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When your business is in the beginning stages, it feels normal and almost necessary to do everything yourself. However, when you are juggling all parts of your business, many things can slip through the cracks. One of those things is making sure that your accounts receivable “department” is in good standing. If you find yourself constantly stressed about your cashflow, perhaps wondering how you can improve your cash flow, looking into how you can outsource accounts receivable is advised.
One of the biggest reasons businesses don’t get paid on time, or don’t get paid at all, is because they don’t know the proper procedures to have in place when engaging with a new client. Sometimes the excitement of a new client can get in the way of the “how are you going to pay” conversation. With a professional on your side, they will be able to work with you to set up procedures so that you and the client know what to expect in the billing process.
In certain cases, clients aren’t able to pay their invoice in full. If this happens, you would begin negotiating how the invoice would be paid. When you outsource accounts receivable, a financial professional is taking care of the negotiation process for you. This eliminates any possibility of manipulation or bias. A professional is helpful in this specific situation because they have experienced many different negotiations.
Time is the most valuable asset a business owner can have. You didn’t start your business with the hopes of also becoming a collections agent. Worrying about clients paying is something a business owner should never have to worry about, which is why we encourage you to outsource your accounts receivable department. As your business grows, you should be spending more time perfecting your craft, not chasing invoices.
Learning to delegate is one of the best things you can do for yourself as a business owner. By hiring someone and outsourcing your accounts receivable, you are giving yourself the gift of time. Time to be with your family, time to perfect your craft, and time to simply not worry about outstanding invoices.
If you’d like to learn more about how you can give yourself the gift of time, I encourage you to check out our contact us page and send us a message! The gift of time is our favorite gift to give, and probably your favorite gift to receive.