B2B Collections Refresher Part 1: Accounts Receivable Management

Over the past few months we’ve covered a lot of ground on business to business (B2B) collections. So we feel it’s time for a refresher. To accomplish this we’re presenting this 5-part series that will recap past articles we’ve written on a wide spectrum of accounts receivable subjects. In this first part we’re going to recap the basics of accounts receivable management.

In B2B Collections Strategies Part 1: Strengthening The Process, we discussed the importance of having an efficient and effective accounts receivable management system. Among the main points were having well defined policies in place and to adhere to them consistently; making sure to meet new clients in person whenever possible; performing reference and credit checks; clearly outlining the sales and payment terms when meeting clients in person; and having both you and the client initial the agreement terms.

In B2B Collections Best Practices: Record Keeping, we highlighted how crucial it is to have an organized accounts receivable ledger. In that article we stated that “disciplined and consistent record-keeping is an indispensible practice, and maintaining accurate transaction records will help ensure that you do not contribute to your own losses.”

In B2B Collections Best Practices: Optimize Your Billing Process, we emphasized the need to have a strong billing system through meticulous monitoring of customer accounts and having a clearly defined process for following up on past due invoices.

In B2B Collections Best Practices: Upgrading Your Accounts Receivable System, we offered some excellent tips on upgrading your accounting system so as to save time and facilitate a more accurate and efficient means of tracking your accounts receivables. We also stressed the need for owners to be intimately familiar with all aspects and details of their accounts and accounting system.

A constant theme we’ve presented when it comes to accounts receivable management is organization, structure, and consistency. We encourage you to review each of the above articles

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.