Making a plan for creating positive cash flow is an important step for any business. It’s never too early or too late to tackle your delinquent accounts, and TekCollect experts have put together a list of the top four ways to improve your cash flow management and protect your A/R health.
1. Eliminate Alienation: Your clients, customers, and patients are so valuable to your practice that it is vital to maintain your relationships, even if you’re in the middle of a debt situation. With early, professional contact provided by a neutral third party, like TekCollect, your practice or business can continue servicing your customers without the fear of uncomfortable financial discussions.
2. Free Up Your Staff: You’ve hired your staff members for their unique talents, which don’t always include A/R management. With A/R management becoming more and more important to a business’s bottom line, it’s critical that you are your staff are working smart. Are you employees trained to handle collections conversations? Are they aware of the latest laws and strategies for recovering lost income? If not, it’s time to examine whether an outside party could handle your delinquencies more efficiently.
3. Improve Your Ongoing A/R Health: You may be familiar with the preventative maintenance, from oil
changes for your car, to regular checkups with your doctor or dentist, you know how important prevention can be. The same preventative principles apply to cash flow management. Making a plan for tracking and pursuing receivables, as well as protocols for those that became past due, can make a huge difference in overall business health. Businesses that make solid commitments to an A/R management plan have reported up to a 75% reduction to the number of delinquencies that eventually become write-offs.
4. Be Proactive, Not Reactive: Before your business is inundated with delinquent accounts, make a pledge to stay ahead of the curve on your cash flow. If you neglect your accounts, you’ll put yourself at a crucial disadvantage. It’s easy to let things slide when you’re focused on other aspects of your business, so utilizing a third party A/R management expert like TekCollect can help you focus on both your day to day business operations and your A/R health without feeling overwhelmed.
To learn more about TekCollect’s services, an AR specialist can perform a custom Accounts Receivable Analysis at no cost or obligation to you. Simply visit www.TekCollect.com for more information or call us toll-free at 866.652.6500.
TekCollect provides the most advanced accounts receivable, collections, and client retention services available. To learn more about us, visit our website and follow us on Facebook and Twitter.
1. Eliminate Alienation: Your clients, customers, and patients are so valuable to your practice that it is vital to maintain your relationships, even if you’re in the middle of a debt situation. With early, professional contact provided by a neutral third party, like TekCollect, your practice or business can continue servicing your customers without the fear of uncomfortable financial discussions.
2. Free Up Your Staff: You’ve hired your staff members for their unique talents, which don’t always include A/R management. With A/R management becoming more and more important to a business’s bottom line, it’s critical that you are your staff are working smart. Are you employees trained to handle collections conversations? Are they aware of the latest laws and strategies for recovering lost income? If not, it’s time to examine whether an outside party could handle your delinquencies more efficiently.
3. Improve Your Ongoing A/R Health: You may be familiar with the preventative maintenance, from oil
changes for your car, to regular checkups with your doctor or dentist, you know how important prevention can be. The same preventative principles apply to cash flow management. Making a plan for tracking and pursuing receivables, as well as protocols for those that became past due, can make a huge difference in overall business health. Businesses that make solid commitments to an A/R management plan have reported up to a 75% reduction to the number of delinquencies that eventually become write-offs.
4. Be Proactive, Not Reactive: Before your business is inundated with delinquent accounts, make a pledge to stay ahead of the curve on your cash flow. If you neglect your accounts, you’ll put yourself at a crucial disadvantage. It’s easy to let things slide when you’re focused on other aspects of your business, so utilizing a third party A/R management expert like TekCollect can help you focus on both your day to day business operations and your A/R health without feeling overwhelmed.
To learn more about TekCollect’s services, an AR specialist can perform a custom Accounts Receivable Analysis at no cost or obligation to you. Simply visit www.TekCollect.com for more information or call us toll-free at 866.652.6500.
TekCollect provides the most advanced accounts receivable, collections, and client retention services available. To learn more about us, visit our website and follow us on Facebook and Twitter.
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