down to pay the bills and look at the bank balance.
There hardly is one. You ask your office manager
“why is there so little cash in the account?”
Her explanation – “it’s been
almost a month since I mailed out the monthly
statements. So you sit tight and hope that she
will get them in the mail soon and that revenues
will pick up.
One solution to this dilemma is daily statements.
You may think that this would be too time intensive,
but the opposite is the case. By dividing statements
up into daily groupings, the daily process does
not take long and is less daunting. In addition,
it allows the staff member who handles the statements
to look more closely at each account to determine
if there are any problems. When all statements
are sent at one time, it is hard to review these
accounts closely and this can be costly in the
long run. Of course, the most obvious benefit
to daily statements is that it helps to keep the
cash flow strong and consistent.
Encourage your staff to help themselves and you
by processing statements daily.