DecaMillionaire Decoded Tips to Manage Accounts Receivable
In episode 122 of Financially Simple, Justin gives some tips on managing your Accounts Receivable.
How to get paid, without any hassle, and on time - it makes running a Business so much easier! Justin lists 19 tips on making the payment process easier for your customers, and less of a headache for you.
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ARTICLE TRANSCRIPT: BLOG: 19 Tips for Improving Accounts Receivable Collections
TIME INDEX:
00:27 - Tips to Manage Accounts Receivable
01:16 - 1- Get Organized
02:44 - 2 - Expedite the Invoicing Process
03:13 - 3 - Use the Credit Limit
03:57 - 4 - Revise Customer Payment Terms
05:15 - 5 - Creatively Communicate
05:52 - 6 - Start Early
06:19 - 7 - Change Your Billing Cycle
06:51 - 8 - Offer Multiple Payment Options
08:20 - 9 - Don’t Wait
08:55 - 10 - Remind Remind Remind
10:12 - 11 - Stay Professional
10:52 - 12 - Maintain Positive Relationships with Customers
12:10 - 13 - Collection Call
12:54 - 14 - Prepare for Excuses
13:30 - 15 - Installment Plans
14:00 - 16 - Establish Conservative Credit Policies
14:31 - 17 - Finance Charges & Rewards
15:17 - 18 - Outside Resources
15:59 - 19 - The Experts
16:38 - Summary
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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