Believe it or not, many business owners struggle to get paid on time. Not because they don’t have a strong, profitable client base, but because they lack a reliable system for managing a project from start to finish, including receiving payment for a project completed.
With day-to-day operations and production getting much of the focus, it’s common to overlook cash flow until there is a major problem. Unfortunately, poor cash flow has dire consequences, like the inability to restock inventory, pay salaries or rent, interest and late payment fees, and restricted growth opportunities to name a few.
These negative effects can be drastically minimized, however, by creating a well-planned and documented Accounts Receivable process. Even when problems arise, you will greatly improve the cash flow of your business by ensuring that billing and payment collection occurs on a regular schedule.
In this presentation, we illustrate an easy three step process you can review with your own accounting team to determine areas where you have potential for improvement.
Keep in mind, your system can be customized to your needs.
Dehradun Call Girls Service ☎ ️82500–77686 ☎️ Enjoy 24/7 Escort Service
Get Paid on Time, Every Time with an Accounts Receivable Process
1. GET PAID ON TIME,EVERY
TIME
with anAccountsReceivableProcess
Equilibria,Inc.
2. You Need Moneyto Run
Your Business
There’s nothing worse than waiting to get paid
for goods and servicesalready rendered.
3. Don’t Get Angry with
Your Client, Take Action!
You DON’T havetouse mafiatactics
to get paidon timeandpaidinfull...
but you DO need to get tough with your process
4. All small businesses havea process forgetting paid,
even if it does not work very well.
7. A PROCESS is a visual representation of a Standard
Operating Procedure (usually in a flowchart).
A Standard Operating Procedureis a written, step by stepplan with a repeatable way to
produce results (getpaid ontime).
1. Tell them what you’re gonnatell them.
2. Tell them.
3. Tell themwhat youtold them.
4. Questions?
4a. If yes, then answer question.
4b. If no, then end presentation.
9. What people, tasks and technologymust first bein place to
start the project?
Write it down.
STEP 1 Start from the Beginning
Accountant/
CPA
Bookkeeper
PEOPLE
GenerateReceipt
ReviewAgingA/RReport
Reconcile Books
DepositPayment
CreateInvoice
AcceptPayment
TASKS TECHNOLOGY
Accounting Process Templates Available Here
10. How do you ensuredelivery ofgood product or servicethat clients
will not want torefund?
Write it down.
STEP 2 Figure out How to Meet Client Expectations
Accounting Process Templates Available Here
Earnings Process Complete Exchange Transaction Revenue Recognition
11. Howdo you currently receivepayments?
Write it down.
STEP 3 Keep the End Result in Mind
Accounting Process Templates Available Here
12. What could go wrong when you receivepayment? How
will you react?
Write it down.
STEP 4 Play “Devil’s Advocate”
Accounting Process Templates Available Here
Checkbounces
Creditcarddeclined
Received wrong credit cardinfo
Customer files a credit chargeback
Cash is counterfeit
13. Use the info from Steps 1 –4.
STEP 5 Write out the entire procedure
Accounting Process Templates Available Here
14. Youcanalso create aprocess map/flowchart
to visualize yourStandardOperating Procedure.
Accounting Process Templates Available Here
Click here to
download this
flowchart FREE!
15. Summary to Better Cash Flow
PROCESSINPUTS OUTPUTS
• People
• Tasks
• Technology
• Service or Product
Delivery
• On-TimePayment
• Paymentin Full
www.eqbsystems.com
16. Thankyou for yourtime! Please giveus FEEDBACK in the Comments section below.
It’s Time to Get Tough with Your Cash Flow!
Sign up forour monthly tipsandreceive a FREE version ofthe
Accounts Receivable Standard Operating Procedure andProcess
Flowchart templates used in this presentation.
Click here torequest a FREE one hour phone consultation if you
want help creating your veryown Accounts Receivable process.