What is Accounts Receivable? Definition Vienna 4 Jul, 2019 Accounts Receivable Managment, Vienna's Views accounts receivable managment, accounts receivable system No comment Accounts Receivable What is Accounts Receivable? Accounts receivable is the money customers owe a business for the products and services they’ve purchased on credit from the business. It’s all of the invoices your company has generated for goods sold and services offered, added together. So, accounts receivable represents money owed to your company. What is Accounts Payable? Accounts payable Continue Reading… Share this:TwitterFacebookLinkedIn
How to Write a Collection Letter Vienna 27 Jun, 2019 Accounts Receivable Managment, Collection Letters, Vienna's Views No comment It seems a lot of people enter the search term “How to Write a Collection Letter” into Google. When I first became aware of that I was, quite honestly, mildly baffled – or more accurately I wasn’t sure what folks were really asking. So I decided to write a brief answer to every question I Continue Reading… Share this:TwitterFacebookLinkedIn
Collection Prevention Part 3 Vienna 19 Nov, 2018 Accounts Receivable Managment, Collection Prevention, Vienna's Views No comment Accounts Receivable Collections Collection Prevention Part III Not to be annoying but I have a couple more things to say about invoicing. Last month I failed to mention either terms or late fees. Both are important so I think it’s worth taking up a bit more space to talk about them. Terms First terms, you Continue Reading… Share this:TwitterFacebookLinkedIn
Accounts Receivable Invoicing Errors Vienna 9 Nov, 2018 Accounts Receivable, Vienna's Views No comment Accounts Receivable Invoicing Collection Prevention Part 2 Accounts Receivable Invoicing is step 2 in a 3 step path to payment. Make a sale Create and send an invoice Collect payment for the invoice When all goes well, it’s a simple and elegant process leading to positive cash flow and profitability. Unfortunately, the number of ways Continue Reading… Share this:TwitterFacebookLinkedIn
Accounts Receivable Collections Vienna 6 Sep, 2018 Accounts Receivable Managment, Vienna's Views No comment Accounts Receivable Collections Collection Prevention – Part 1 This series is based on my belief, after nearly 30 years of making collection calls in over 40 industries, that almost all collection problems are preventable. That means YOU could have done something to save yourself the aggravation and expense of having to use a collection agency Continue Reading… Share this:TwitterFacebookLinkedIn
Personal Guarantees – How, When and Why? Vienna 30 Nov, 2017 Accounts Receivable Managment No comment Personal Guarantees – How, When and Why to Use Them? WHY? Personal guarantees simplify the collection process and put you at the top of the list when a customer has to prioritize. It means, if a company fails to pay a business debt the owner agrees to pay personally. You still may not get paid Continue Reading… Share this:TwitterFacebookLinkedIn
The Truth About Collections Vienna 10 May, 2017 Accounts Receivable Managment, Collection Prevention, Vienna's Views No comment The Truth About Collections Ben Franklin first said it in 1735 almost 300 years ago – and it’s as true today as it was then. “An Ounce of Prevention is Worth a Pound of Cure” I mention this because one truth you need to know about collections is that an average collection agency has Continue Reading… Share this:TwitterFacebookLinkedIn
Pavlov and Getting Paid On Time Kevin 30 Jun, 2014 Accounts Receivable Managment, Vienna's Views No comment 2014-06-29 I’ve maintained for years that in-house collections, done properly is a very Pavlovian process. (I’m not sure Pavlovian is really a word, but it ought to be) What I mean is, if you follow up on unpaid invoices, on time and consistently, you will train your customers to pay faster. Have you ever Continue Reading… Share this:TwitterFacebookLinkedIn
Small Balances – Why bother? Kevin 13 Aug, 2013 Accounts Receivable Managment, Vienna's Views accounts receivable, small balances, systems There are several good reasons… the first that comes to mind, small balances add up. One customer of ours was racking up close to $30,000 a month in unpaid small balances when we came on board. Your situation may not be that bad, but whatever the amount, if the number of unpaid small balances is Continue Reading… Share this:TwitterFacebookLinkedIn
Collection Prevention Kevin 10 May, 2013 Accounts Receivable Managment, Uncategorized, Vienna's Views No comment “An ounce of prevention is worth a pound of cure” Benjamin Franklin – Sayings like this stick around for for 300 or 400 years for a reason. Losing weight is harder than not gaining weight, having heart surgery is harder than exercising for 20 minutes a day, and proactively preventing collection issues is easier than collecting bad Continue Reading… Share this:TwitterFacebookLinkedIn
