Accounts Receivable Management
July 31, 2014 at 8:00 AM
Account Receivable Management used to be sending someone a bill and if they did not pay, you sent them a reminder. If they did not pay then - you would consider taking that client to a collections agency, small claims court, and/or a lawyer. That was all you had to do. In today's environment you have to defend your actions. In today's environment you can expose yourself and any one of 100 ways.
We did a survey of 100 companies in Nebraska and found that the majority of those companies had an account receivable management practice that did not agree with a state or federal statute. It's not easy to keep up with the myriad of different laws and statutes that are created each and every year.
When was the last time you reviewed your invoicing procedures and processes? Do you know the laws regarding invoicing?
Do you know what the state statute is for maximum interest that can be charged to a client ?
Our new website provides you with information regarding Accounts Receivable Management. Our goal is to educate both our clients and consumers in a way that helps everyone involved. Visit our new site often for new information and articles.