If you regularly invoice clients, you have likely had the experience of chasing down money. It’s time consuming; frustrating and repetitive. The customers know they have to pay, they are just playing the clock and delay in the inevitable. They count on you not doing your job and “forgetting” that they owe you money.
With the global pandemic; there is reduction in staff and small businesses are also closing shop. The average DSO or Day of Sales Outstanding is at an all time high. It is becoming an existential risk for your business. There are tips that can help you reduce DSO.
At a time when most backend office functions are working from home, getting in touch with the customers’ Account Payables team gets even harder. And you keep leaving voicemails on office numbers that are no longer used….
By creating multiple customer categories such as new customers; regulars and strategic.
While many businesses are trying to return to a new normal after the impacts of the COVID-19 pandemic. For paper-based A/R departments, this move has been especially challenging. We recommend that you try our TROVEworks Cloud based application that can help you automate your end to end collection process.