We are now halfway between the relief of getting through last year's end-of-year collections frenzy and the start of this year's! It does not have to be that way.
Evaluating your firm's accounts receivable management collection efforts six months into the year gives you the opportunity to see what is and is not working, so you can make improvements. Developing strong, effective techniques to deal with ageing accounts can be a major factor in helping your firm meet its 2014 financial goals. Don't make the mistake of assuming receivables will be paid without having the right components in place and ensuring those components are getting the job done.
As a start, make sure you are addressing the real issues. Take a step back to assess your A/R objectives and policies, procedures and personnel you are using to achieve your objectives. Be realistic about whether the job is getting done and look to make changes as needed. Accounts receivable age rapidly unless you keep your eye on the ball and put in processes that get the job done in collecting your receivables timely.
As we head into true summer, we hope you do allow yourself a little time to stop and smell the roses -- or whatever you like to do to enjoy the warm months. Get to know us better on our web-site at http://www.clientci.com/
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