For anyone involved in the order to cash process, late payments can be a serious problem for an organisation’s cash flow. But what can you do to manage money more effectively in your business and ensure the cash is flowing smoothly? Here are our top tips.
For both SMEs and larger firms, maintaining good cash flow can be an ongoing struggle, especially if late payments are an issue. Improved government policies are not strong enough to prevent late payments, so you need to take a more proactive approach to lowering DSO.
Credit managers deal with a variety of customers – some of whom have a good record for payment and others that have little or no regard to the agreed payment terms and conditions.
One-fifth of UK corporate insolvencies in the past year were caused by late payment or the insolvency of another company. Your business can have a great product or service and a strong team, but if problems occur with gathering payments things can quickly spiral out of control.
Main Software 50 (2016 edition) again shows that Dutch software companies grow significantly in sales volume, internationalization, profitability and employment. On average all KPIs improve significantly compared to last year.
In order to cash management, excuses are part of the job. From “We haven’t received any invoices” to “That person is not available right now.” What are the phrases you hear every day? And more important, what are the 3 easiest ways to deal with them?
O2C is a complicated process that requires a lot of work to get it to flow smoothly – and one important part is customer relationships. Check these quick tips for better relationships in order to cash – and how to interact with customers throughout the process.
Timing is always on our minds. When’s the best time to send out an invoice? When’s the money due? How long should we give before chasing in a payment? So what can you do to help ensure you get the right action, the right person and the right timing for your order to cash process?