Accounts Receivables

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 […]

2024-01-03T09:27:09-05:00January 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 […]

2023-11-14T09:56:46-05:00November 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.

2023-12-19T12:26:41-05:00November 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. […]

2023-10-18T09:39:41-04:00October 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 […]

2023-10-18T09:40:02-04:00October 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. […]

2023-10-09T08:54:01-04:00September 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 […]

2023-09-06T07:47:52-04:00September 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.

These words help define the future of debt collections

There have been many shifts in the debt collection industry over the past several years. And the trends and updates that many in the collection industry have worked hard on, are moving the industry in a positive way.

Everything from enhanced technology, a better understanding of the career opportunities in the collection industry as well as forward progress in the collaboration between industry leaders and government at all levels.

However, one significant shift is the industry’s determination to make communications between debt collectors and consumers much more dignified and respectful.

When a debt collection professional can earn a consumer’s trust through effective communication and empathy, what may have been a negative interaction years ago is now a positive […]

Is there a way to tell if my customer is not going to pay my business?

We speak to business owners and other decision-makers all the time when it comes to debt collections and there is one question they ask repeatedly.

Are there any warning signs a customer is not going to pay?

And the answer is a definitive yes!

There are unquestionably signs that a customer is not going to pay and we have assembled these below. And while that is not always the case, our experts have found these are the more apparent signs of a customer not paying you in the future. You may have customers that are just disorganized at home which includes paying their bills but it’s important to keep an eye out for these warning signs.

If your business […]

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