{"id":149,"date":"2016-12-14T15:18:08","date_gmt":"2016-12-14T20:18:08","guid":{"rendered":"http:\/\/www.cmcs.com\/blog\/?p=149"},"modified":"2016-12-24T15:24:38","modified_gmt":"2016-12-24T20:24:38","slug":"the-race-is-on","status":"publish","type":"post","link":"https:\/\/cmcs.com\/blog\/the-race-is-on\/","title":{"rendered":"The Race is On"},"content":{"rendered":"

…To Keep Your Accounts Receivable In The Black<\/h3>\n

It\u2019s a simple fact of business that collecting business debt is no fun. In fact, accounts receivable is one of the most challenging \u2013 and important \u2013 elements of running a successful business. Your company cannot generate profit without first receiving payment. Until that payment is collected, any profits are merely theoretical. The role that the timely payment of accounts receivable plays in the success of your business cannot be overstated.<\/p>\n

Even when a business has implemented a thoughtful plan, the accounts receivable process can be daunting. The process by which payment is actively sought can be unwieldy and awkward; it is often easier to ignore than to implement. However, not giving your collections process the attention it warrants does nothing to bring your accounts current \u2013 the name of the accounts receivable game. The fact is that the longer an account goes unpaid, the less likely it becomes that the account will ever be paid. As an account ages, it nudges ever closer to falling off your balance sheet as an item on your bad debt expense line. When it comes to accounts receivable, time is definitely not on your side.<\/p>\n

It\u2019s important that everyone in your company is fully attuned to the extremely important concept that no sale is ever complete until payment has been made in full \u2013 and the sooner the better. With this in mind, you should take pains to ensure that you have a dedicated, reliable, and practicable collection policy in place. That\u2019s obviously a tall order, but it\u2019s also a worthy pursuit.<\/p>\n

There are several valuable methods you can courteously employ in an effort to keep your accounts receivable in the black:<\/p>\n