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Daily Statements—“Are You Crazy?”
By Marianne Harper

You sit 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.

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