by Teresa Beck, ASG Financial Services Team Member
Accountants have many essential tasks throughout the day to ensure the best customer service their company has to offer. One of those tasks is accounts receivable management. Simply put, accounts receivable is money owed to a company by its debtors. The phrase refers to accounts a business will receive because it has provided a service. Receivables represent a line of credit extended by a company, and is due in a brief time.
Here are 5 quick steps that can help you achieve excellence in your accounts receivables processes:
If you are going to excel at accounts receivable management, you should start from the very beginning. Use up-to-date invoicing software so you have an excellent way to keep an eye over your accounts, and get your invoices to customers as seamlessly as possible. Be diligent in every step of the process.
2. Communicate Creatively
A big part of accounts receivable management is communicating with customers. This is where technology comes in. Technology allows you to be creative in how you connect to clients, so use it. Be sure to follow them on every social media outlet, begin by commenting on their posts to show that you are listening. Allows make note of the customers special occasions, send them emails just to check in. It’s about showing them you care and showing them you’re paying attention. If a customer sees that you are attentive then they will assume you are the same way with your payment management.
3. Start Early
Don’t just sit around waiting for the customer not to pay you. Create a system that allows you to remind customers when they have a payment around the corner.
4. Stay Professional
No matter the complication, trust me there will be many, stay professional. Don’t let emotions cloud your judgement because good account receivable customer service is all about keeping your cool, and being great at problem solving. So, stay professional, and get the job done!
5. Be a Team Player
This may seem obvious, but I had to add it to the list because it’s so important. Being a team player is all about wanting to better the company you are working for. Your co-workers and customers are important to your success, and the company’s success. To achieve the best customer service, you can, then working with others to solve a problem is one of the most important parts of account receivable customer service.
Accounts receivable is about being specific, consistent and staying on top of accounts, and working with others. The more systematic you make it for yourself, the simpler it will be.
Teresa Beck has been with ASG for 3 years. She serves diligently in the financial services department for several ASG clients, and has recently earned her certification as an Intuit Quickbooks Professional. Teresa loves the weekends at the lake, camping and spending time with her family.