Accounts receivable (A/R) is arguably one of the most important functions of a business. If customers are paying for any percentage of their purchase on credit, this critical department (or individual) is, in many cases, solely responsible for collecting payments. Without those payments, the company may not survive. And yet, even though A/R plays such a critical part of a surviving (and thriving).
Managing the billing operation for any business means you’ve encountered your fair share of definitions. It’s helpful to know as many as possible, but there are a few key terms that you’ve got to understand in order to function. Invoice We really can’t overstate this point: a huge part of doing business (and keeping afloat) is getting paid. No matter what you are selling, you must have a clear.
If your business is struggling to manage a lot of back-end processes, it might seem like automation is the answer you need. Just automate all those manual processes to speed things up, and you’re done. Right? Not so fast. Automating a faulty process by taking out manual human intervention can be a recipe for disaster. Consider an automobile plant with a standard assembly line. Sending parts.