Reduce your Days Sales Outstanding (DSO)
According to Aberdeen, 59% of organizations are under significant pressure to reduce the average time it takes their customers to pay.
Many businesses lose time and money going after their customers to pay their invoices on time. Employees in the accounts receivable department have to manually follow up and issue reminders that are often specific to each customer. This requires a great deal of organization and they end up neglecting tasks that are more critical to their organization’s survival.
Does that ring a bell?
This type of situation causes real problems for your whole business because, if the money from your customer payments does not come in on time, managing your accounts quickly turns into a real headache!
Did you know there are simpler ways to significantly transform your accounts receivable process in your own time? These solutions do not require a big investment but ultimately speed up payments.
Here are some ways you can get quick results:
- Create a procedure for Customer Service employees in which they ask for the customer’s email address during telephone calls.
- Send PDF copies of invoices to all your customers. Even if you continue to send paper copies, the customer will receive the electronic copy earlier and may be able to pay the invoice sooner.
- Use the option to receive receipt confirmations by email and you’ll be able to prove that your customers received their invoices on time.
- Automate reminders to be sent 15 days before the payment due date. There are simple solutions that allow you to automatically send reminders to your customers through various communication channels (email, regular mail, SMS, etc.).
- Receive an alert when the payment due date arrives or passes and the payment has not been made. This alert can also be sent to the customer with the details on possible penalties.
Would you like to know more about these and other steps you can take? Contact us to find out how you can improve your accounts receivable process through some quick and easy-to-implement changes.