Who’s Driving your Business: Receivables Management

In this series on working capital optimization, we have looked at a variety of elements which comprise the working capital cycle, including payments and eInvoicing. So bearing in mind that a receivable is only a payment from the opposite perspective, why should we focus on receivables as well? Improving collections is a significant element in any initiative to optimize working capital; however, unlike areas such as payments (in which many companies are taking strides to automate by increasing the use of ACH and electronic checks) when relying on customers, it becomes more difficult to impose standards. We have all heard Benjamin Franklin’s quote, “Drive thy business or it will drive thee”.

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