Manage your debtors and simplify debt collection with financial accounting software from QuickBooks
In any business, it is vital to manage and monitor the activity of your debtors, as debt management and collection is an essential component of the company’s cash flow. However, debt collection is a challenging process for many businesses – and that’s where QuickBooks’ financial accounting software is so valuable.
How will financial accounting software help in the process of debt collection, you may be asking? Simple: One of the software functions included in QuickBooks’ financial packages is professional debt collection capabilities.
Draw collections reports with QuickBooks’ financial accounting software
Collections reports and collection letters are designed to make the process of debt collection easier.
Collections reports enable financial managers or business owners to follow up on payments owed by a customer. A collections report provides all the necessary information for the outstanding invoice – such as the debtor’s name and phone number – making it easier for you contact the customer and follow up on the outstanding payment.
One of the advantages of QuickBooks’ financial software is the ease with which reports can be printed. It’s helpful to print the collections report and have it on hand when you contact the errant customer. Having a hardcopy allows you to write comments made by customers and make notes during discussions – greatly assisting the follow-up process.
With QuickBooks’ financial accounting software, it’s also easy to duplicate and print collections reports and invoices, simplifying your filing processes and enabling you to provide customer copies quickly and efficiently.
QuickBooks’ financial accounting software makes it easy to create collection letters
QuickBooks also creates professional collection letters, which serve as payment reminders for debtors. Using our accounting software, you’ll be able to compose these letters quickly and accurately, including such details as the outstanding debt amount and the date upon which monies were payable.
Although this is an effective means of remaining abreast of your debtors’ payment activities, it’s also very important to review your A/R – or accounts receivable – each month. Each time you provide credit to a customer and provide him or her with an invoice, QuickBooks’ financial accounting software will record it as an account receivable. Our software makes it easy to create, review and manage your business’s A/R, to ensure that you’re always aware of how much is owed to your company, and by whom.
Manage your debtors – simplify the debt collection process
If your business offers credit to customers, it’s important that you maintain regular contact with your clientele. Send invoices and collection letters reminding customers to settle their accounts. If monies are in arrears, draw collections reports, identify the overdue accounts and be sure to follow up on these debtors. Most importantly, however, you should be selective about which customers to give credit to. Giving credit to any and every customer will increase the incidence of bad debt, and also make the debt collection process much more difficult and time-consuming.
Save time AND recover debt with QuickBooks’ financial software
QuickBooks financial accounting software assists you in monitoring your debtors and managing the debt collection process efficiently – improving your chances of recovering outstanding payments. Contact QuickBooks today to find out more about our professional accounting software, tailored to help you manage your debt collection process.