Need help staying on top of past-due invoices? Overdue receivables are a common but frustrating problem for many businesses. It’s an awkward and difficult conversation to have with a customer. Sometimes it helps to have someone else do the past-due follow ups so they don’t affect your relationship with your client. Blame it on your accounting department!
We can help streamline your invoicing processes, and use our reminders and follow-up systems to get the money you’re owed off the books and into your bank account!
“Open Receivables Follow-Up” or “Receivables Management” is a touchy subject between an owner and their client. As the owner of a business, you want to keep a good relationship with each client and not jeopardize future business with them. It’s often hard to demand full and timely payments.
However, you can’t run your business if you’re not getting paid on time and are increasingly hampered by cash flow problems. In fact, the entire well-being of your business depends on bringing payments in on time. Employees won’t wait to get paid. Rent and other monthly bills won’t wait to get paid. Your relationship with suppliers is at risk if you don’t get paid on time. And often, if you don’t bill clients on time, they might even assume you don’t need the money, so it becomes less compelling for them to pay what they owe you on time.
The biggest single cause of failure of small businesses comes from not properly managing collections and cash flow.
It’s often difficult for the same person who’s working hard to please clients, to be the same person to bring up the subject of past due payments. EDGE Bookkeeping & Accounting utilizes a system of Open Receivables Follow-up that lets you, the business owner, focus on your clients while we make sure that accounts are paid on time and the anxiety and stress of cash flow challenges is avoided.