BEST PRACTICES: An Experienced Accounts Receivable Team
When you submit invoices to a factoring company, you get more than same day funding. Great factoring companies provide your business with an experienced accounts receivable team to support your bookkeeping and customer service.
Many small businesses don’t have time to implement additional accounts receivable procedures beyond generating their invoices. Meanwhile, big companies have several processes in place so their customers routinely pay invoices on time and in full. A great invoice factor helps you compete, so that your invoices are getting the attention and timely payments that a big company receives.
With a full service invoice factoring company, you have a designated account team responsible for calling your customers. They ask if invoices were received and make sure everything is processing smoothly on the payment. If your account team uncovers any concerns that might delay or alter payments, they get in touch with you, so you can follow-up with your customer right away.
Great factoring companies document their call notes for your review and reference. If they have client online reporting, generally that’s where you’ll find all these call notes.
Having a professional accounts receivable team making calls creates an opportunity to grow your company’s reputation for integrity and service. It’s refreshing for many bookkeeping departments to receive such courteous, friendly, and brief inquiries. They appreciate that your business values orderly operations and friendly communication.
The ultimate goal is that by having these routine conversations, your customers establish a habit of paying you promptly because they enjoy working with you. Having a steady and professional account receivable team, is the added bonus of choosing a great invoice factoring company.
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