![]() ![]() Many small companies, especially ones with large amounts of receivables, Software can simplify the receivables process and provide you with additional forecasting, invoicing, and tracking tools. When you set up your accounts receivable process, don't ignore these important issues:Īccounting software. Track customers' current and past-due balances.Generate customer invoices and monthly statements.How companies manage accounts receivable differs, but accounts receivable processes generally allow you to do three things: Lack of working capital is the principal reason small businesses fail. Without a steady cash flow, many small businesses tend to borrow more and more money to meet their working-capital needs. Tracking receivables is an essential part of managing your company's cash flow. If you wait much longer than 90 days to begin recovering unpaid receivables, your chance of collecting drops dramatically. Once a debt is 60 days to 90 days past due. Most companies call in a collection agency ![]() Base your decision on how much money is owed to you and the history of your relationship with the customer. May want to go directly to a collection agency. If that doesn't work, you may want to send a few past-due letters yourself, or you The day after an account becomes overdue, you should place a polite phone call to the customer who owes you money. ![]()
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