"A Thriving E-commerce Business Needs To Manage Its Accounts Receivable Effectively

DALLAS - Dec. 22, 2022 - PRLog -- Accounts receivable is a financial term that indicates the money owed by a customer to your business for goods or services. Many e-commerce businesses do not understand how valuable their accounts receivable can be. Over time, an unaddressed issue with customers can snowball and lead to huge financial losses. If you run an e-commerce business, you will likely have customers who buy from you regularly. In a recent interview with Whiz Consulting, their senior officials highlighted the importance of accounts receivable management in e-commerce accounting. Whiz Consulting is a well-known name in the sphere of accounting and bookkeeping. Their team of accounting experts has been providing quality-driven services to various industries. Let us dig deeper to understand what more they have to say.

1. Create a customer retention strategy- Retaining your customers is crucial to your business's survival. In e-commerce accounting, you must maintain a long-term relationship with your customers. They must create a customer retention strategy to help understand the value of each customer and how they can keep loyal customers for as long as possible. The senior officials at Whiz Consulting added, "As with any e-commerce business, retention is an integral part of running an effective customer retention strategy. You may have the best products and services available, but if no one knows about them, you have lost the battle before it even begins."
2. Match orders to invoices- E-commerce businesses always search for new inventory to sell to customers. You must first get an invoice from someone when you sell a product to someone. Once you have their invoice, you can check the stock and issue the order to the supplier. So, in order to match orders to invoices, it is essential to have the product details, like description, specifications, price, etc., stored in the e-commerce business's ERP system. This will keep you on top of your accounts receivable and make it easy for the customer to return or exchange the product.   https://www.whizconsulting.net/uk/ecommerce-accounting-se...