARY 16, 2023

As a collections team, mailing dunning emails and collecting receivables from customers are routine tasks. By applying these same principles to your collections workflows, you can improve your cash flow and reduce your Days Sales Outstanding (DSO). But how can you ensure that you are using the most effective workflow possible?

Collections 98

Collections Accounts Receivable Accounts Receivable Account Receivables 98

Accounting Tools

AUGUST 24, 2023

Related Courses Essentials of Employment Law Human Resources Guidebook Payroll Management What is Collective Bargaining? Collective bargaining is the process of negotiating a labor contract between an employer and a union. The process is needed to arrive at an agreement that is mutually agreeable to both parties.

Collections 40

Collections Payroll 40

Accounting Tools

AUGUST 27, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law The primary tool of the collector is the collection call. Collection Notes Assemble the complete set of notes from any prior conversations with the customer.

Collections 40

Collections Purchase Order Accounts Receivable Accounts Receivable 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law A past due invoice is a billing that has not been paid as of its due date. If a business extends credit to its customers , it is likely to experience situations where it must collect a past due invoice.

Collections 40

Collections Invoicing Accounts Receivable Accounts Receivable 40

Enterprise Recovery

JUNE 9, 2023

If you've ever struggled with chronic late-paying clients or are silently seething over invoices that were never paid, you're probably considering commercial debt collection. You may wonder how to escalate an unpaid debt to a collections agency and if they'll damage your client relationships.

Collections 62

Collections Invoicing 62