Is your receivables cycle a little longer than you'd like? Is it much more costly than it should be? If so, you're not alone. Just about every company could improve their receivables processes. One of the largest challenges is that improving the process means wrapping your arms around a whole lot of variables. How many variables are in the equation that ultimately equals your company receiving payment for goods or services it supplied its customers? Two, Three, Ten?
In this series, we'll explore a handful of variables that affect your business' receivables processes, and in return, your bottom line.
Cash: More and more, cash—as in the cold hard kind—is becoming a thing of the past. Cash costs businesses a ton of money every year in transportation and handling fees. While it's still the most anonymous form of payment, anonymity likely doesn't have a starring role in your receivables anyway.