If you’re a small business owner, there are likely parts of running your own business that you don’t enjoy doing. However, when you’re the one and only person working for your business, all the hats are going to have to fall on your head, including the hats that you’d rather not wear. Because of this, it’s crucial that you’re able to find ways to accomplish these tasks, like managing accounts receivable, that might not be the most enjoyable for you. So to help with this, here are three ways you can make accounts receivable easier for you to manage as a small business owner.
Keep Better Track Of Your Customers
It can be hard for you to get the payments you require from your customers when you haven’t spent the right amount of time or resources ensuring that you have the ability to get in contact with them. Because of this, Dennis Najjar, a contributor to The Balance Small Business, advises that you make maintaining accurate and complete customer information a priority. The better you’re able to keep track of customers or clients that owe you money, the easier it will be for you to make good on your accounts receivable.
Stop Trying To Be Too Friendly
One problem you might run into as the owner of a small business is trying to be too nice to those who owe you money. While you do want to be respectful and create a reputation for yourself as a business owner that people like and want to work with, you also need to protect yourself from being taken advantage of. To help with this, Rieva Lesonsky, a contributor to Score.org, recommends that you reach out immediately once you notice that someone is behind on their bill. This little nudge may be just what they need to get their finances situated and get your payment to you. At this point, if the payment doesn’t look like it’s going to come, you might want to try your best to make getting repayment as simple as possible, which might mean agreeing to a payment plan or sending paperwork that’s already inked and ready to be sent back to you with the payment.
Expand Your Options For Payment Methods
In accordance with the suggestion mentioned above, to increase your chances of getting your accounts receivable taken care of, April Maguire, a contributor to Intuit Quickbooks, recommends that you try to expand your payment method options in order to make things easier on your customer or clients. If they have multiple options for how to send in the payment they owe, it now becomes much easier for them to settle their account and for you to get the cash flow that you need.
If your small business had a hard time with accounts receivable, consider using the tips mentioned above to help you iron out the wrinkles in this area of your company.