One of the main processes in financial management is receivables management. After all, to scale your business and reach new customers, you need to have your house in order. Therefore, your processes need to be agile and well-defined .
Your company’s financial management needs to be kept up to date, both for tax purposes and to increase productivity.
You also need to have control over your revenue , so you can plan and determine future investments, as well as distribute your organization’s resources well.
For companies that are on the path to optimizing this process flow, there is good news with the help of technology. In this article, we will explain more about automated receivables management and how it can help your company scale its business. Keep reading!
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What is receivables management?
Receivables management deals with the of organizing all of your company’s accounts receivable. This means that it is through this thailand whatsapp number data method that incoming amounts are recorded , both in the short and long term.
Receivables management keeps track of accounts receivable, their payment sources, and the dates on which these amounts enter your cash register. Therefore, this process is vital to the financial health of any organization.
With good receivables management, it is possible to maintain control over these entries and understand how you can increase your conversions for a certain type of payment.
What are the types of receivables?
Each customer can make a payment using a choose the right keywords and optimize your site for search. method. It is very important that your company offers the main payment methods , such as Pix, credit card and bank slip.
In addition, check out what are the receivables of a company that you should know about and that are key within the financial organization :
1. Sales on credit or in installments
When dealing with installment sales, it is business to consumer database to talk about receivables management. After all, it is in this payment method that it becomes so important to understand how much of your revenue will depend on future income .
In installment sales, the consumer defines the number of installments in which they want to convert a purchase. Therefore, in many modalities, you receive the amount divided monthly.