Accounts receivable is perhaps the most critical process for SMBs to conquer as its improper management could lead to unhealthy cash flows. There are several challenges that SMBs encounter during their accounts receivable process cycle such as: difficulty in matching payments to invoices, receiving late payments, rising Days Sales Outstanding (DSO), invoice delivery problems, customer resistance to electronic invoice adoption, customer attempts to extend terms, very limited payment methods and inaccurate and outdated information.
These challenges can be mitigated if SMBs take control of their accounts receivable process. However, they must understand and employ the right steps in the right way. Outlined below are some suggested steps to take:
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