Calling a customer and confronting them with invoices that have not been paid can be hard. But what if the customer discloses that they are having serious health problems, terminal illness or even suicide plans? How can you deal with vulnerable customers?
In today’s world, software is basically an essential part of business. No matter what your company does, you probably use software on a regular basis. Even if it’s just to check emails and write letters. So, how do you know that it’s time to invest in some new tools? Here are some signs to look out for.
The National Association of Credit Management (NACM) warns credit professionals that a record-breaking $2 trillion of U.S. corporate debt will be coming due in the next five years and therefore you should be “on guard and prepare for any contingency”.
One of the problems that face businesses that are looking to put in place change is the way in which they are siloed. This is why a wider stakeholder team need to be engaged with payments – a multi-departmental approach can make the difference between success and failure.
By repositioning accounts receivable as an integral part of the organisation substantial improvements can be made business-wide. Changing the way credit management is perceived and worked with in your organisation isn’t an overnight process.
Input from stakeholders from other parts of the business will help you do your job better. After all, you all have the same goal. But how can you join forces with stakeholders from other areas and make it a normal thing for everyone to work together?
Client complaints can lead to difficulties in your order to cash department. In case you run into a contractual dispute check out these tips to help you get the situation resolved as quickly as possible:
Cash is king. Because if your business isn’t getting paid, the results could be disastrous. Choosing the right software can have a huge impact on how your team performs so do not settle for less in that department.