Accounts Receivable Tips & Ways to Maximize Your Cash Flow in 2022

Life for businesses isn’t easy these days. If you own a business, it’s important to keep an eye on your accounts receivable while actively taking steps to keep them as effective as possible. Having a strong accounts receivable can be the difference between green and red. Kinum, the Income of the most trusted collection agencies, is here with all the info you need to keep your money coming in.

Make a Plan & Get Organized

When it comes to getting paid, time is of the essence. Making sure you have a well-implemented system in place is essential to ensuring a healthy accounts receivable department. Keeping your system organized should be a continuing priority once you’ve found one that works for your company. Having your files and client correspondents in predetermined locations or online storage systems, such as Google Drive, will ensure that you don’t spend any unnecessary time searching for information that got lost in the shuffle.

Invoice Immediately & Be Proactive

The date that your service is complete should be the date that the client is invoiced. Invoicing immediately lets the customer know that your accounts receivable department is punctual.

Create a system of touching base with customers at different stages of their payment plan. A reminder should be sent to the customer as soon as payment is past due.

Create Positive Relationships

Good business relationships simply make it easier to do business. If you find a contractor, or painter, or client that you admire the work of and respect, it is in your best interest to reach out and form a proper connection. By establishing contact early on, you promote streamlined and agreeable communication.

Establish Payment Plans

Offering different payment options and plans lets your customer or client know that you are flexible and willing to work out a fair system of reimbursement over time. In these instances, it is essential to be proactive in reminding the customer when a payment is coming up or when a payment has become past due.

Always Be Professional

Collections calls tend to be emotionally taxing, so keeping your cool in every situation can be difficult. However, your professionalism is increasingly more important as social reviews and ratings become more culturally relevant. Ensuring you are always professional when handling the collections process can differentiate between return business and a negative review.

People are also more likely to corporate with you if you remain collected. Of course, collections calls can become heated, but the only way to rise above that is to keep your cool and stay professional.

Consult Kinum, Inc.

If you are struggling with finding appropriate accounts receivable solutions for your business, set up a free accounts receivable consultation. Kinum will help you set up the perfect system for your business to ensure that your payments are clearing and you are keeping in touch with your clients. For more information, contact Kinum, Inc. today!

It’s Time to Get Paid

Accounts receivable can be one of the most difficult aspects of a business to manage. By creating a plan and keeping organized, you will allow yourself the time to establish good invoicing and reminding habits. If you are still lost in managing your accounts receivable, schedule a consultation with Kinum, Inc. today.

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