If you work in an advertising agency, you know how complicated and time-consuming accounts receivable management can be. However, there’s no reason why this part of your job should continue to pose stress. The following guide offers some effective tips to make this process quicker and more effective, so you can focus on more involved tasks. 

3 Simple Ways to Improve Your Accounts Receivable Management

1. Offer Different Payment Options

In the old days, advertising agencies would send their customers bills outlining the payments due for each part of their campaign. Customers would then send in checks to the agency for processing. However, this process isn’t really in line with the most up-to-date payment methods. Consider switching to credit card processing or allowing your clients to pay through online e-commerce platforms. This will offer more instantaneous results, allowing you to close invoices faster.

2. Revisit Your Invoicing Process

As an agency, you have multiple clients and campaigns to manage at once. This can make invoicing difficult, especially if you have to create a new bill that outlines the intricacies of the services complete each time a payment cycle rolls around. If there is missing information or inaccuracies, it will only cause delays in getting the money you are owed. Instead, consider creating template outlines based on the different services and campaigns offered. You can always adjust these to suit the unique nature of each client’s account, but having a go-to template will minimize mistakes and make it easier to get invoices out faster. 

3. Restructure Escalation Tactics

Of course, as the primary point of contact for your accounts, you likely want to be the person who handles escalation cases. However, these types of situations are better left handled by professionals who specialize in past-due debts. Rather than getting bogged down with trying to gather owed payments, opt to work with a collection agency. These experts will take over the communications and responsibilities associated with getting bills paid, so you can focus on other campaigns and accounts that need your attention. 

When you need help with accounts receivable management, turn to the professionals at Joseph, Mann & Creed in Twinsburg, OH. With almost 20 years of experience offering local businesses help with everything from debt collection to credit-to-cash services, they have the skills and expertise needed to ensure your advertising agency runs efficiently. Visit their website for more information on what they do, and call (216) 831-5626 to schedule an appointment today. Follow them on LinkedIn for up-to-date news and information.