Receivables toolkit: 16 free tools to recession-proof your business

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    Credit control & accounts receivables

    Receivables toolkit: 16 free tools to recession-proof your business

    In uncertain economic times, it's more important than ever for businesses to take proactive steps to recession-proof their operations.

    Chaser offers a range of receivables management tools that can help businesses stay afloat and thrive even in tough times.

    That's why Chaser has put together a receivables toolkit to help recession-proof your business. We have all the assets you need to help keep your cash flow healthy and survive an economic downturn.

    Now more than ever, it is essential businesses manage their cash flow carefully. By putting in place strategies to better manage the receivables process, businesses can reduce the impact of late payments they face during the recession.

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    Asset 1: Free email templates

    Purpose: These email templates can be used to chase late payments and get your invoices paid on time.

    Simply copy and paste the template of your choice into your email client, fill in the blanks with relevant information, and hit send!

    Each of these templates is designed to get results, so you can rest assured that you'll be paid on time.

    Link to download: 8 most effective email templates to get invoices paid on time

    Asset 2: Free SMS reminder templates

    Purpose: These SMS reminder templates can be used to chase late payments and get your invoices paid on time. The benefits of SMS reminders are that they're personal, timely, and can be automated.

    Simply copy and paste the template of your choice into your SMS client, fill in the blanks with relevant information, and hit send!

    Each of these templates is designed to get results, so you can rest assured that you'll be paid on time. SMS messages sent via text have been found to have a 98% open rate (Tyntec), so they can increase your chances of getting your payment reminders noticed, and your invoices paid quickly during a recession.

    Link to download: 20 polite SMS payment reminder messages that will get your invoices paid

    Asset 3: Accounts receivables resources

    Purpose: If you're looking for more ways to improve your credit control, we've got you covered. Check out our blog for tips on everything from automating your invoicing to communicating with late payers.

    We regularly post new articles packed with practical advice, so be sure to bookmark our site and check back often!

    Knowledge is very much power when it comes to credit control, so arm yourself with as much information as possible, and you'll be sure to see results.

    View the accounts receivables resources library.

    Asset 4: Late payment interest calculator

    Purpose: Under most jurisdictions, you're entitled to charge interest on late invoices - and our free calculator makes it easy to work out how much you're owed.

    Just enter the outstanding amount, select the invoice date and input the annual interest rate and the value of the invoice and out pops the amount of interest you're legally entitled to charge.

    Charging late payment fees is a great way to improve your cash flow and ensure you're being fairly compensated for late payments. It allows you to recover the costs associated with chasing late payments, and sends a strong message to your customers that you won't tolerate late payments.

    It's important to note that while you're legally entitled to charge interest on late invoices, you should always exercise caution when doing so. Charging too much interest could damage your relationship with your customer, so it's important to strike a balance between being fair and being compensated for late payments.

    If you're thinking of charging interest on late invoices, be sure to check out our handy guide below. We'll cover everything you need to know, from how to calculate interest to when you can start charging it.

    Use the late payments calculator

    Asset 5: The essential guide to collections for credit controllers

    Purpose: This guide covers everything you need to know about collections, from the basics of sending a reminder letter to more complex topics like issuing statutory demands.

    If you're new to collections or just need a refresher, this guide is essential reading. We cover everything from the basics of sending a reminder letter through to more complex topics like issuing statutory demands.

    You'll learn:

    • How to send a reminder letter
    • What to do if your payment is overdue
    • How to issue a statutory demand
    • What to do if your debtor doesn't pay the statutory demand
    • How to take your debtor to court

    See everything you need to know about collections in one handy guide, so you can get paid what you're owed as quickly and efficiently as possible.

    Link to download: The essential guide to collections for credit controllers

    Asset 6: Guide to what to do when customers aren't paying


    Purpose: This guide covers everything you need to know about collections, so you can get paid what you're owed as quickly and efficiently as possible.

    Late payments are a huge problem for small businesses - in fact, it's one of the main reasons why so many businesses fail within their first year.

    With this guide to hand, you'll be able to take action quickly and efficiently when customers don't pay on time, so you can get paid what you're owed and keep your business afloat.

    You'll learn:

    • An overview of the collections process
    • The different stages of collections
    • How to chase payments effectively
    • What to do if a customer refuses to pay
    • How to use debt recovery agencies

    By the end of this guide, you'll know exactly what to do if a customer doesn't pay on time, and you'll be able to get your payments in quickly and efficiently.

    Link to download: What to do when customers aren't paying 

    Asset 7: 8 templates to get invoices paid during a recession

    Purpose: A recession can be a tough time for businesses, especially when it comes to getting paid.

    In this guide, we'll give you eight templates that you can use to get invoices paid during a recession.

    If you're finding that customers are struggling to pay on time, you're not alone. In fact, late payments are one of the biggest challenges businesses face during a recession.

    The good news is that there are things you can do to improve your chances of getting paid.

    With these templates, you'll be able to:

    • Draft effective payment reminders
    • Communicate late payment fees
    • Offer payment plan options

    Link to download: 8 templates to get invoices paid in a recession

    Asset 8: How to recession-proof your receivables

    Purpose: This guide shows readers how to recession-proof their receivables

    When a recession hits, businesses of all sizes feel the pinch. Cash flow becomes tighter and customers may start to default on payments.

    If you're worried about your receivables during a recession, there are steps you can take to protect your business.

    Here are some tips for recession-proofing your receivables:

    • Keep lines of communication open
    • Be flexible with payment terms
    • Offer discounts for early payment
    • Send timely invoices and reminders
    • Consider offering financing options

    Following these tips, you can help ensure that your business weathers the storm. For more information on how to manage your receivables, download this guide.

    Link to download: How to recession-proof your receivables guide 


    Asset 9: Offering payment plans to customers - when, how, and why

    During a recession you may need to support your customers trying to pay you when encountering cash flow strains of their own.

    By offering payment installment plans, you can allow your customers to break larger invoices down into smaller, easier to manage installments. This means that you are more likely to receive payments on time than if you asked for the total amount in one go. 

    Link to download the free guide: Offering payment plans to customers - when, how, and why

    Asset 10: Credit control policy template

    Purpose: As we've already mentioned, accounts receivables management is critical for any business, but it can be difficult to know where to start.

    That's why we've created this free credit control policy template, which you can use to create your own tailored credit control procedures. In order to make the most of this template, be sure to customise it to fit your business's specific needs.

    Link to download your credit control or accounts receivables policy template

    Asset 11: Invoice tracker

    Purpose: Stay up to date on your customers' outstanding balances and what's due when with this handy invoice tracking template.

    It can be difficult to keep track of invoices and whats due from who, when. Without a proper tracking system in place invoices and payment records  can easily slip through the cracks, increasing your chances of late payments or worse - following up on a payment that has already been made.

    With this invoice tracker template for google sheets and excel, ensure you are always on top of what’s due, from who, when.

     

    Asset 12: Call scripts to get invoices paid over the phone

    Purpose: Particularly when dealing with the impacts of a recession, customers may be struggling to pay you. A quick phone call can often help you understand the issues they are facing and the best course of action for them to make payment.

    Discussing payments over the phone can be the best way to follow up on payment when they are experiencing cash flow issues or have payment disputes or invoice queries. This is because phone calls allow more conversation and can help you gain a better understanding of the issues your customer is facing that are holding up payments.

    See in these 10 call scripts how to handle queries, disputes and ask for payments over the phone.

    Asset 13: Accounts receivables KPI tracker

    Purpose: If you don’t measure your accounts receivables performance, you can’t improve it. Spot areas for improvement and improve efficiency by tracking AR KPIs month-over-month

    There are a number of accounts receivables KPIs you should be tracking in your team, which can help you spot areas to improve operational efficiency, problem accounts, and key insights that will help you improve on your bottom line.

    Link to download your accounts receivables KPI tracker.

    Asset 14: On-demand webinars

    Purpose: Our webinars provide expert insights and actionable tips on how to improve your credit control function. By requesting this asset, you'll also be added to our mailing list and will receive invitations to future webinars that may be of interest.

    Request your on-demand webinar here.

    Asset 15: On-demand outsourced credit control webinar

    Purpose: Credit control is an important function for any business, but it's one that is often outsourced.

    There are a range of benefits to outsourcing your credit control, from freeing up internal resources to improved cash flow.

    In this webinar, we'll explore the benefits and challenges of outsourcing credit control and provide some tips on how to get the most out of your outsourcing partner. Also hear from existing outsourced credit control users Combat Pest Control on their experience with the service

    Access the outsourced credit control webinar.

    Asset 16: How to recession-proof your business with better cash flow management webinar

    Purpose: Cash flow management is critical for any business, but it's especially important in times of economic uncertainty.

    In this webinar, we'll explore some simple techniques that can help you improve your cash flow and make your business more resilient to economic shocks. This webinar includes advice from cash flow management experts at Chaser and other cash flow experts from cash flow management provider Float, expense management software Soldo, and agency advisory and finance expert Mark Probert of Agencynomics.

    Access the how to recession-proof your business with better cash flow management webinar

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