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Managing Your Accounts Receivables Super Fast

Larger companies can in many cases be very hard to deal with and if you do business with them regularly that has to be considered. It's not about asking them to pay you just how you go about doing it. Fortunately, there are some things you can do that can make managing accounts receivable effective, although still not easy or always pleasant.

As I said be consistent. Check your aging reports daily. Even if you have someone responsible for doing the actual collecting you need to be aware of their progress or lack there of on a daily basis. Most people do not like doing collections and consequently they may end up neglecting it.

When dealing with delinquent accounts you need allies not enemies. Just make sure to document everything. Contact names, phone numbers, contact dates and times. past due bills, who the bill was originally issued to. Everything that might help collecting on a bill now or in the future. Put together a comprehensive file on the accounting practices of each company you do business with. You do not want to have to duplicate your work later on another bill. When done well, accounts receivable management can make a big difference for any business.

For most companies, collecting accounts receivable is the largest single headache. No one really likes to do it. But past due accounts receivables can be one of the most damaging drains on your cash flow. And the further you get behind the more you compound the problem. If you haven't already then it's time to develop a sound process to track and collect accounts receivable. The life of your business may depend on it.

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