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Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
Get Paid on Time, Every Time with an Accounts Receivable Process
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Get Paid on Time, Every Time with an Accounts Receivable Process

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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 …

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.

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  • 1. GET PAID ON TIME, EVERY TIME with an Accounts Receivable Process Equilibria, Inc.
  • 2. You Need Money to Run Your Business Equilibria, Inc. There’s nothing worse than waiting to get paid for goods and services already rendered.
  • 3. you DON’T have to use mafia tactics to get paid on time and paid in full... Don’t Get Angry with Your Client, Take Action! Equilibria, Inc. but you DO need to get tough with your process
  • 4. All small businesses have a process for getting paid, even if it does not work very well. http://eqbsystems.com/smallbusinessprocesses.htmlEquilibria, Inc.
  • 5. Can you identify your process for getting paid on time, every time? Accounting Process Templates Available HereEquilibria, Inc.
  • 6. How Can You Improve Cash Flow? Accounting Process Templates Available Here Equilibria, Inc. Accounts Receivable Process might be the answer!
  • 7. A process is a visual representation of a Standard Operating Procedure (usually in a flowchart). A Standard Operating Procedure is a written, step by step plan with a repeatable way to produce results (get paid on time). Accounting Process Templates Available Here Equilibria, Inc. 1. Tell them what you’re gonna tell them. 2. Tell them. 3. Tell them what you told them. 4. Questions? 4a. If yes, then answer question. 4b. If no, then end presentation.
  • 8. ---------------------------------------------------------------------------- LET’S GET STARTED -----------------------------------------------------------------------------
  • 9. Step 1: Start from the Beginning What people, tasks and technology must first be in place to start the project? Write it down. Generate Receipt Review Aging A/R Report Reconcile Books Deposit Payment Create Invoice Accept Payment PEOPLE TECHNOLOGYTASKS Equilibria, Inc. Accounting Process Templates Available Here Accountant/ CPA Bookkeeper
  • 10. Step 2: Figure out How to Meet Client Expectations How do you ensure delivery of good product or service that clients will not want to refund? Write it down. Equilibria, Inc. Accounting Process Templates Available Here
  • 11. Step 3: Keep the End Result in Mind How do currently receive payments? Write it down. Equilibria, Inc. Accounting Process Templates Available Here
  • 12. Step 4: Play “Devil’s Advocate” What could go wrong when you receive payment? How will you react? Write it down. • Check bounces • Credit card declined • Received wrong credit card info • Customer files a credit chargeback • Cash is counterfeit Equilibria, Inc. Accounting Process Templates Available Here
  • 13. Step 5: Write out the entire procedure Equilibria, Inc. Accounting Process Templates Available Here Use the info from Steps 1 – 4.
  • 14. You can also create a process map/flowchart to visualize your Standard Operating Procedure. Click here to download this flowchart FREE! Equilibria, Inc. Accounting Process Templates Available Here
  • 15. Summary to Better Cash Flow •People •Tasks •Tech Inputs Service or Product Delivery Process •On-Time Payment •Payment in Full Outputs Equilibria, Inc. Accounting Process Templates Available Here
  • 16. It’s Time to Get Tough with Your Cash Flow Equilibria, Inc. Thank you for your time! Please give us feedback in the Comments section below. Click here to download a FREE version of the Accounts Receivable Standard Operating Procedure and Process Flowchart templates used in this presentation. Click here to request a FREE one hour phone consultation if you want help creating your very own Accounts Receivable process.
  • 17. Image Credits • Page 1: http://pastorrodneylord.blogspot.com/2012/11/paid-in-full.html • Page 2: http://lilspydermunkey.wordpress.com/2013/03/02/its-not-a-girl/ • Page 3: design.superholik.com • Page 4: http://www.csib.org/true-false-2/ • Page 5: http://www.smartpassiveincome.com/i-am-a-blackbelt-true-or-false/ • Page 6: http://babiesjoyful.blogspot.com/ • Page 10: http://www.principlesofaccounting.com/chapter3/chapter3.html • Page 11: http://www.1stclasstraveltaxis.co.uk/payment_methods/payment_methods.html • Page 12: http://www.pic2fly.com/Devil+Pitchfork.html • Page 13: http://eqbsystems.com/smallbusinessprocesses.html • Page 14: http://eqbsystems.com/smallbusinessprocesses.html • Page 16: http://theinfothority.com/ Equilibria, Inc. Accounting Process Templates Available Here

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