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In previous posts, we covered various ways that switching to industry-specific ERP software, such as the automation solutions offered by Oneir Solutions, can make it easier to manage accounts receivable and streamline payments.  However, there will always be the occasional customer who cannot or will not pay, who must be sent to collections for more direct action.

It is crucial to have a well-defined policy on handling collections, to help create a beneficial balance between encouraging payment while avoiding harassment.  Some key factors to consider include:

How many days should pass after a due date, before collections activity begins?
How often should collections calls be placed?
How many days should pass between each level of escalation in collections activity?
How much time needs to pass before legal action is threatened, then taken?

As with other aspects of accounts receivable, the solutions provided by Onier Solutions offer ways to streamline this process, as […]

It’s no secret that if you don’t collect on the accounts for your services, you won’t get very far in today’s business world. Although it isn’t always the most exciting job, accounts receivables are a necessary aspect of business, especially for those that want to grow and experience long-term stability.

Nowadays it’s no longer necessary to have staff spend precious hours calling and managing accounts with clients. The industry-specific ERP software available from Oneir Solutions eliminates the need for expending valuable resources on accounting tasks. Here are some of the ways switching to an automated accounts receivable system can benefit your business.

Increased Efficiency

One of the foremost advantages of implementing industry-specific ERP software to automate your accounts receiving processes is the immense amount of time you’ll save. You’ll be able to keep track of outstanding and missed payments, receive collection reports and contact customers regarding invoices all from one […]

In the prior post, we touched on some of the ways switching to automated accounting services can help you keep better track of client payment history and streamline processes. However, even with the added oversight and improved customer services offered by industry-specific ERP solutions, there may still be times when clients don’t always meet their payment schedules.

In addition to offering incentives for paying on time, there are a few penalties you can implement that will give clients a bit of a nudge without being too problematic. We’ve discussed some of them below.

Penalties for Late Payments

One of the most common penalties companies often enforce for late payments is charging a small percentage on overdue invoices to encourage a timelier payment. Of course, how much your firm is legally able to charge for overdue payments will vary depending on your locale, so making note of all the legalities beforehand is essential.

This […]