Contents tagged with Accounts Receivable Best Practices

  • Consider your customers, but stand up for your rights

    July 10, 2012
    Yesterday we spoke of how some customers, even if they have the means to pay on time, may choose not to as a way to protest an action made by a merchant. But, even if customers may hurt their credit or standing with a seller, the merchant itself is ultimately burned if it doesn't receive payment for its products and services. Following accounts receivable best practices is important and sometimes, it may be necessary to take legal action.

    Businesses supplying materials or services to commercial properties should use their rights to impose a mechanic's lien, according to a white paper from Zlien, a mechanic's lien notice provider. The paper says that understanding the nuances of lien laws while showing care and respect for the buyer can help collect owed money while maintaining a strong … more

  • How to deal with customers who deliberately make late payments

    July 09, 2012
    Earlier this month, we reported that late payments were a growing concern for businesses dealing with offices in the public sector. However, government organizations are certainly not the only ones having a hard time making payments on time. In fact, some private offices lacking B2B payment punctuality might revel in the fact.

    This is something for merchants to consider as they conduct business with their clients. A number of factors including improper payment processing technique, poor service or an untimely delivery of goods or invoices can cause customers to deliberately fail to pay on time.

    Over in Europe, late payments can even be a part of the cultural norm. According to Charles Wilson, CEO of commercial debt recovery law firm Lovetts, businesses in the UK consider their … more

  • Business software can help merchants process B2B payments

    June 14, 2012
    As previously mentioned on this blog, many innovative payment solutions are catered towards the customer rather than the merchant. This can be frustrating for many business owners who struggle to accommodate their clients' preferred payment method. However, businesses can give themselves an advantage by implementing flexible business software designed to meet the demands of a merchant.

    Many enterprise resource planning (ERP) vendors are releasing solutions designed to assist merchants in the payment process. Later this month, Epicor will be revealing an application that will allow merchants to track payments and stock and neutralize the risk of shrink and lost revenue.

    OpenERP, an open sourced business applications provider recently put out a statement on their website promoting the … more

  • Accounts receivable process proves to be more successful when automated

    May 10, 2012
    A recent study on accounts receivable best practices discovered that businesses with automated workflow are much more successful in receiving owed money.

    The study was conducted by the Hacket Group and the results were subsequently discussed in a forum on how to increase cash flow through automation and standardization. Online publication Finextra moderated the discussion and shared insights in a recent article.

    While the study found that 59 percent of top-performing companies were getting in contact with their customers, it was discovered that much of that success was due to taking proper steps to automate the accounts receivable process. By using various technologies, accounts can be organized and productivity can increase.

    "Organizations are able to be more proactive once they … more