- ► 2008 (159)
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- Receivables First Key to Cash Flow Management
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- ▼ April (29)
There is one key element that must be covered very effectively in any business if its to remain viable. You might say that it is the fundamental requirement for success in a business. Its cash flow management.
After working for many years refining and improving cash flow processes, working with some of the largest systems and collections agencies around the globe, I can attest that if you do not stay on top of your cash, and especially your collections, little else will matter for very long.
Too often companies ignore the importance of the systems, people and processes that bring cash in to a company. They might worry about more sales or building and shipping widgets but they often dismiss collections as a task for clerks. I’ve seen this attitude bring a fortune 100 company to its knees and put lesser companies out of business.
With that in mind I’d like to introduce you to a solution from CheckVantage that offers an accounts receivable conversion process to automate payment receipts, scanning, application and closing. It is very important to automate this area of business so that your company can stay on top of the health of your business. If someone pays late or fails to pay for several days, it could be a simple mistake or it could signal the tip of an iceberg. If they short pay or deduct that to could be extremely problematic. Many companies lose track of customers that pay a partial balance assuming that there is a small glitch to work through in a reconcilliation.
However, most customers, especially major retailers, use this mechanism to test your company and to turn a cost center into a revenue and profit center for their own business. Besides they are essentially increasing their vendor financing and costing you money in an interest free loan, which may ultimately never be paid if you do not act immediately and swiftly.
In a world where thousands of transactions can take place via EDI in the blink of an eye, its even more important to automate a manual process of handling a physical check or remittance information just to keep up with the data and protect your company.