A poor collection system stifles a business’s cash flow and can reduce its inventory turnover. Indeed, inadequate cash flow leads to a lot of problems for businesses. Because of a lack of capital, the business may miss out on great investment offers, and advantageous sales. In the long term, they may also have problems paying wages and handling their financial commitments.
As a business owner, it is important to bear in mind that there may be delayed or missed payments. If you make supplies on credit, there is also the chance of getting paid very late. To get reimbursed, you may need to reach out to customers individually. Or better still, outsource collections to a payment and collections software.
Software solutions like Silo automate collections, reconcile payments, track outstanding payments, schedule payment reminders, and facilitate multiple payment methods—all within a single platform. Visit https://usesilo.com/products/payments to learn more about this collection solution.Read More about 5 Tips to Better Handle Collections in the Produce Industry