How to speed up the collection of your account and make it receivable

by Alice Smith Professional Writer

Summary: If your business is facing severe downfall and you don't know how to move forward, this article may help you to a great extent. Viewing the problems going on in maintaining the accounts in business hubs or any other organizations, here I am going to point out some of the effective ways to get it easy at hand.

Are you witnessing great cash crunch even after having a strong sale in your company? You then need to search for an appropriate solution that can shorten your time to collect the amount. Moreover, you have to think of getting your account receivable to fulfil your purpose. Here's what you need to do.

Some effective ways to make your account convenient to access

Here we will be discussing some of the measures through which you can easily get your account always receivable and thereby ascertain the maximum profit from your business.

1. Speed Up Your Invoicing

Do you send the invoices to your clients at the end of every month or after the completion of 1 month of the concerned projects? If yes, then it can be a reason for your delayed payments. That is why you should prepare the invoice only after the work gets completed and send it to the client in advance. As an invoice is considered as the extension of any process, you should be able enough to regenerate it automatically. In case there is any scene of approval from the clients, then too, they will get more than enough time to speculate the process nicely. 

2. Use Milestone Invoicing

If you have got a large project extending to 6 months to 1 year or more than that, you should have to make the bills at milestones and not upon completion. It can be either for physical supplies or achieving specific goals or setting up a period. 

3. Have Itemized Invoices

Your invoice should contain a clear picture of what you are doing for the concerned clients and how far you are successful in your job. You have to mention each and every item on it very carefully so that the client can evaluate it easier to make the payment. Don't lump things together. Keep it detailed, simple and easy to understand. To will be helpful for the customers as well to understand you are padding your invoices carefully.

4. Ping for payments regularly

Don't hesitate to ask your clients for the payments. Along with getting payments for new projects, it is also important for you to collect payments for recently closed projects. You have to make a regular schedule of mails so that you can ping the clients regularly and thereby ask them to release their requisites on time. You also keep them updated regarding their due payment weekly or bi-weekly either via phone calls or via Emails.

5. Smartly extend your credit

A sale cannot be considered as a sale if you are not paid by the end of completing your job. So you have to offer your clients ease of payment so that they can be more comfortable working with you. You can do so by approving some pre-defined amount of deposit at the beginning of work. You can also set the credit limits as per the financial situation of the concerned person.

 6. Offer flexible payment options

With the transformation of the world, people always expect flexibility in everything. Payment is not an exception. The more flexibility they can get from any concerned service, the more they will prefer and vice versa. So you should provide flexible payment options such as paper checks, direct deposits, credit card payments or any other payment mode to your clients. 

Wrapping up

So in this way you can run a receivable account successfully and thereby ascertain maximum sale for your business. But if you want to get all these things smoothly, you need to hire professional accounting service in Singapore. He/she should know all the requisites needed in this field and thereby facilitate you to fulfil your business goals successfully. Moreover, the person should also need to have good understanding of identifying the trends and common issues and can continue the collection process smoothly.

Author's bio: I am a professional writer and write contents to share the best things of my experiences. the purpose is to facilitate all my friends and followers with the best ideas to resolve their problems without any hassle. Hope this article will also serve you for your concern. 

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Created on Sep 4th 2019 02:05. Viewed 441 times.

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