3 Accounts Collection Tips that Guarantee Success

Company owners and Directors face many challenges with Accounts Collection throughout their time in business, but without doubt the single most important challenge is a shortfall in cash. This is why cash should be the no.1 priority for all Owners and Managers involved in the running of a business.

We have put together a brief list which will help you maximise your Accounts Collection, and take the stress away from a very important, but often very undesirable, part of running a company.

Invoices

These are crucial to getting paid on time. The no.1 reason an invoice is paid late is because of mis-information. Check your invoice needs a Purchase Order, include bank details, telephone, email, reference number…why not even phone your customer after 7 days to make sure all the information is correct!

Chase by Calling

Accounts Collection should be based around speaking to your customers. Treat the call as customer service, then enquire to make sure there are no problems with the invoice. Schedule a call every 7 days until they give you a payment date.

Chase by emailing

Often copy invoices are required in Accounts Collection, and you should initiate a standard follow-up email “with a copy invoice attached” after 14 days, and re-iterating your payment terms. Emphasise that there is a deadline for queries on the account (give them 14 days). This will focus your customer to contact you and also will eliminate the common excuse of not having a copy invoice.

It is important to remember in Accounts Collection that your company has extended credit to your customer and therefore it is a privilege and not a right. You need to take control of the situation and be strict with your payment terms. Often your customer will respect your professionalism in Accounts Collection, and pay sooner than most.

If you need any help with Debts, or Accounts Collection, please don’t hesitate to contact us on enquiries@tauruscollections.com , visit us HERE or call 0800 160 1681 for a friendly chat.