Receivables are a company’s lifeblood. Without them, it won’t be able to survive for much longer. This is why managing the receivables is a crucial job and one that mustn’t be overlooked. However, when trying to run a business, the task of receivables management can become a little tedious. As the owner, you would want to focus on other matters of the business than having to run after clients for pending payments. However, it is still a task that needs to be done. If you are finding it hard to manage your receivables then these 5 quick tips can be of great use to you.
Send Reminders
Sometimes the clients just forget to make the payments they owe you. You just have to remind them about it and they would clear the dues. Thus, it is important that you send out reminders to the clients who haven’t responded to your invoices and are behind their payments.
Set up Multiple Payment Options
In this day and age, people love paying for things online. If you haven’t set up an online account, you might find it difficult to receive payments on time. Most of your clients would simply not be able to pay up simply because they do all their business online and don’t deal in checks or cash. So, a simple way to improve your receivable is to set up an online account and even look for other payment options that your clients can use for paying you.
Develop a System
The easiest way to track down receivables is to have a system in place for numbering each invoice and bill for all your clients. It would require putting in a lot of initial work but it would benefit you in the long run. Developing a numbering system would help you in quickly identifying which invoices haven’t be paid.
Be Polite
It is important not to be rude to clients. Even when asking the clients to pay up, you need to communicate in a polite tone and try not to offend them in any way. This is important to keep a healthy relationship going with the client.
Hire a Bookkeeper
The best way to solve the receivables management issue is to hire a bookkeeper. They not only balance the books but also keep track of receivables. With a bookkeeper in charge of managing the receivables, you would be able to focus attention on other important aspects of running the business.
Shoebox Books offers bookkeeping services to small and medium businesses all over Australia. If you are having trouble managing your receivables then we can be of great help to you.
Shoebox Books offers bookkeeping services to small and medium businesses all over Australia. If you are having trouble managing your receivables then we can be of great help to you.
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