As 2017 comes to a close, we find ourselves in the thick of the holidays. We may be wrapping up year end accounting, buying last minute gifts for clients or hoping the boss remembers to say thank you to the accounting department. Either way, we're counting just a few more working days before the holiday weekend. In the spirit of giving back, we're offering the top 10 most popular business and accounting blog posts of 2017.
#10: Best Practices for your Accounting Department
Accounting best practices include getting paid on time so other expenses can get paid as well. To keep cash flow steady, build consistency in your accounts receivable process with automation, regularity, and a collections policy that includes the procedures for collecting past due accounts.
#9: Forward this blog to your CFO or Controller
Written by one of our own senior VPs and collections experts, these important accounts receivable questions were posed to CFO's or controllers to help optimize A/R management. Has upper management asked for ways to improve the accounting processes within your organization? This post includes valuable corrective actions to improve cash flow for funding operations and growth of your business.
#8: Firing a Client for Non-payment & Red Flags to Prevent It
If you understand a few clues that signal non-payment, you will feel more equipped to fire a client. Downsizing, inconsistency, and non-responsiveness are clear warning signs that your client may not pay their invoices. Even if you do fire the client, there are still ways to get paid at least some of what's owed to you.
Low priority unpaid invoices that are put on the back burner can add up. Cleaning up your accounts receivable regularly can improve cash flow, stop repeat offenders, and lower your days sales outstanding. Enterprise Recovery offers a white label past due accounting service that helps collect more money without the high cost of collections services.
Many small to medium businesses rely on Quickbooks for more organized accounting and bookkeeping. For a more impressive accounts receivable turnover ratio, past due invoices need to be reviewed for follow-up regularly and Quickbooks makes it easy. Quickbooks also offers a way for your accounting team to send payment reminders to those with aging receivables.
#5: What to Do When A Client Stops Paying
Contractors and small business clients started a hashtag and shared stories of clients who never paid their invoices. Because of the hassle of chasing down non-paying clients, many of them got away with it. You do have options to collect what's owed and it doesn't have to be a frustrating waste of time.
#4: How to Take Freelance Isn't Free Nationwide
Continuing the theme of freelancers and contractors who aren't paid for their time, these communities have started a movement called Freelance Isn't Free, based on the NYC law of the same name. The aim is to add more legislation to protect freelancers and independents from getting stiffed by their clients. The new law helps adjust labor laws to include those active in the gig economy.
#3: Accounting Tips for Digital Marketing and Ad Agencies
With more businesses depending on digital marketing, more creative agencies are relying on accounting best practices to continuing growing their businesses. With the unique challenges of working on individual projects, digital agencies must be willing to look closely at the profitability of those projects and make sure they're charging a fair price.
To be effective at accounts receivable, consistent A/R and collections policies and procedures must be put in place. Goals can only be determined by quality measurements. Responsibilities must be defined in your accounting department so it runs like a smooth machine. Invoicing, credit, and collections policies will help establish consistency and keep cash flowing.
The #1 blog post of the year enforces the idea that our readers want to collect from their clients but also maintain a high quality business relationship. In the blog post, we share how to prevent non-payment before payment is due, as well as how to prompt your client with a friendly reminder. Business collections letters don't have to be threatening. Download our collections letter template to nudge your clients to pay on time.
In 2018, we'll continue to build upon the existing blog posts to keep our readers informed and help to maintain important business relationships. Thank you all for reading! Let us know if we can answer questions or collect what's owed to your business by clicking the green button below.