Some tips and tactics which a company can use for the collection of accounts receivables-
Offer a discount on early payment – Many companies provide offers to the customer that customer can avail some discount if he/she makes payment earlier or before the due date.
Efficient process – The company can follow an efficient process for collecting accounts receivables, which is compulsory for every customer as it’s a company’s policy to get its payment on time.
Late fee – Sometimes company shows some threat to the customer if they do not pay on time, then the company charge some late fee or some fixed percentage on interest in case of late payment.
Take help from some collection agencies – Many agencies in the market act as the customer’s guarantor to assure companies of timely payment on behalf of the customers.
Better tracker system of payment – The company can use a better tracker system to know the exact due date of payments. The company can also take the tracker system service from outside and keep its own better tracker system.
The company decides to sell goods & services on credit. However, companies set some terms and conditions for the credit sale like if customer pay earlier, then the company provides some discount, interest rate of credit in case of late payment, etc. Terms and conditions of the credit sale vary from company to company, like larger companies offer more time for repayment of credit as compared to small companies.
Invoicing customers – An invoice is a document provided by the company to the buyer with detailed information of the product and service rendered to the buyer by the company. The expected date of payment is also mentioned on the invoice. Each invoice has a unique number so that it is easy to identify the invoice as per date. Invoices are in two forms electronic and paper invoices. It’s the choice of the customer to receive the invoice in which form. As compare to paper invoices, electronic invoices are less expensive.
Tracking payment receive and due – This is the duty of accounts receivables to check out the payment deposited into the supplier’s bank account and record it into the accounts receivables system, and after that, assign it to an invoice. The tracking process of accounts receivables is different from company to company. The large company has an advanced system to track the payment as compared to small companies. Generally, small companies follow a manual system for tracking the payment.
Accounting of accounts receivables – At last, collection officers fix the date of payment and identify the bad debts and unpaid debts. After that accounting department makes journal entries for sales. This step includes all bad debts, unpaid debts and receives them in advance also.
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