Finance: How Can I Reduce My Accounts Receivable
Episode description
In this episode, Grunder Landscaping VP Vince Torchia delves into different ways to help you reduce your “days outstanding” in relation to A/R (accounts receivable).
Collecting payment for work you've done is a critical part of maintaining strong cash flow at your landscaping company. Tune in to hear simple strategies companies can use to collect payments from clients promptly.
Discussion Points:
- Collections are slowing in general
- Calculating A/R “days outstanding”
- Automation can help - credit cards and ACH’s
- Building in credit card fees, discounts for cash
- Providing a portal for customers to pay through
- Assigning A/R responsibility to one person within the company
- Setting up the process so everyone is aware
- Recap
The Grow Show podcast is sponsored by STIHL and brought to you by The Grow Group - a leading coaching and education firm for landscape professionals. Your host is Marty Grunder, president and CEO of The Grow Group and Grunder Landscaping Co., one of the most successful design-build operations of its kind in the Midwest. The Grow Show shares ideas, tips, tactics, and insights that will help you grow your landscaping business.
Resources: