What is Receivable Management you ask?
Well Simply put, its making sure you are getting your money when its due.
If you don’t know where to begin because you don’t have a process or ‘things are just a mess!’ - don’t panic (we have experience 😉). We start your Receivable Management in a few phases:
Phase 1
What are We Working with?
Lets start by identifying who does what. Some clients have in house individuals who are more focused on dealing with clients walking in and providing customer service while others are fully virtual - anything is possible. We establish what it looks like when you make a sale:
-Who will be identifying what customer is purchasing what items?
-Where will this information be stored?
-What reports are produced by your systems to help identify customer sales and payment details
-When should information be pulled
-How will this information be translated into the accounting records.
Once this information has been identified we then request access to any applicable systems that were identified such as:
- CRM or Invoicing System
- Merchant Service Processor
-Bank Access
-E-mail Access for the Accounting email for your company
Phase 2
Get Things Back to Reality
Now that we know what we’re working with, lets start making some changes
First, we need to identify what your system currently say are open.
Secondly, remove, write off, apply payment or find payment for any invoices that need to be updated
Finally, send customer statements so they know what is accurately outstanding for their account.
Phase 3
Set up a Better Process
We finally have a good foundation - no we need to maintain this!
We maintain this accuracy by:
Weekly (minimum)
Update Bank Transaction
Enter all Customer Remittances
Send New Customer Invoices
Respond to any customer e-mails.
Monthly
Send Customer Statement
Make Collection Calls to Outstanding Accounts
*This is all customizable: This is a general outline of the steps we aim to take for each A/R Account but understand that not every business is the same and may need specific adjustments.
Ready to Get Started?
