There are very few businesses in America that weren’t affected by the COVID-19 pandemic. For the past few years, business owners have struggled to make ends meet, continue paying their employees, or even keep their doors open. Although the pandemic has put us through some hard times, there are many lessons to be learned from our experiences. Among the most important lessons are those that deal with accounts receivables. If your business’s accounts receivables department had some troubles during the pandemic, you are not alone; so many businesses at the time were unable to make their payments, so it is natural that the AR process slow down. However, now is the time to make the changes necessary to resume your cash flow.
If you are looking for ways to improve your AR, Kinum, Inc. is here to help. Licensed throughout the United States and Puerto Rico, and located in Virginia Beach, VA, Kinum, Inc. is a trusted debt collection agency that can help you get the payment you are entitled to. Contact us today for more information.
Lessons To Learn
Prosperity Isn’t Permanent
The pandemic caught us all by surprise. Although we had been through a recession in recent memory, nobody was prepared for just how severely COVID-19 would affect businesses and the economy. In times like these, it is essential to remind ourselves that the good times do not last forever, and because of that, it is imperative to keep your accounts receivables running smoothly at all times, as you never know when or why payments may come to a halt.
Accounts Receivables Should Always Be A Priority
Accounts receivables are not something that you can neglect as a business owner. Your AR structure should be organized, well implemented, and streamlined to ensure that you are getting paid. For more information on keeping your accounts receivables process proactive, check out this blog from us on the topic.
Make Payment As Easy As Possible
Ensure that the payment process you set up for your clients is as easy to access and complete as possible. When it comes to getting paid for your goods or services, it is crucial to leave no room for excuses. Keeping the payment process easy and accessible means more payments will come through, and your clients will appreciate it, as it saves them time and effort.
Automate The Process
Do you offer payment plans? Consider allowing your clients to automate the payment process with scheduled, recurring transactions.
Keep Terms Transparent & Direct
It is always beneficial in business to set clear and transparent expectations. Make sure there is no room for interpretation in your contracts. Express in detail the process of payment, penalties for late payment, and your intent to pursue collections in the case that payment is not received in the agreed-upon time frame.
Consider A Collection Agency & Keep The Money Coming In
Are you still struggling to get your accounts receivables in check? It may be time to consider the help of a collection agency. Such agencies can give you several options that will help you get your cash flow back on track. If you are looking for a trusted, experienced collection agency, contact Kinum, Inc. today to see how we can help.
