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What are the Most Common Accounts Receivable Challenges?

Addressing the most common accounts receivable challenges plays an important role in improving cash inflows for any business. Here are examples of issues business face when managing accounts receivables:

  • Poor record keeping. Keeping track of how much customers owe, payment due dates, customer disputes, and other A/R-related information is vital to proper A/R management. Manual tracking can cause discrepancies and increase opportunities for error or fraud.
  • Executing an effective credit policy. Before extending trade credit to customers, you need to do a credit check to make sure they can pay you back. Without a reliable way to determine the creditworthiness of your customers, you are more likely to run into problems when it’s time to collect the amounts due. 
  • Collections. When customers fall behind in payment, sellers spend time and resources trying to collect payments. Late payments result in financing challenges like reduced cash flow.
  • Lack of communication with customers. Your business needs to remind customers when to make payments and send follow-ups about late payments to improve collection rates. 

Most challenges in A/R stem from a manual and labor-intensive process. You can improve collections and cash flows by taking advantage of trade credit and A/R automation solutions.


Trade Credit on Autopilot

Talk to our specialists to learn how Apruve can reduce fixed credit & A/R costs and team effort by over 50%.