Most Office Managers find the task of Accounts Receivable (AR) more difficult than other tasks because it requires a great deal more emotional energy, patience, persistence and organization to keep it under control. Why?
- You’re talking to customers. Therefore care and tact are needed in order to ask for payment and resolve issues positively. Everything that happens ‘after invoice’ impacts your customer’s experience with your brand.
- Your boss is keenly interested. No pressure! But late payment is a common reason for cash flow problems. You can quite easily find yourself leading the charge to keep the bank balance where it needs to be.
- There are more people involved. Sometimes invoicing and payment issues result in several people from your organisation getting involved in order to find a resolution.
Office Managers are pressured for time
AR becomes even more difficult when you’re pressured for time. AR is a lot easier to keep under control when it’s given attention several times a week.
The common story is that other things take priority. This means AR takes a back seat for a week or even a month, cashflow suffers and customer relationships are strained. However, there is great risk in putting AR on the back burner for a while:
- Firstly, it requires a lot of extra time and effort to get back under control. If you give some customers an inch, they will take a mile!
- Secondly, the longer you leave things, the more difficult they become to collect.
How much are you trying to get done each week?
How many different jobs are on your list? How many of those jobs, in a larger business, would actually be done by a dedicated person?
AR is a job that is difficult to add as an ‘extra task’ to your to-do list and expect to achieve great results every month. In a more mature business, AR is a job that is done by a specialist.
Solving admin challenges, the old way
In a growing business, finance and administration systems and software often lag behind. Instead, it’s the sales, marketing and production systems that get the lion share of investment and attention. People working in office management and finance roles are renowned for achieving a lot with very little time or resources.
We’ve spoken to a lot of Office Managers and most have more on their to-do list than they have hours in the day. Finding time for AR is difficult when there are a dozen other things clamouring for your attention. And to be frank, you’d probably appreciate being able to spend more time on other things.
Click here to download our FREE guide – The Secret to Sustainable Success in Accounts Receivable.
This guide is for owners and office managers who want to create a more resilient and cost-effective Accounts Receivable system. It also contains a self-assessment worksheet you can print out and uncover some of the major pain points in your current AR system.
“The decision to give CreditorWatch Collect a go has been a greater return on investment than we could have ever expected.”
Liz, a Practice Manager for Kendons’ Chartered Accountants, achieved fantastic results with CreditorWatch Collect and has never looked back since.
The deal was sealed when we managed to get half of the company’s 90+ day debts totalling $250,000 paid within three months.
Now with full confidence in our services, the reigns were handed over to us to manage all receivables with follow up emails and calls personalised to Kendons’ business and client needs.
“To continue using CreditorWatch Collect in a greater capacity was a no brainer,” says Liz. “The decision to give them a go has been a greater return on investment than we could have ever expected.”
CreditorWatch Collect is the on-demand, scalable Accounts Receivable solution for growing businesses everywhere. Our purpose-built AR Software and dedicated AR Specialists will help you keep AR solved, for good.
- Free your team from the #$@&%*! of chasing late payment.
- Gain 2 to 12 person-weeks per year and get LOTS more done.
- Free up $50k to $250k in working capital to invest elsewhere.
- Delight customers with a ‘service-first’ approach to AR.
Jump on the phone and book a chat with one of our Receivables Specialists or alternatively, start a 14-day trial – no credit card required.