Jay Thompson, Protiviti Managing Director, and Addie Nickle, Protiviti Director
One of the many reasons businesses are suffering during the COVID-19 pandemic is that their customers are challenged in managing their cash flow, resulting in reducing or delaying payments. In addition, the accounts receivable function is not an easy one to operate remotely. For some industries, these circumstances may be accompanied by increased transaction volume: an abundance of good fortune that can nevertheless leave a business strapped as it tries to collect cash while also needing increased cash flow to fill orders.
This article offers several approaches finance leaders can use to manage the billing and collections issues they are facing during the pandemic.