How Organizations Can Collect Payments On-time

Whether organizations opt for a modern e-invoicing system or a traditional paper bill for accounts processes, timely collection of payments can be a problem. Organizations could pay attention to business-client factors such as politeness, reminder systems, etc, in order to make invoice collection processes smoother. One company that helps with invoicing is Basware.

The successful management of accounts departments is vital to organizations’ smooth functioning. There are various ways in which accounts processes can be made easier and faster. Today, many companies are opting for automation of accounts processes. Having an electronic method of generating, sending and processing invoices can reduce paper and postage costs, as well as help organizations maintain cash-flow (E-Invoicing Basics 2016).

However, even after organizations opt for an electronic fakturahåndtering løsning, there could still be many hurdles in timely cash payment or collection. Organizations could implement the following strategies in their business-to-client relations in order to make invoicing processes more efficient and rewarding:

Be Polite

Organizations that use polite terms such as ‘please’ or ‘thank you’ on their invoices tend to have increased chances of being paid on time. Thanking customers or clients for having business ties with the organization is a good way to motivate clients to be responsible and prompt.

Send Reminders

Following-up on payment does not end with generating and sending bills or elektroniske fakturaer. Organizations should repeatedly send clients payment reminders, before and after invoice generation. It could be difficult to track multiple late payments at once, hence following-up on each invoice right after generation would make the process more efficient.

Reward Clients

Organizations could better their business-client relations by offering clients rewards. Clients who pay before due date of invoices could get discounts or a reduction in some cost on the next bill. This could motivate clients to pay on time.

Knowing clients well and building on existing business relations can be beneficial for organizations’ business flow. From the clients’ side, this would encourage them to be prompt and transparent in all transactions and deals. From the organization’s side, these value additions could make accounts processes function in a smooth, uninterrupted manner. This is turn is beneficial for the organization as a whole. In order to further simplify accounts processes, organizations could approach professionals who offer such services. Basware is one company that offers fakturasystem solutions for other businesses. The website carries more information.

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