Accounting Tools

MARCH 5, 2024

Debt collection strategies are needed to maximize the efficiency and effectiveness of the collections team. Ultimately, the result should be more collected funds in relation to the collection effort expended. A suggested set of debt collection strategies to consider are noted below. Will it accept returned goods?

Collections 40

Collections Invoicing Accounts Receivable Accounts Receivable 40

Enterprise Recovery

NOVEMBER 10, 2023

Debt collections between businesses (B2B) is the recovery of overdue payments for goods or services provided to another company. Understanding the intricacies of B2B debt collections is essential for businesses to manage their cash flow effectively and maintain healthy financial relationships with their clients.

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Collections Invoicing 84

Enterprise Recovery

MARCH 24, 2023

Use these tips to efficiently collect AR and get invoices paid faster. The effectiveness of your accounts receivable department may be one of the most important measurements to determine the success of your business.

AR 67

AR Collections Invoicing Accounts Receivable 67

RevCycle

DECEMBER 7, 2023

Here are some strategies you can implement: Proactive Communication Communicate early and often: Don’t wait for invoices to become overdue. This can be a powerful motivator, especially for larger invoices. Flexible Payment Options Offer payment plans: Break down large invoices into smaller, more manageable installments.

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Collections Invoicing Revenue Cycle 89

Gaviti

MARCH 21, 2023

If this sounds like your company, then the best solution is to accelerate your accounts receivable collection so you can turn sales into capital you can actually use to maintain your business. There are many strategies to streamline invoice collection to get the money owed to your company quicker. What is a good best practice?

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Collections Invoicing AR Collections AR 52

Accounting Tools

APRIL 25, 2024

What is Invoice Factoring? Duration of Invoice Factoring This type of borrowing is intended to be short-term, so that borrowed funds are repaid as soon as the associated accounts receivable are paid by customers. Variations on Invoice Factoring There are several variations on the factoring concept, which are noted below.

Invoicing 40

Invoicing Accounts Receivable Accounts Receivable Account Receivables 40

Gaviti

MARCH 4, 2024

Net income and sales operate on a delayed schedule, and companies crunch the numbers expecting to settle invoices and get paid sometime in the future. Once an invoice hits accounts receivable (A/R), it enters what’s called the average collection period. What Is an Accounts Receivable Average Collection Period?

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables Collections 52

Gaviti

FEBRUARY 17, 2024

Since your company’s ability to get paid quickly directly impacts your cash flow, it’s important that you have a strategy for both your accounts receivable management to encourage the timely payment of invoices. For some customers, however, you’ll need another strategy altogether for collecting unpaid and overdue invoices: debt collection.

Collections 52

Collections Accounts Receivable Accounts Receivable Account Receivables 52

Enterprise Recovery

AUGUST 11, 2023

Do your business debt collections keep you up at night? It's frustrating to work with a client who neglects to pay their invoices, especially when you know their non-payment will affect your ability to be successful. More often than not, some of those invoices will remain unpaid unless you have the resources to follow up with them.

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Collections Invoicing 80

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 measured as the interval from the issuance of an invoice to the receipt of cash from the customer. It is commonly tracked as a measure of the credit and collection efficiency of a business.

Collections 40

Collections Cash Collection Accounts Receivable Accounts Receivable 40

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

Nanonets

APRIL 18, 2024

Invoices are an essential part of this. Invoice creation and Invoice processing are critical steps in these processes. NetSuite's robust invoice management system offers a powerful solution to automate and streamline the invoicing process, boosting efficiency and improving your bottom line.

Invoicing 52

Invoicing AR AP Data Entry 52

Enterprise Recovery

JULY 17, 2023

If your business is in a situation where goods or services have been provided, but your customer has failed to pay their invoice on time, it's up to your accounts receivable team to follow up. It's crucial to provide a detailed process for escalating past-due invoices beyond accounts receivable to collections.

Collections 74

Collections Accounts Receivable Accounts Receivable Account Receivables 74

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

Gaviti

JANUARY 7, 2024

Although this holistic approach offers many opportunities for better customer service, improved customer engagement and more efficient sales and marketing processes, it doesn’t address one of the main challenges of any business: managing invoices and improving your cash flow. Inability to track collections performance.

Collections 52

Collections Account Reconciliation Invoicing Bank Reconciliation 52

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 90

Collections Bookkeeping Petty cash Purchase Order 90

Invoicera

APRIL 25, 2024

Introduction Are you having a hard time creating professional invoices? According to the survey, more than 60% of small business owners consider it a time-consuming and irritating task to issue invoices. Online invoice generators have made it possible for businesses to manage billing in different ways. You’re not alone.

Invoicing 52

Invoicing Billing Payroll Invoice Processing 52

Enterprise Recovery

JUNE 30, 2023

Nobody likes asking for money - least of all when your clients aren't paying their invoices promptly. 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.

Collections 73

Collections Invoicing 73

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

Invoicera

MAY 3, 2024

Introduction In the hectic world of law firms, keeping track of invoices effectively can frequently feel like sorting through a maze of details. It has significantly reduced stress, increased accuracy, and made managing invoices a seamless experience. How Does Advanced Billing Software Streamline Invoice Generation?

Billing 52

Billing Invoicing Invoice Processing Auditing 52

Gaviti

JANUARY 8, 2023

It adds an extra step to credit extension and A/R processes, but it saves organizations time they would otherwise spend hunting payments for invoices. How Prioritization Strategies Improve Collections Performance. Accounts Receivable teams can use prioritization strategies to increase the efficiency of their collections process.

Collections 98

Collections Accounts Receivable Accounts Receivable Account Receivables 98

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

Invoicera

JANUARY 25, 2024

Summary While paper invoices have served their purpose well over the years, they also posed challenges related to storage, retrieval, and environmental impact. Yes, paperless invoicing is better than paper invoices as it reduces environmental impact compared to paper invoices. Let’s begin.

Invoicing 52

Invoicing Invoice Processing Record Keeping Billing 52

Invoicera

APRIL 10, 2024

Introduction Are you having trouble managing regional invoicing rules for your business? In this article, we’ll discuss regional invoicing rules and best practices for businesses to manage internal invoicing. Still, you should adhere to the invoicing rules of a client’s country of origin.

Invoicing 52

Invoicing Tax Record Keeping Invoice Processing 52

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

Gaviti

NOVEMBER 14, 2022

Receivables collection is one of the most critical functions of any business, but it can also become one of the most stressful. Companies can reduce many overwhelming and monotonous aspects of collections via automation. Sage Intacct streamlines collections tasks but automation alone is not enough. Click on Select Invoices.

Collections 72

Collections Invoice Processing Accounts Receivable Accounts Receivable 72

Accounting Tools

APRIL 4, 2023

Related Courses Corporate Finance Treasurer's Guidebook What is Invoice Discounting? Invoice discounting is the practice of using a company's unpaid accounts receivable as collateral for a loan , which is issued by a finance company. There is no need to notify customers of the discounting arrangement.

Invoicing 75

Invoicing Accounts Receivable Accounts Receivable Account Receivables 75

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

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

Accounting Tools

OCTOBER 6, 2023

Related Courses Bookkeeping Guidebook New Controller Guidebook Payables Management What is an Invoice? An invoice is a document submitted to a customer , identifying a transaction for which the customer owes payment to the issuer. Related Articles PDF Invoices (podcast) The Proper Invoice Structure The Statement of Account

Invoicing 76

Invoicing Billing Collections Bookkeeping 76

Accounting Tools

OCTOBER 11, 2023

Related Courses Credit and Collection Guidebook Effective Collections What are Invoice Payment Terms? Invoice payment terms are an integral part of any bills issued by a business to its customers. These terms state the date by which the invoice is to be paid and any discounts that may apply to an early payment.

Invoicing 40

Invoicing Collections Billing 40

Cevinio

FEBRUARY 1, 2024

This encompasses a range of tasks, from sending invoices and confirming their receipt to chasing overdue payments and updating customer records. Most of these tasks can be automated to streamline the process of collecting payments on time, which is the main objective of your Accounts Receivable team.

Accounts Receivable 130

Accounts Receivable Accounts Receivable Account Receivables AR 130

Invoicera

MARCH 26, 2024

Introduction Ever Puzzled over an invoice and wondered how it all works? Invoices play a key role in business transactions, ensuring we get paid on time. You need to know the ins and outs of the invoice payment process to make the most of them. Ready to become an invoice pro? What is an invoice?

Invoicing 52

Invoicing Purchase Order Record Keeping Reconciling 52

Nanonets

SEPTEMBER 21, 2023

Quotes and invoices play crucial roles in business transactions, but it's essential to understand how they differ in terms of purpose and function. On the other hand, an  invoice  is a formal document that is sent to a customer after a sale has been made and the goods or services have been delivered. What is an Invoice?

Invoicing 52

Invoicing Invoice Processing Collections Tax 52

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

JUNE 10, 2023

What is an Invoice? An invoice is a document submitted to a customer, identifying a transaction for which the customer owes payment to the issuer. An auditor will likely want to review a sampling of all invoices issued as part of the procedures associated with an audit.

Invoicing 40

Invoicing Billing Collections Auditing 40

Accounting Tools

MARCH 29, 2023

Related Courses Business Ratios Guidebook Credit and Collection Guidebook Effective Collections What is the Average Collection Period? The average collection period is the average number of days required to collect invoiced amounts from customers.

Collections 40

Collections Accounts Receivable Accounts Receivable Account Receivables 40