As we enter 2016, we are also entering a new paradigm of dealing with outstanding invoices in the B2B environment. For instance, we can no longer demand the customer pay, unless your business is committed to legal action in the event of non-payment.

In addition, over the years the scrutiny of Legislative and Regulatory bodies in the event of unfair trading, Privacy issues and debt collection practices scrutiny, has increase materially. It would seem to be wise therefore, to ensure all interactions with our customers are completed carefully.

I have put forward a few thoughts for the modern Accounts Receivable professional to consider as a result. It may be you have already changed your work practices to align with these thoughts.

Good manners are essential and help set you apart from your peers and competitors. I cannot stress enough the value and importance of good manners in all your business relationships.

Today, the Accounts Receivable role is more akin to the customer service role and keeping the lines of communication open with your customer's representative(s). You do not need to be friends. In the long-term however, it will beneficial if you can establish and maintain cordial and professional relationships even through the trickiest of situations.

Your notes must be of the highest professional nature and without the embellishments of a personal nature. There are no secrets anymore and your personal observations cannot be kept private in the event of investigations or court undertakings.

All letters and emails must be written professionally with good grammar and sentence structure. It is not what you say, it is how you say it which is important. It is not impossible to write a business friendly email or letter, which also identifies and exposes the true nature of the recalcitrant debtor to your business and an independent arbitrator.

The art of the professional Accounts Receivable has never been more important in business. Most other business professionals have had to make changes over the years. I suggest you also continue to be aware of changes in your profession whilst improving your skills to comply with modern work practices. 

If you would like to know more about becoming an Accounts Receivable professional in the future, please contact Kim at kim@creditmatters.com.au