Ways to Collect Your Practice's Debtors Cash Sooner

Know your Cash Collection Options!

Research shows that slow debtor cash collection is a 'top issue' for most Accounting Practices.

My views on speeding up cash collection reflect many years of in-depth involvement in speeding up cash collection for small, medium and large businesses. It's no different for Accounting Practices.

Yet there are many Practices still doing cash collection from a debtors trial balance and having difficult phone conversations with Clients about invoices not received by them or payments 'in the post'. Notes about the discussion made on scraps of paper or manual entry into a spreadsheet take extra time and can be lost - all involving manual operations, inadequate or out of date information, time-consuming, and error-prone.

Some send out email or SMS reminders to Clients. They may or may not include PayNow facilities to encourage 'there and then' payment upon receipt of the reminder. Practices tell us they quite often are not sending these to the right person. They also do not know if the reminder was delivered to and 'opened' and 'read' by the recipient.

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