As a business owner, you need money to settle your finances and debts. Do you know your AR DSO? Daily? If you’re in a high volume transactional business, does your finance department have a process to reliably repeat invoice generation and collection activities? Let’s explore the options available to you once you have a better scope of your accounts receivables.
Behind on Payments?
When you’ve developed a status quo with a partner, client, vendor, who regularly pays “past due” but still pays, you end up assured that “payment is on the way”. However, this makes it difficult to make long and short-term plans for your own business. You’re missing out on a consistency that only the right business intelligence (BI) tools can provide. What can you do to change your relationship at first? Create an installment plan to help get your partner (client, vendor, etc) out of their debt to you (rather than having to strictly cut off service). This helps generate a solution, gain or continue respect for the relationship, and give them the ability to have some control over their finances again.
Business Intelligence Tools and Strategizing
At ActiveCo, we use BI tools for multiple aspects of the organization. From support desk communication & resolution, to business plan projecting, sales & marketing and procurement. Having instant knowledge, in a clear and readable format (we have ours on big screens around the office) allows us to incorporate that knowledge into conversation and planning.
The only true way to make plans with your partnerships is to have the right knowledge and transparency of your own business. Business owners can’t always wait for their weekly/monthly/quarterly finance meeting to take a peek at things.
We are always learning and growing thanks to our business intelligence tools and our clients are experiencing the same! We would love to show you the benefits of these tools and help you get yourself set up with software that can help you keep track of from where, and when, you should expect a payment. Would you let us show you what we’ve got?
Related Article:
