4 Effective Ways to Recession-Proof Your Accounts Receivable Department
By Eduardo Lopez
June 18, 2020 — Scotts Valley, CA
(Image source: Paystand)
Increase business resilience during economic downturns
The recent economic volatility has led businesses to be more careful about how they manage their cash. In these times, it’s helpful for accounts receivable teams to focus on improving cash flow and strengthening their payment process.
There are plenty of ways AR managers can “recession-proof” their departments, including expediting payment collection, reducing processing costs, automating manual tasks, and in some cases monetizing the payment process.
From protecting your cash flow to streamlining the payment collection process, let’s take a look at a few ways to recession-proof your accounts receivable and make your business more resilient during economic downturns.
Digitize Your AR Process and Operations
If there’s one lesson to be learned, it’s that every business needs to be digital (or at least have a digital backup plan for their operations). We’ve seen many businesses who struggled to get their customers to adopt digital tools suddenly push digital transformation projects to the finish line.