Effective AR Collection Strategies for Cash Generation (The BudgetEase Broadcast, Episode 46) скачать в хорошем качестве

Effective AR Collection Strategies for Cash Generation (The BudgetEase Broadcast, Episode 46)

Does your business need more funds to pay your bills? We show you how to generate cash by implementing our recommended best practices for Account Receivable Collection in this episode of the BudgetEase Broadcast (from 2/2/23). Here is a link to the document mentioned in this video: https://bit.ly/3WTnkQs BudgetEase provides bookkeeping services for small businesses in Cleveland, Ohio that help take the pain out of bookkeeping by providing part-time services. Whether you need an outsourced bookkeeper to fill a permanent or temporary role, or just need to have your QuickBooks reviewed, our talented team of professional bookkeeping experts can help. Visit us at www.budgetease.biz to learn more! #ARcollections #freecash #qbo #growyourbiz #smallbusinessowners #bookkeepingservices #bookkeepingtips #bookkeepinghelp #growyourbusiness #bookkeeping #smbiz #growth #SmallBusiness #SmallBusinessTips #QuickBooks #BookkeepingAdvice #strategy #makesmallbig #budgeteasebroadcast Transcript: Hi! I'm Kathy Dise and welcome to the BudgetEase Broadcast. I'm a QuickBooks expert and I use QuickBooks as a tool to grow my clients' businesses. When I see any company that's short on cash, my mind immediately goes to how are they collecting their accounts receivable. That's a great way to find free cash, and in this broadcast, I'm going to cover six things that you can do to improve your cash collections, your accounts receivable collections. And as a result, have more funds to pay your bills. First, if at all possible, have all your clients, before you do any work for them, sign a payment authorization form. With that form, you would have guidelines on when you can charge your clients' checking account or credit card when your work meets certain guidelines. So this totally eliminates your cash collection works. No more phone calls, no more nagging to get paid. You just initiate the payment, because you have their authorization when your payment is due. Secondly, make sure that you have the correct information on who should be receiving your invoice. We find that when there's a past due invoice, it's usually because it was sent to the wrong person to begin with. So eliminate that problem. Number three: always have easy ways to pay right on your invoice.You should put your ACH information, wire transfer information, address where the funds need to go so that's very easy for your client to pay you. Number four: have a collection schedule. So I've attached a simple collection schedule that you could follow. You can have someone on your team follow to make sure that an invoice that's not paid gets paid on time. So take a look at it and you can use it to put together your own schedule. Five: if at all possible, you want to make sure that your product is so unique and so much in demand that you never have to offer 60 or 90 day payment options. It's just far too long. So work on your product to make sure that it's not something that people can demand a longer payment schedule.  And then lastly, monitor your days to get paid. So let's say right now your days to get paid are 35 days. What you want to see after you've implemented this collection schedule and done some of these things, you want to see that reduced to 30 or 24 days. We found this past year that our collection days to get paid was reduced by 10 days because of some of these processes that we implemented, and we want you to take advantage of the same things. So monitor your days to get paid. If for some reason you go from 35 to 38, you know that your collection schedule isn't working. I hope you found this BudgetEase Broadcast helpful. We are here to help you with any of your bookkeeping, controller, or QuickBooks questions, and thank you for joining us. We look forward to seeing you at the next broadcast. Goodbye!