The impact of innovative technologies on enhancing receivables management efficiency in small and medium enterprises

Abstract

This study focused on receivables management and how SMEs to use innovative technologies to overcome their due payments. The use of innovative technologies should on the one hand make it easier for SMEs and on the other hand enable them to conduct their operations successfully. Finally it decreases additional cost and loss connected with enforcing receivables when defaulting debts occurs. In order to achieve accounts receivable management, businesses often discuss the terms of the payment procedures and conduct them in mutual contracts. Though it involves a considerably more complicated range of procedures, accounts receivable management itself may not be viewed as a straightforward fund collection. Every business needs to create a specific collection strategy that takes into account a variety of aspects and strategies to assist the business make the right decisions and take the necessary actions to meet its goals. This study aims to provide a broad distinction between SMEs that are following old policies and SMEs that are using modern innovative technologies and see how the efficiency of an SMEs affected. This study seeks to discuss a technology that attempts to help an SMEs overcome their receivables related problems.