Customers are coming in the door.
Leads are moving through your sales funnel at break neck speed.
Your top-notch team is filling orders and shipping them out as fast as they possibly can.
On any given day your company has the air of a wildly successful business that’s growing by leaps and bounds, but the story behind the scenes looks a little bit different.
The problem is arising when it comes time for your customers to pay their invoices. Once handed off to accounts receivable, these bills are sitting around–unpaid and ignored–for far too long.
If this situation sounds familiar for your business, you might feel like panicking, but don’t. The Commercial Finance Group in Atlanta has lending solutions that can help. Our asset-based lending and receivables financing services have helped hundreds of small to mid-sized companies overcome their cash flow issues and get rid of never-ending collections. Keep reading to learn more!
Old Accounts-Receivable Can Cause Cash Flow Problems
Old Accounts-Receivable Can Cause Cash Flow ProblemsWhen a product is shipped or a project is completed, your accounting department generates an invoice and ships it off to the customer. Every customer invoice has a due date. It could be 15 days from the point of issue, or 3 months depending on your billing processes. The older an invoice is allowed to get, however, the more dangerous it becomes for the health of your company.
Ways To Manage Accounts Receivable
- Set Up Automatic Payment Reminders – You can utilize phone calls, letters, and even automated emails that remind your clients that it’s time to pay. These emails can remind them that you’re willing to offer a discount for paying early or, conversely, that there will be a fee for paying late.
- Facilitate Online Payments – Sometimes it’s just the task of getting out their checkbook that slows down client payments. Allowing them to pay their invoices online can speed up the process, putting money back into your pocket faster.
- Use Receivables Financing – If you’re finding that the problem of old accounts receivable won’t go away, why not turn it over to the pros? Here at The Commercial Finance Group in Atlanta, our team of specialists knows exactly how to collect unpaid debts. Sell your accounts receivable to us, and you get cash while we get to handle the hard part!
