Chasing down late payments is no one's idea of fun. Have you considered making it easier for your clients to pay what's owed to you? To protect your cash flow and increase working capital, it may be time to consider some updates to your accounts receivable and invoicing process.
Here are the top A/R trends to get those late payments finally paid!
Aging Automation
When relying on accounts receivable platforms for sending invoices, the logical next step is to automate reports and reminders. Aging reports are used to identify those invoices or payments that are becoming due or are already past due. With an automated aging report or alerts, A/R can react quicker, sending reminders and follow-ups. If the accounts receivable platform can automatically send out those reminders, even better. 
Online Payment Solutions
Just a few years ago, we noted that many B2B businesses still preferred receiving paper checks. Electronic payments, such as ACH and credit cards, were increasing but A/R preferred the paper trail provided by the old standby. After the remote work challenges of the past few years, a new survey finds that nearly 60% of B2B respondents will move from checks to digital payments. This move includes electronic payments and the adoption of "cash apps" such as PayPal, Square, and more.
Digital Invoices & A/R Processes
Instead of mailing an invoice, B2B organizations are meeting the demand prompted by the pandemic. With A/R and credit professionals working remotely, 64% of firms have decided to move away from physical invoices. The same survey found that 83% of firms have changed their A/R processes since the beginning of the pandemic. 
Connect. Connect. CONNECT.
If there's a continuing trend to help get late payments finally paid, it's connection. Whether A/R connects with the client's A/P regularly to establish a relationship or the digital platforms connect to send payments, a connection is crucial for recovering what's owed. If you're unable to connect to your clients due to limited time or their refusal to cooperate, Enterprise Recovery can help. We specialize in only recovering B2B payments and our team has expertise and years of training. Let us know if you have any questions.
