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Tips to effectively manage accounts receivable—and get paid now

posted Jul 6, 2018, 2:45 AM by Kenneth Black   [ updated Jul 6, 2018, 2:46 AM ]

It’s not a small feat to track what customers owe you, particularly if you’re a nationally operating organization and managing thousands of different transactions every day. Here is where effective accounts receivable management come into play, helping keep track of money owed you and that is supposed to be coming on an established time structure and payment system. Here are tips to be a pro in this area and get paid in a timely manner.

Image source: Pixabay.com 

Establish and abide by your credit policies Receivables departments typically establish credit terms, depending on the type of clients they serve. Regular customers with good credit standing, for instance, may be granted greater flexibility when it comes to debt payment. Establish clear payment terms to collect accounts receivables effectively and improve cash flow. 

Communicate well and consistently The staggering volume of transactions shouldn’t get in the way of fostering more communication with customers and clients who owe you money. Assign this ongoing task to full-time staff and stay on top of collections all the time. When in a bind, try to seek professional accounts receivable collection and management services for help. 

Double the effort on past-due receivables The longer receivables go uncollected, the less likely you’re going to ever collect them, whether partially or in full. This is why it’s a sound move to call or email customers the first day they miss their payment due date. Be firm about communications, and warn them about potential legal action if payment isn’t received by a specific deadline. 


Receivables Performance Management is a national leader in accounts receivable management, handling accounts for credit card, retail card, auto finance, large utilities, telecommunications, media satellite, and healthcare companies. Learn more about its services on this page.

How To Assess The Creditworthiness Of a Customer

posted Jun 11, 2018, 5:25 AM by Kenneth Black   [ updated Jun 11, 2018, 5:25 AM ]

Allowing credit as a payment option has helped companies thrive in an evolving market. However, it has also been a bane for many businesses as delinquent settlement of accounts has affected their financial health, especially if they have little to no cash reserves. Historically, late payments have triggered layoffs, retrenchment, and, in worst case scenarios, the folding of businesses.

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Image source: makaan.com
 

It is then important for companies that offer credit to ensure that customers can pay or settle their invoices completely and on time. Here are ways to assess a client’s creditworthiness:

  • Require a credit application. This is more imperative for companies that offer high-value products or services. All information should be submitted and, more importantly, verified.
  • Request for references. These will ensure that the customer’s credit history does not contain any red flag or indication of inability to fulfill payments or debts. References can also serve as proof of positive payment habits or high credit balances. There are various types of references that can determine the creditworthiness of a customer, such as a bank reference, trade reference, credit reference, lending institution reference, and more.
  • Check publicly available information. Thanks to today’s technology, a simple search of the customer’s name may yield a wealth of information from social media streams, national and local press, online trade journals, and more. These data can show a customer’s ability to settle their invoice properly.
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Receivables Performance Management is a national leader in accounts receivable management. The company has helped countless clients in dealing with delinquent customers strategically and intelligently. Visit this website for more information about the company.

Professional Tips On Protecting Emails

posted May 9, 2018, 3:15 AM by Kenneth Black   [ updated May 9, 2018, 3:15 AM ]

Hackers and cybercriminals absolutely love to target emails, and they do so by the thousands. Email users are usually tricked into opening or downloading files that are harmful to a computer system, and they realize it all too late. It’s a good thing IT professionals and cybersecurity experts have come up with several tips on protecting email accounts.

Image source: quora.com

Multiple email accounts: When a person has multiple email accounts, not only does it organize things with accounts set up specifically for personal and business purposes, it also lessens the likelihood of receiving spam. This is good because spam is a vehicle for harmful programs.

Cache and password deletion: A person should make it a point to delete browser caches, website histories, and passwords that were used whenever he logs on to the internet in a public place. If the computer is for public use, the next person who logs on won’t be able to use any of the information once it’s deleted.

Image source: hoax-slayer.com


Strong passwords: A lot of cybercriminals are great at guessing passwords. The stronger the password, the harder it is to crack an email account. Strong passwords are at least 12 characters long, with letters (lower case and capital), numbers, and symbols. Also, passwords have to be changed every three to six months.

Receivables Performance Management is a national leader in accounts receivable management that is committed to keeping its promise to the clients. Learn more about the companyhere.

Receivables Performance Management: Best Cash Management System Features

posted Mar 19, 2018, 5:50 AM by Kenneth Black   [ updated Mar 19, 2018, 5:52 AM ]

Receivables Performance Management: Top Features to Look for In Cash Management Systems

Receivables Performance Management is a national leader in accounts receivable management, tapped by firms from a wide range of industries to help oversee the in and out movement of cash in their respective businesses.

Successful businesses understand the importance of cash management and thus invest in robust cash management systems to help them effectively manage their finances. When looking for a cash management system for your business, some of the top features to look for are:

1. Cash forecasting capability - The most powerful cash management systems allow users to manipulate data to develop cash projections. Cash forecasting can either be short-term (weekly, monthly) or long-term (annual), helping business owners formulate strategies that will best fit their needs. In a snapshot, business owners can see historically how and where they spent their cash, thus enabling them to make more informed decisions for the business moving forward. Receivables Performance Management adds that accuracy is key when it comes to cash forecasting and analysis.

2. Cash management analytics - Receivables Performance Management explains that the process of cash management is often tedious and time-consuming. As such, the goal of using cash management systems is to make the process simpler. The best cash management systems have robust analytic capabilities for key performance indicators to help project finances, including income and expense trends. These analytics are meant to provide deep insights into your cash positions, as well as help you visualize different scenarios that can impact your cash flow and balances.

3. Internal controls and security options - The next thing to look for are the layers of security in the system, says Receivables Performance Management. Does it allow for secure sharing and archiving? Only authorized users should be able to access the system and transact with it, and even among these authorized users there should be different levels of access. If the system is online, how does it fend off cyber attacks and is it vulnerable to malware? These are just some of the questions you can ask the vendor.

4. Integration options - Receivables Performance Management says that integration options are a plus. Some cash management systems allow integration with other third-party applications to enhance system functionality. Oftentimes these applications are also essential to the needs of the business. For example, a business may use payroll apps for salaried employees.

5. Reporting capability - Finally, Receivables Performance Management suggests getting a cash management system that features robust reporting capabilities as well. These reports are commonly available in .pdf format, among others, providing summarized views of the business' finances. In some cases, a customized report may be needed, such as an up to date view of all related cash accounts so the system should have no hiccups calculating the needed totals. That said, aside from reports and charts, dashboards are essential. Many cash management systems feature dashboards to increase system functionality but it's still up to the business to identify what and how detailed the data must be.

Stay tuned for more about accounts receivable management by Receivables Performance Management.

Information Security: A Primer On Social Engineering

posted Mar 16, 2018, 5:20 AM by Kenneth Black   [ updated Mar 16, 2018, 5:21 AM ]

In the realm of information security, social engineering refers to the act of gaining access to buildings, systems, or data by exploiting human psychology. This is as opposed to breaking in or using technical hacking techniques. Sometimes it doesn’t matter if you have all the latest software to protect your PC or smartphone; getting manipulated by a social engineer or hacker is always a big threat.

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Image source: steemit.com

These social engineers are out to compromise precious information that the target has. It is important to be extra cautious then of the information kept, from personal data like bank accounts and medical records to credit scores and computer passwords. Being suspicious of unsolicited messages, not sending sensitive information online, and installing antivirus software and firewalls are some way to prevent becoming a victim of social engineering.

The common types of social engineering attacks are phishing, pretexting, baiting, and tailgating. Phishing scams are the most prevalent: these seek our personal info and log-in credentials using embed links that redirect users to legitimate-looking websites. Pretexting is when hackers create a fictitious scenario, like pretending to need bits of info about users to confirm their identity. Be careful then of whom you trust.

Baiting is similar to phishing scams, only here the social engineer uses items or goods to lure in victims. Quid Pro Quo is when information gained by the attacker is rewarded not with tangible items but with some benefit or service. Finally, tailgating or piggybacking is when someone who lacks proper authentication follows an employee into a restricted area (like places that require swiped cards) and get access to such places by, say, striking up a conversation.

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Image source: lynda.com

Receivables Performance Management is a national leader in accounts receivable management, handling accounts for credit card, retail card, auto finance, large utilities, national telecommunications companies, media satellite, and health care. For more of the company’s services, visit this website.

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