Review accounts receivable industry publications to stay informed of trends in collections, bad debt write-offs and accounts receivable systems. Trends in accounts receivable are one of the first signs of changes in an economic climate and important to pay attention to.
Schedule regular meetings with your accounts receivable professionals to discuss industry news and trends. Make sure staff are keeping up to date to ensure the best practices are in place. Follow the three steps below for more guidelines on managing accounts receivable and to stay current with industry trends:
1. Subscribe to accounts receivable industry news.
2. Use accounts receivable market research services.
3. Interpret accounts receivable metrics.
Review accounts receivable industry publicationsSubscribe to the newsletters and magazines provided through the various organizations involved in account receivable management. These firms have set up an accounts receivable system to increase the profile of accounts receivable services and providers. Read these articles for up to date information on industry trends and discussions.
Subscribe to accounts receivable market research servicesJoin your colleagues and subscribe to accounts receivable market research. These services provide a wealth of information on accounts receivable companies, current accounts receivable software offerings and other news. Use the most recent information to shape your decisions and improve your business functions. Analysis the information provided and focus on the changes in the local economy as they have a more direct impact on your firm.
Receive accounts receivable industry reportsInvestigate the various options for accounts receivable solutions by reading the latest news. There are a wide range of accounting rules and practices that have an impact on collections and a/r solutions. Stay informed to avoid costly errors due to changes in law or taxation guidelines. Track the success or failure of collections firms, accounts receivable factoring firms to add to your knowledge of industry trends.
- Accounts receivable is critical to cash flow and success of any business. Invest the time necessary to stay current and take advantage of new technologies or business practices.