Late payments are a threat to any business, but especially for smaller firms, longer days sales outstanding (DSO) timeframes can be a company killer.
The risk of late payments has opened up conversations about how businesses can improve their collections practices and secure the cash they’re owed without damaging the buyer-supplier relationship.
But while better collections practices are an important piece of cash flow management, tackling the late payments issue must also include practices aimed at preemptively avoiding them in the first place. According to Biller Genie CEO Thomas Aronica, that strategy begins with the invoice itself.