Your business may dedicate itself to providing products and services promptly, but your clients may not always be so conscientious when it comes to paying open invoices. Perhaps they’re struggling financially, or have trouble integrating your invoices into their accounting workflow. Fortunately, there are a few accounts receivable management tips for closing overdue invoices.

3 Tips for Collecting Late Payments

1. Offer Digital Options

Many companies that have adopted digital invoice processing systems often have difficulty dealing with hard copies and disbursing physical checks. Sending invoices electronically and setting up online payment options makes paying your invoice as easy as possible, which increases your chances of being paid on time.

2. Hire an Accounts Receivable Management Professional

For many small and medium-sized businesses, collecting on unpaid invoices is time-consuming and overwhelming. A third-party debt collection agency has tools to streamline the process and the professionalism for effective accounts receivable management that will preserve your company’s reputation.

3. Offer Reduced Amounts

Although they may be willing or even eager to pay, your clients may not have the resources to cover the invoice before the due date. This is especially true of small businesses who work on credit and rely on their clients to pay for major jobs before they can pay off debts. Offering to settle a debt for less than your client owes will ensure you receive something, allow you to close out the invoice, and potentially preserve an important business relationship.

No matter what industry you’re in or the size of your company, Joseph, Mann & Creed is a partner you can trust. From their headquarters in Cleveland, they work hard to produce high recovery percentages for all of their clients, with unique approaches tailored to your individual needs. Visit their website to learn more about their accounts receivable management services, keep up with this industry leader on LinkedIn, and call (216) 831-5626 to discuss your needs with a member of their team.