From the Currency of International Trade – Part Two
A Nugget of Wisdom and Best Practice: The Art of Getting Paid – Collection Tips
Cash in King! Everyone in the company needs to realize that when there is a delay in the payment of an account, the real value of the payment begins to shrink and cashflow will suffer. See the shrinking dollar below:
Here are some of the collection tips and best practices that I will consider in the course to help expedite cashflow:
- Call overdue accounts early and frequently
- Be consistent with invoices and statements
- Update payments regularly
- Train properly
- Use the aging report daily
- Rectify billing errors quickly
- Not every account is collectible
- Use third parties when necessary
- Use technology wisely
- Build relationships
I hope this nugget of wisdom and best practice could help credit and collection professionals mitigate the risk and help their companies to be cashflow healthy and help their customers to prosper.
This is one of the nuggets I expound and explain in the course The Currency of International Trade Part Two: Highlights on Collections.
For details, please click on the link below:
Eddy A. Sumar, MBA, CCE, CICE, and CEW, is the Founder of ERS Consulting Services in Rancho Cucamonga, California; he is an International Trade Financing Consultant; a Consultant for the Center for International Trade Development (CITD); a member of the Guidepoint Global Advisors, and an Associate of Quote 2 Cash (Q2C). Mr. Sumar is a research consultant, author, and a public speaker and enjoys writing and traveling. Contact: e-mail: firstname.lastname@example.org.