Over the past several months we’ve written extensively on four key areas of business-to-business debt collection: accounts receivable management, maintaining cash flow, performing collections, and obtaining and enforcing judgments. So to reinforce the fundamentals, and to provide a valuable consolidated resource for you, we present this eight-part series, “B2B Collections Core Essentials.”
Organizing Your Accounts Receivables
We’ll assume that you already have some type of accounts receivable system that you utilize for your business. It is our recommendation that businesses acquire one of the several popular business accounting programs that are on the market. What is crucial is that you have a system that is well organized. A disorganized system will cost you money rather than save you money.
The basics: Accurately enter all your billing information into your system. Your most basic setup should have a listing of all open invoices and balances, as well as the capability to perform billing on a monthly, weekly, or per-project basis.
Invoices: It is standard practice to send invoices by email. However, some of your customers might prefer a printed invoice mailed to them. So make sure you’re able to print hard copies of your customer invoices. You may want to consider sending invoices both by email and regular mail for your customers’ convenience.
The success of any good structure requires a firm foundation. As such, being prepared and organized with the fundamental basics of a solid and modern accounting system is the course of wisdom.
The Jayaram Law routinely and successfully assists its clients in their business-to-business (b2b) collection needs. We take pride in obtaining payment on accounts receivables without fracturing critical business relationships or engaging in time-consuming and costly litigation efforts.
If you need business debt collection services conducted in a professional manner, contact our B2B (business-to-business) debt collection law firm by calling 312.454.2859 or visiting www.jayaramlaw.com.