Thomas Aronica is the Founder & CEO of Biller Genie, a solution that automates accounts receivable to get businesses paid faster.
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Accounts receivable (A/R) is a term to describe the amount of unpaid money owed to a company for services rendered and/or goods sold. Some clients pay quickly, others let their invoices sit and some pay late.
Yes, late payments are a reality. However, several misconceptions surrounding A/R processes plague businesses. If you believe some of the common myths in this article, how you handle your accounts receivable could be a bigger problem than late-paying customers.
Misconception: Late Payments Are Solely The Client’s Fault
Individual responsibility is a reality. If someone makes an agreement for products/services, it’s right for them to meet the payment terms. Providing a quality customer experience flows from your initial agreement all the way through the life of the account, including payment. Given that six in 10…