If you have ever received an invoice from Disney Cruise Line after an amazing trip on the Disney Dream, Disney Fantasy, Disney Wonder, or Disney Magic; you have seen my work. From a word document that was manually typed by hand for each Guest to a semi-automated invoicing system that tracked timing of invoices, collection rate, and current standing. Collecting money that is owed to your company can be challenging. DJR Jeeves Consulting will work with you to identify areas of improvement in your billing and collections process and build the tools needed to get the job done.
It sounds simple. Send an invoice…get paid. Invoicing is not that simple. The invoice layout and the message that is used to collect the money that is owed to your business are very important. In addition, the options for payment need to be simple. If it is not easy for your customers to pay your business they will not pay. Furthermore, sometimes mail gets discarded or ignored. The consistent timing of invoices and the chosen methods of communication are major determining factors in whether or not your business gets paid.
Bad Debt Collections
At some point your business must write-off accounts which are deemed to be uncollectible. Entering the collections business is not your top priority, but you still have some options. A choice can be made to send these uncollectible accounts off to an agency for collections. In an agreement such as this, your business can recoup a percentage of amounts that were originally owed to your business but, ultimately collected by the agency.
The saying is, “Fool me once, shame on you; fool me twice, shame on me.” This saying was meant for billing and collections! Bad customers often find loopholes in the system. Bad customers realize that the threshold for invoicing in some cases is set at a certain amount which they will not exceed. These bad customers will tax your company over and over if you don’t keep track of them. Keeping a list of the customers that have sailed away free is your first defense against uncollectible accounts. Building a strong process to identify these bad customers is a must for any business.
Work with DJR Jeeves Consulting to collect more and improve the effectiveness of your business’s collection process.