Welcome to the second part of our blog series giving you tips for effectively managing your AR processes in challenging times. If you missed the first installment, you can read it here.
So, now that you’ve accurately assessed your receivables situation and adapted your collections strategy it’s time to look at ways you can successfully adapt to remote working situations and ensure business continuity in any environment.
Tip 3. Move to e-billing
With some reduced postal services, invoices stuck in transit and many people adapting to working from home, now is the time to consider moving to e-billing.
Besides the obvious benefit of being able to send your invoices electronically without relying on external mail services, moving to e-billing reduces your admin costs, reduces delivery time and provides customers with more time to process, approve and potentially resolve any invoice-related issues.
With an automated e-billing solution you can easily track invoice delivery to ensure receipt and address errors quickly. By viewing the invoice delivery in real time, you can anticipate any collections issues, re-send original or duplicate invoices by email to those customers who usually received invoices by post.
Esker can help you to ensure your customers transition smoothly to e-invoicing and automate your invoice delivery process to meet both customer and compliance requirements.
Tip 4. Facilitate customer payments
In order to help customers who are struggling with cash flow, you may have to extend payment terms. Or, if you’re having cash flow issues, you may wish to offer early payment discounts to help motivate customers to pay you in advance. Anything that can help you get your cash back in is welcome.
Offering your customers the ability to renegotiate payment terms and/or spread their debt with you over a longer time period, helps create a relationship where customers are more likely to meet their payment obligations and, in turn, your business eventually secures revenue. Additionally, by providing early payment discounts to customers who are able to pay earlier, you maintain a healthy cash flow. By being customer-focused and easy to deal with, your customers will most likely want to do more business with you in the future.
Esker AutoPay plans give customers longer payment terms and you are more likely to receive payment at each installment due date — a win-win situation for both you and your customers.
For more tips on how to effectively manage your AR process in challenging times download the eBook https://info.esker.com/eBookAR7Tips
Continue reading our 7 Tips with Part 3 in this series of blogs.