Believe it or not, getting customers to pay you quicker is not as complicated as it seems. It’s about being specific, consistent and staying on top of your accounts. In this video we will explore 8 simple ways you can make the process of collections and accounts receivable a little easier. Create a Credit Application: this gives you a chance to get as much info as you can on customers in order to make proper credit decisions. If you decide go forward, be sure to have them sign a contract that states clearly the amount due and terms for payment. This will ensure and easy and smooth collections and accounts receivable process. Credit Limits: Think about starting with moderate terms, allowing them to work up to more flexible ones. This gives you a chance get to know customers’ payment habits, while providing customer incentive for on-time payments, as a result ensuring collections and accounts receivable goals are met. Creatively Communicate: Why not follow your customer on social media, even commenting on their posts once in a while. This creates an emotional connection, making it harder for them to pull a fast one on you. When it comes to collections and accounts receivable customers are more likely to pay if they like you. Start Early: If it’s a week before payment is due, and still no check, shoot the customer a friendly reminder email simply reiterating the due date. No need to be harsh, remember they haven’t paid late yet! Just a way to get a head of the collections and accounts receivable process. Don’t Wait: Believe it or not, some of your customers haven’t paid because they just forgot. First rule of collections and accounts receivable is as soon as the payment is past due, send a reminder letter. Try not to be generic, the language should be specific to the customer. Collection Call — if you received no response to your letter, it’s time to get on the phone. Although it’s easy to sympathize, accounts receivable is about action and you must require some from the customer. Get acquainted with the most common late payment excuses and learn how to respond to each one. Installment Plans – When you do come across a customer who is in a financial hard spot, installment plans are key. Being paid back in a smaller amounts over time is MUCH better than a customer not paying you at all. This is all part of the collections and accounts receivable process. Finance Charges and Rewards – Whether it is to have consequences for paying late, or rewards for paying early, help give customers a little push in getting that cash to you on time. Consequences and rewards is a great strategy for improving collections and accounts receivable.
FAQ
Most frequent questions and answers
Co-operative education is a three-way partnership between the university, students and employers. Students apply their classroom knowledge in a series of four-month work experiences. You, the employer, enhance a student’s education, while reaping the unique benefits of CO-OP employees.
- Year-round access to well-motivated, qualified employees.
- Access to potential full-time staff in a controlled environment, reducing your costs and risks.
- Access to a cost-effective source of temporary employees for peak periods or special projects.
- A say in what students learn by working with the university.
- Promotion of your organization as one that believes in developing the potential of young people.
- Access to a great pool of French-speaking, English-speaking and bilingual students.
Most work terms run at least 15 weeks, or four months. They can be no shorter than 13 weeks. Some master’s students, as well as some science and engineering students, are available for 8 or 12 months’ work terms.
All jobs are reviewed by a CO-OP Program Coordinator, and only those providing students with work experience related to their professional development are approved. Administrative activities involved in a job should be less than 10% of the entire workload.
When you first contact SSC, you are assigned one of our Program Coordinators, depending on your discipline of interest. This person is your main contact in our office. As you move through the recruitment process, you also work with a representative from CO-OP Administrative Services, who assists with job posting and interview scheduling.
Internships offer usually one discipline-specific, supervised, structured paid or unpaid, and for academic credit work experience or practice placement.
Work Experience intersperses one or two work terms (typically full-time) into an academic program, where work terms provide experience in a workplace setting related to the student’s field of study and/or career goals.
Community Service Learning (CSL) integrates meaningful community service with classroom instruction and critical reflection to enrich the learning experience and strengthen communities. In practice, students work in partnership with a community-based organization to apply their disciplinary knowledge to a challenge identified by the community.
Field Placement provides students with an intensive part-time/short term intensive hands-on practical experience in a setting relevant to their subject of study. Field placements may not require supervision of a registered or licensed professional and the completed work experience hours are not required for professional certification. Field placements account for work-integrated educational experiences not encompassed by other forms, such as co-op, clinic, practicum, and internship.
