Every year, we take a look back at the previous year's blog entries to learn more about what you, our readers, want to see. In 2020, we observed that our readers were interested in building out their own successful A/R departments and first-party collections efforts. We're here to help!
Use the top accounts receivable and business collections posts of 2021 to increase cash flow in 2022.
#10: Timing Matters When Collecting Past-Due Accounts Receivable
If there's a motto for our blog, it's this: The sooner you're aware of non-payment, the more likely you'll recover it. In this post, we make suggestions for a timely accounts receivable process and then a timely collections process. A quick, efficient process will help get those invoices paid.
#9: Call Scripts for Successful A/R & Collections Specialists
Successful accounts receivable means that your collections specialists know what to say and when to say it. This post prepares your team for the calls and offers call scripts for responding to the many different reasons or excuses that payment hasn't been received.
#8: What's the Best Time to Send an Invoice to Third-Party Collections
Since Enterprise Recovery is a third-party collections company, we do hear loads of questions about the accounts we take on. Often, our clients wait too long before sending over an invoice. In this post, we offer tips for a good in-house collections process and when to escalate an account.
#7: Qualities of Successful Accounts Receivable and Collections Specialists
Again, as Enterprise Recovery hires and trains high-quality specialists in both accounts receivable and collections, this post offers 5 "must-have" qualities for any business hiring for their own in-house team. Your team contributes to the success of your business. Hire wisely!
#6: Do This For Successful Business Debt Collections
We often write to help our readers successfully recover business debts on their own. In this post, we offer some of our best tips for collections. These best practices will also help any third-party collections agency when your accounts are escalated for debt collections.
#5: How Effective is Your Business' Accounts Receivable Department
When managing a growing A/R department or even a department of one, it's important to measure its effectiveness. These measurements will determine any weaknesses in your policies or processes to increase working capital and cash flow.
#4: B2B Collections: How to Convert Aging Receivables to Cash
Here we break down how to improve cash flow from aging receivables, step-by-step. We also link to a downloadable sample template to use to build out your own accounts receivable collections policy. If you're wondering why your cash flow is lacking, try these steps to get those old invoices converted.
#3: How to Respond to Delinquent Customer Excuses for Late Payments
Similar to the call scripts blog post, here we offer common excuses that you might hear from customers and what you can say or do in return. We also include actionable items for turning the account over to a third-party collections agency, if necessary.
#2: Should Sales Be Responsible for Collecting on Invoices?
Clients often pay late due to a misunderstanding between the sales department and accounts receivable. In this post, we ponder how sales and A/R can work together to ensure the new account is onboarded correctly and the business relationship is successful.
#1: What Are the Duties of an Accounts Receivable Specialist?
Our most popular post of the past year relates to the roles and responsibilities of an accounts receivable department. Once again, we share our own experience of writing job descriptions (with free templates!) and hiring skilled A/R and collections specialists.
Enterprise Recovery is a third-party collections agency that specializes in B2B business debt collections. While we're always happy to take on new accounts, we also want our readers to be successful with their own A/R and debt collections efforts. Good luck in 2022!
