In times of economic instability, paying bills becomes problematic as the flow of income becomes more uncertain. Whether the markets are running scared in fear of national elections, territories seceding, or countries leaving the EU; unstable politics make for unstable markets, and unstable markets make for unstable invoice payments.
It’s a vicious cycle in which you have little control. However, the one thing market instability can never take away from you, is your control over how your accounts receivable department handles the situation.
Predictive software can help let you know who is more likely to pay late so you can focus your energies on specific client,s or industries in general, that are more likely to be affected by the politics of the time.
Armatic has a predictive feature that bases its suggestions on the real payment data from your clients. When they pay, was it on time? Was it the full amount? No matter the answer, they get their score and you have quick data at a glance on who needs to be at the top of your email or call list.
The first thing you should do when you sense potential international instability in regions that affect your business is make sure your accounts receivable team is on top of their invoice reminders. Focus on those you know you can bring in, and then the invoices you are unsure of should be followed up with by your team to make sure that those clients don’t try using market instability as an excuse to not pay you.
It’s more crucial than ever to devote time and resources to bringing in those dollars when the markets are rocky. Just tighten the focus and push a little harder if necessary.