Managing customer payments efficiently is a crucial part of running a successful business. Late or missed payments can disrupt cash flow, affect profitability, and create unnecessary financial strain. Two important tools that businesses use to manage receivables are statements of account and dunning letters. These tools help companies maintain transparency, remind customers of outstanding invoices,… Continue reading The Importance of Statements of Account and Dunning Letters in Business
Tag: customer communication
Mastering MBR for Collections Teams: Strengthening Internal and Client Collaboration
In the world of collections, managing overdue invoices is not just about sending reminders or making calls. It requires a structured approach, clear communication, and continuous performance tracking. One of the most effective tools for ensuring efficiency in collections is the Monthly Business Review (MBR). An MBR serves two critical functions: A well-executed MBR ensures… Continue reading Mastering MBR for Collections Teams: Strengthening Internal and Client Collaboration
Understanding Average Days Delinquent (ADD): A Key to Healthier Receivables
Every business that sends out invoices wants to get paid on time. But in reality, customers don’t always stick to the due dates. Some pay late by a few days, others by weeks, and in some cases, even months. To keep track of how far past the due date your payments are arriving, there’s a… Continue reading Understanding Average Days Delinquent (ADD): A Key to Healthier Receivables
