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Accelerate Collection of Your Accounts Receivable

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
In our last article, we talked briefly about how accelerating collection of accounts receivable is one of the best ways to improve your company’s cash flow.

Prompt and timely collection of receivables is important in any economic environment, but especially during uncertain economic times like these. Making things even more challenging for many CFOs is the growing trend among many large corporations to stretch out payments to their vendors as far as possible - in many cases, well past the customary 30-day payment terms.

This article describes how a comprehensive collections strategy is a company-wide effort and makes recommendations in six areas to accelerate collection of receivables: negotiating payment terms, enforcing payment terms, aging reports, payment plans, past-due letters, and collection agencies.

Accelerating collection of accounts receivable is one of the best ways for Los Angeles and Southern California CEOs and CFOs to improve their cash flow. An outsourced CFO services provider may be able to help you devise a comprehensive collections strategy and share expertise gleaned from helping other businesses similar to yours meet collection and cash flow challenges.

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