Collections is not a one-and-done venture but an area the management and financial accounting teams must periodically review and upgrade as clients, operations, back-office tools, and portfolios evolve.
A number of factors contribute to the shift in how people and businesses purchase goods and services. From the growth of online procurement options to the convenience of technology-based payments, these trends impact IT infrastructure, cybersecurity measures and business policies.
It’s the same story most MSPs tell their clients: every business owner should focus on what they do best and leave complicated matters like information technology support and accounting to experienced experts.
There is no real secret to M&A success — it’s about dollars and using common sense. That’s why 2023 has the potential to be a big year for managed services mergers and acquisitions. Recurring revenue and long-term contracts reduce risks for investors.
A robust collections program gives MSPs greater control of their financial futures. That means less reliance on banks and credit agencies to fund business expansion—along with less interest expenses and fees.
Can providers effectively use a single vendor platform to manage invoices and accounts receivables, or should they assemble a specific collection of solutions from different suppliers to handle those responsibilities?