Four Tips to Managing Your Collections In-House

Sep 21, 2021
2 min read
Four Tips to Managing Your Collections In-House Image
Dots SVG Image

Revenue is the lifeline of your business, so if this process isn’t organized and efficient, then you end up billing customers late or possibly missing it altogether. This affects all aspects of your business, right down to your employees, because if your customers aren’t paying on time, then you can’t pay them. Staying proactive is key when it comes to managing your account receivables. Use this checklist to avoid having to send your customers to collections.

1.Develop a Credit Policy

Having a written policy ensures consistency, continuity, and streamlines credit decisions. A well-defined credit policy protects your biggest asset – Accounts Receivable (A/R). It also helps with customer service and retention because there are no “surprises” when further action is taken.

2.Begin Collecting at the Time of Sale

Billing and collections are never a fun discussion to have with your customers, but don’t let that be a reason to avoid discussing payment terms upfront. Make sure you have it in writing and that your customer has a copy. Another option is to screen your customers to make sure they can pay.

3.Stay in Touch

Promptly sending your invoices is the best way to ensure immediate payment. Call or email your customers before the invoice is due. With field service software, you can set reminders to automatically send customized emails, SMS text, or voicemail messages based on a customer’s balance or the number of days a customer is past due.

4.Technology is Your Friend

You want to make it easy and convenient for your customers to pay. Field service software gives you the ability to invoice and accept online payments through a dedicated customer portal. Want to get paid even faster? Set up autopay for your customers, so they never miss a payment.

Having a well thought-out plan for delinquencies will help ensure that your past due accounts don’t affect your cash flow. If you’re still relying on antiquated methods like mailing paper invoices and individually calling your customers when they’re 30/60/90 days past due, then you’re running your field service business the hard way.

If you’ve exhausted all your efforts and need support, FieldRoutes’ partner A.R.M. Solutions can help. Contact Andrea Dahlgren at adahlgren@armsolutions.com or call 888-772-6468, ext. 503, for more information.

Get FieldRoutes updates in your inbox

FieldRoutes needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.

Wanting more? Check out some of our other tips and tools!

FAQ: Making The Transition To FieldRoutes As Your Software Provider

FAQ: Making The Transition To FieldRoutes As Your Software Provider

Knowing the technical steps of making a transition from one software provider to FieldRoutes is important. But you might have other questions.

The Secret To Keeping Customers Happy Throughout Busy Season

The Secret To Keeping Customers Happy Throughout Busy Season

Exemplary customer service is king in the field service industry. It can be easy to let things slip when things get busy, but don’t forget that customer retention is good business. Customer acquisition can cost up to five times more than customer retention, so it’s worth investing in strategies that will prevent your customers from melting away when things heat up. So when the weather gets warmer and the calls flood in, ensure you and your team have the tools to make hay this summer.

Preparing Your Field Service Business For A Natural Disaster

Preparing Your Field Service Business For A Natural Disaster

Expect the unexpected. In this Checklist, we’ll go over a few actions you can take to help maintain operations during emergency situations.

Top 6 Automation Hacks To Get Your Time Back

Top 6 Automation Hacks To Get Your Time Back

Growing your business shouldn’t be this hard. Do a great job, sign up more customers, then kick back and watch the money roll in.

3 Ways You Can Attract And Retain Millennial Customers

3 Ways You Can Attract And Retain Millennial Customers

Finding software that meets your operational and marketing needs can be tricky. That’s where FieldRoutes comes in. Our fully integrated Marketing and Operations Suites give you the tools you need to appeal to millennials and grow your business.

How To Get Rid Of Late Payments Pests

How To Get Rid Of Late Payments Pests

If you need help improving your collections process with cutting-edge technology, contact FieldRoutes. Our experts can help you identify the solutions you need to protect your bottom line.

FieldRoutes helps field service companies simplify, scale, and grow.

Graphic Conversion Panel