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Accounts Receivable and Collections Improvement

Having a robust accounts receivable process is essential to keep a positive cash flow and a strong balance sheet. Being able to correctly bill and collect in a timely manner should be the lifeblood of any business.

Doing a good job in product and service delivery to meet your customers’ needs is why you’re in business, and being able to correctly bill and collect in a timely manner is how you can stay that way. As we work with your firm to improve your A/R processes and install best practices, a strong set of policies must be in place that detail your collections practice, time limits, customer credit requirements, benchmarking metrics, personnel performance measures (to include accuracy), and accountability / empowerment for resolution at pre-defined $ limits. A PO policy required around all contracts should be strictly enforced, in addition to rating your customers’ credit and payment histories, credit limits, and pre-pay requirements to align with your billing and collections policies. Your corporate philosophy should be to optimize cash flow and enforce terms in a diplomatic but firm manner because “the sale isn’t complete until the money is in the bank.”

Our implementation expertise and your use of A/R and collections best practices will be your organization’s keys to optimizing both profitability and customer satisfaction. In addition to electronic invoicing, having an up-to-date billing system, and putting in place a way to review collections problem codes will allow you  to take appropriate action, as well as being able to monitor receivables aging by total and by customer. Synergetics’ use of meaningful measures and policy guidelines to improve your Accounts Receivable and Collections processes will support your organization’s mission and help reach organizational goals while enhancing cash flow and expanding working capital.