Savvy Business Advice
What Every Business Owner Needs to Know to Effectively Manage Their Receivables (A/R) and Collections
Cash is the most important aspect of every business and how it is managed in terms of receivables and collections is a critical task that all business owners need to focus attention on - consistently, persistently and systematically.
Karen Cooper, Senior Account Executive, for Transworld Systems, Inc gives some very valuable tips for all to use.
During this important "Ask The Expert" episode, Karen Cooper of Transworld Systems, Inc shares with The Coach the top five points every business owner needs to know. Listen in as they discuss:
- proper documentation at the front end of the sales process
- specific due date on all invoices as opposed to "payment terms..."
- have a systematic plan in place for following up on past due accounts and stick with it
- keep good documentation on all calls and contacts with those you are working with to collect money due you
- how not to get "emotionally" attached to your debts so as to distract you from properly growing and managing your business
And the bonus tip - how to select a third party service to help you in your collections and A/R efforts
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