1. Invoice regularly and accurately. If invoices don’t go out on time, money will not come in on time.
2. Always state payment terms. You can’t enforce policies that you haven’t communicated to clients. If you make changes, call them out.
3. Offer multiple ways to pay. New B2B options are coming online. Have you considered a payment gateway? (opens in a new tab)
4. Set follow-up reminders. Don’t wait until customers are in arrears to start collection procedures. Be proactive, but not annoying, with reminders.
5. Consider offering discounts for prepayments. You can reduce AR costs by encouraging customers to pay ahead rather than on your standard customer credit terms.
Tips brought to you by Bridget McCrea for NetSuite Brainyard.