Small business owners face various challenges, including managing their accounts receivables (A/R) to avoid cash flow surprises. However, even the best clients may face hardships, so staying on top of A/R and promptly addressing a customer falling behind is crucial.
At ZümiFi, we believe good communication is key when reaching customers. Therefore, we recommend sending a friendly reminder once an invoice is past due by over a week. This non-threatening first step brings the overdue bill to the customer’s attention, allowing them to let you know what’s going on.
If there’s no response to your email after a few days, pick up the phone and call. A quick 5-10 minute call can resolve a lot and help you work with the customer to get them current with their balance.
ZümiFi’s Financial Management Services can help you create a disciplined financial routine and achieve your business goals more efficiently and effectively. Our services include customized financial performance monitoring, budget, and cash flow projections, internal controls design and implementation, technology and business process optimization advice, and financial review and oversight.
If you need help establishing best practices for cash flow management and financial performance monitoring, contact ZümiFi today.