2020 was a tough year for business owners. There are no ifs, ands, or buts about it. Cash flow problems stemming from the Covid-19 pandemic only continued to build as we entered the new year. These issues simply can’t continue for the sake of your businesses’ longevity. It’s time to get a handle on your finances using our Accounts Receivable Management services. Times are understandably difficult– your clients are no doubt struggling just as much as you are. Previously consistent and reliable customers may be more sporadic and unpredictable about making payments these days. When you hire Southwest Recovery Services we can help recover your money quickly with our proven tactics. Our methods will retain your positive customer relationships by providing easy-to-use payment portals and utilizing friendly reminders. Below, we’ll discuss some common accounts receivable trends that SWR will be using in 2021!
Last year, many businesses realized how detrimental it is when large numbers of customers decide they can’t pay their bills all at once. It can be hard to mitigate events like this because they’re oftentimes completely unexpected. However, SWR can provide insight into customer behavior and forecast cash flow deficits. We can use data to determine how likely a customer is to pay and use segmentation techniques to categorize customers and set up relevant collection plans for each demographic. With our knowledge, it’ll be easier to formulate a risk management plan. All businesses should pivot and utilize data to make more specific plans and reduce outstanding invoices.
Account Receivable Automation
Automation is currently a buzzword in the collections industry. AI technology can help lower overall operating costs and reduce human error in billing. A large part of collecting payments is getting on the phone and making calls. However, there are some more basic yet time-consuming tasks that AI can take care of and free up employees for more complex tasks. Automating your AR efforts can help with master data corrections, data updates, and data gathering. It can also generate and send off invoices. This technology will improve accuracy and significantly reduce the occurrences of late payments. It’ll also save you time and money because your skilled staff will have more time to collect payments.
These days just about everything is paperless. However, up to this point accounts receivable and payable still relied heavily on paper. One plus, of the pandemic, is that many companies were pushed to digitize. Now, digital invoices are more common, and they’re easy to create and send. Streamlining this process also results in faster payments. Aside from its obvious efficiency, it also provides data about various clients’ likelihood to pay.
As more information and payments are digitized cyber-attacks become more of a threat. Now, Southwest Recovery Services and many other recovery companies are increasing their security efforts. We only use industry-grade devices and secure networks to process your client’s payments so their security and your reputation will never be compromised.
Southwest Recovery Services
Our goal is simple. Encourage consistent payments and enhance cash flow. Let us manage all of your account receivable needs. We can automate billing and contact systems to end the pattern of long billing cycles. We are flexible and can tailor our services to fit your business’ needs. Get in touch with us when you’re ready to take a proactive approach and improve your billing system.