Tough Times Call for Tough A/R Practices

By now I would imagine that you are already seeing your accounts receivable aging worsen. Two things are happening now: 1) companies are stretching their payable to provide them with more cash and 2) companies are going under. You need to be vigilant with your collections now more than ever. I just spoke with a partner at an 8 lawyer law firm who said that he is allocating 15 hours per week (of someone's time) to make collection calls. For more on great accounts receivable practices, check out Gene Marks' excellent article "Where is the Money?"