How do you know if your Accounts Receivable department and process are efficient?
Is there a way you could score them in an easy to understand format like on a report card?
When we asked these questions to Accounts Receivable teams, the general reaction was, “Sure, it’d be nice to stop and evaluate things, but we’re trying not to fall behind on all of the daily tasks. We need to collect our money first. We’re in survival mode over here.”
Which is totally understandable. When you have late customers to call, new invoices to create, customer disputes to follow up on, and everything else in between; a few hours spent “analyzing Quickbooks reports” falls to the back burner.
So we decided to do these reports for you. At FinanceFuel, we enable companies to connect their QuickBooks and other accounting softwares to FinanceFuel and then we analyze over 20 different aspects of a company’s Accounts Receivable. We provide a score for each category and identify where your strong areas are and places that can be improved.
(Click here to get your Accounts Receivable report card started.)
I won’t list all the categories out here, but the list includes:
- How long are customers taking to pay?
- How much is written off each year? Or floated through a business line of credit
- Are you charging interest on late payments?
- What’s the Accounts Receivable turnover ratio, aka what’s the percentage of sales vs. what’s actually in the bank?
Package these scores together in one easy to follow report card. We use the school grading system too — A means you’re doing great, D means… “room for improvement.” The good news: our report cards require no parent signature.
From there, we have suggestions and next steps ready to go for your team. You can even start putting FinanceFuel in charge of different Accounts Receivable tasks, freeing up your workload to tackle more important projects while we speed up the overall cash flow.
Or, if you’re a business owner reading all of this thinking, “We don’t really have an Accounts Receivable department. Our A/R is just me when I have a few minutes to spare,” let’s set up some time to chat. We’ll show you how FinanceFuel can function as your A/R department but work inside the accounting tools and software you already use. No new software to learn and nothing to install.
Think of FinanceFuel as part teacher / accounting expert / and part extension of your finance team. Together we’ll get your A/R score to the top of the class.
FinanceFuel accelerates a business’ cash flow by speeding up Accounts Receivables. You can get started on your report card here. We remove the remedial processing and collection tasks so employees can focus on high-value work driving the business forward. You can learn more about FinanceFuel on our website or, if you’re interested in speaking directly with a member of our customer success team, send us a note (email@example.com) and we’ll get back to you right away. Thanks for reading the blog, we’ll have regular content up on Mondays, Wednesdays, and Fridays.