Accounts Receivables Archives - Page 3 of 6

Here’s your accounts receivable checklist for the coming year

If your business is at a point where you know you can improve cash flow, there are many things that you can address internally that can advance your chances of better cash flow.

If you’re running a small business, you may be cleaning up your books anyway to hand them off to your CPA for tax season. So why not in the process, take a hard look at your accounts receivable process and make any necessary changes.

Here’s a checklist of must-haves to improve your internal accounts receivable processes for the New Year.

Keep up-to-date information on your customers

The management of your customer information is vital not only to your accounts receivables but also to other areas, such […]

David Greenwood2024-01-03T12:18:40-05:00January 9th, 2024|Categories: Accounts Receivables|

6 critical areas you need to focus on to build more trust with customers

The relationships you build with customers are the lifeblood of your organization, no matter the size. In short, your business will not thrive without solid relationships with customers. It’s just that simple.

Building lasting and trusting relationships with consumers is one of the best ways to see continual growth in your organization. You should not think of your customers as transactional. You should be thinking about how you can serve them for the long term.

Building long-lasting customer relationships is more than just being nice and smiling. It’s about implementing strategies that allow you to build trust over the long haul.

If you’re looking for traditional and non-traditional ways to build lasting customer relationships, check out our tips […]

David Greenwood2024-01-03T12:04:11-05:00January 5th, 2024|Categories: Accounts Receivables, Advice for Businesses, Professional Services Collections, Small Business Collections|

8 proven ways to build your small business profits this coming year

If you’re like many owners and operators of small businesses, you’re looking at the year ahead and trying to figure out how next year can be better than before. While New Year’s resolutions might not work, getting the year off on the right track is time well spent for your small business.

From reviewing the processes and procedures your small business uses regularly, looking at cash flow, invoicing and how you use a debt collection agency, to just some basic goal setting, it’s important to review your small business goals annually.

If you are running a small business and are eager to boost your profits in the coming year, check out our tips for building your small […]

David Greenwood2024-01-03T09:27:09-05:00January 3rd, 2024|Categories: Accounts Receivables, Small Business Collections|

6 questions a business might ask before hiring a debt collection agency

When you’re in the process of hiring a debt collection agency for your organization, there are no doubt many questions on your mind. Hiring a new agency for your business can be a big step because of the important role they play in the overall health of your business.

Generally speaking, many businesses are concerned with how effective their debt collection efforts will be, how their customers will be treated, the protection of data and if the agency has a level of proficiency within their industry. For example, do they understand the intricacies of medical debt collections or debt collections for lawn care companies?

A reputable debt collection agency should have no problem answering some of these […]

David Greenwood2023-11-14T09:56:46-05:00November 17th, 2023|Categories: Accounts Receivables, Small Business Collections|

8 reasons why businesses rely on debt collection agencies

The debt collection industry is a vital part of the US economy. And for many businesses, it is a critical part of the overall accounts receivables process.

Many small businesses and larger organizations rely on the expertise and efforts of third-party collection agencies every day. And for good reason. Collection agencies are recovering substantial amounts of consumer debt and helping those businesses drastically improve much needed cash flow.

The economy is stronger because of collection agencies and businesses of all sizes continue to build a solid financial foundation by partnering with the right collection agency.

Want to know more about why businesses rely so much on professional debt collection agencies? Check out our thoughts here.

David Greenwood2023-12-19T12:26:41-05:00November 14th, 2023|Categories: Accounts Receivables, Small Business Collections|

Sending accounts to collections? Do these first

While many organizations hesitate to implement collection activity, there are an equal amount that may jump into it before they have done their due diligence.

Following solid and systematic accounts receivables processes can help lay the groundwork for successful debt collections when necessary. And it may just help you keep a hard earned customer.

If you want to manage your late invoices and your reputation at the same time, make sure you’re doing the following before proceeding with third party debt collection activity. […]

David Greenwood2023-10-18T09:39:41-04:00October 20th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

How a B2B Collection Agency Can Work Harmoniously with Clients and Customers

For any size business, maintaining healthy cash flow is essential for survival and growth. For many organizations, managing overdue invoices and recovering outstanding debts can be a challenging and time-consuming task. This is where Business-to-Business (B2B) collection agencies come into play. However, the relationship between a collection agency, its clients, and their customers can be delicate.

These relationships are delicate because in many cases, we are talking about large sums of money. Think about the business of manufacturing or other types of distribution businesses that are filling large orders for clients. When those are not paid or not paid on time, this can present a major challenge for that business.

Let’s explore how a B2B collection agency […]

David Greenwood2023-10-18T09:40:02-04:00October 18th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Don’t wait to collect that unpaid debt-7 reasons why your business is not be getting paid

Many organizations we encounter have waited far too long to implement a solid debt collection program. Because of this, many businesses suffer negative cash flow and these issues could have been prevented by being proactive with their collection activities.

One of the main reasons we see businesses of all sizes hesitate on collection activity is because many feel they will alienate their customers and damage their reputation. Because of this, many organizations lose out on money that is clearly owed to them.

If your business is still hesitating to implement a reputable debt collection program, see the reasons why hesitating can cost your organization untold amounts of money. […]

David Greenwood2023-10-09T08:54:01-04:00September 8th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

9 mistakes your business may be making when collecting debt

Collecting debt is just something a business of any size will have to do. It would be nice if all consumers paid their bills on time but the reality of running any business means you’ll have to deal with late and nonpaying customers.

The topic of customers who do not pay can also be emotional, especially for small businesses. Many operating businesses just like you have developed deep relationships with customers over the years and when the payments do not come in, that strikes an emotional tone.

Not getting paid on time for many businesses can create an environment where that business makes mistakes in collecting that debt.

If you are concerned you may be making mistakes in […]

David Greenwood2023-09-06T07:47:52-04:00September 6th, 2023|Categories: Accounts Receivables, Small Business Collections|

Being proactive with your accounts receivables is a must

By Greg:

Is it me, or did this summer fly by?

I was blindsided the other day by my wife and daughter going school shopping. I mean, already? It never ceases to amaze me how quickly the summer goes by. You can easily become overwhelmed by all the yardwork projects you haven’t started and all the fun family activities you talked about all winter but have not done yet. Summer starts and you think you have all the time in the world to do these things. Then, of course, reality sets in.

I have learned (that is, my wife has said to me a million times) that you must plan, or things will not get done.

David Greenwood2023-08-17T08:48:36-04:00August 18th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

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