By yangzixin : A how to tutorial about accounts receivable tips, accounts receivable, Investing with step by step guide from yangzixin.
Many entrepreneurs compare collecting receivables as a trip to the dentist’s office which is not an enjoyable part. However, they must face this situation and brave enough to settle this problem. How to manage? Let’s share some tips for collecting receivables.
1 have the reason of default clearly, ignorance, unsatisfied attitude, financial strain or deliberation. Then you can choose different strategy.
2 collect all of the receivables instead of part of it
3 Don’t delay. Don’t put off the collection process in the hope that others will offer it to you actively. Remind them in the form of a letter or phone call friendly which can exponentially increase the likelihood you get your payment sooner rather than later.
4 launch a collection plan. Establish a schedule for your collection process. It gives your process the advantage of consistency. A customer will pay the invoice if you don’t stop reminding.
5 contact the supervisor directly, avoiding unnecessary steps.
6 Don’t dare to lose your clients
7 Be flexible and staunch. Work out a mutually acceptable repayment schedule with your customers. Be firm in keeping your customer responsible for that.
8 Avoid aggressive behavior if you fail to collect the receivables.
9 ask professional collection agencies for help. No matter what methods you have taken, there possible are accounts you can’t collect. Under this situation, you could try to work with a professional collection agencies. They know the tricks for they specialize in this field and they know other legal avenues.
10 keep long-term business relationship with your customers. Thus, you will become friends. No one is willing to offend friends.
11 Never slack off. You can follow your customers when they are in their office, home and shops. Sometimes, it will work.
12 take positive attitude if your clients are unfriendly. Move them with your sincerity.
13 bray out your grievances instead of felling sympathy for your customers.
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