While many businesses are trying to return to a new normal after the impacts of the COVID-19 pandemic, some have opted to move to remote work for the rest of 2020. For paper-based A/R departments, this move has been especially challenging. Sending invoices and receiving checks are necessary components to maintaining working capital and cash flow but what happens when the employees responsible are no longer in the office?
When you think about your business reputation, you may be looking to customer testimonials or surveys to determine how well you're doing. Obviously, your branding and online perception is going to influence sales and ultimately your revenue. Another part of your business' reputation, however, is how you approach the financial aspects of your business.
Did you know that your accounts receivable collections can affect your business reputation?
If your business works with another business, you or your accounts receivable department likely has some idea of the efforts to collect on past due accounts. Reasons for late payments could be as simple as a misplaced invoice or as challenging as being affected by a global pandemic. Whatever the reason, positive cash flow and working capital is important to keep the lights on and your employees paid. How long will your A/R team attempt to collect on accounts before they give up? Does your accounts receivable team know when to ask for professional help?
Here are seven reasons small to enterprise businesses turn to third party collections.
COVID-19 cases are still increasing as the United States reopens and now the National Bureau of Economic Research has declared that the U.S. economy is indeed in recession. According to the announcement, the economy was heading into recession when the coronavirus hit and, as businesses were shutdown, any gains were erased during March and April. If you're a business owner or accounts receivable professional, you may already know that cash flow has been affected by the events of the past few months.
The good news is that cash management options are still accessible during an economic downturn, such as a recession. Read on to learn more.
As entrepreneurs, we tend to look for those who most resemble ourselves for motivation and proof of success. We all need business leaders who've trudged the path before us, helping to make the path a little clearer. Brown and black entrepreneurs, as an example, face challenges such as a lack of media coverage of diverse leaders and are less likely to receive venture-capital funding. Still, there are those to push to start businesses any way, disrupting industries and the status quo.
To motivate others like them, read on to discover inspiring business quotes from black entrepreneurs.
If you regularly bill clients, you have likely had the experience of chasing down money. It's frustrating, uncomfortable and a little intimidating. Now add in a global pandemic, climbing unemployment statistics and the amount of small businesses closing shop and suddenly, asking for what's owed to you can be downright worrisome. Let's take a step back and consider a new way of dealing with outstanding or overdue invoices, shall we?
Here are five ways to help businesses deal with unpaid client invoices during COVID-19.
Employers and organizations are beginning to move into a new normal after the COVID-19 pandemic response affected their businesses. With lockdown orders lifted and the phased approach to reopening, business owners and executives are seeking out ways to ramp up business quickly and keep their employees safe. Many companies furloughed or laid off staff and will be running at reduced staff levels for a period of time.
In this post, we offer predictions of tools and new strategies for B2B businesses to get back to work with reduced staff.
Retaining clients and customers is important for any business at any time. During times of uncertainty, it can be especially challenging. Clients may be unwilling or unable to commit due to financial concerns. You can still make efforts to keep these customers by changing how you work with them.
Here are best practices for customer retention during tough times.
Cash flow is critical to any business, no matter its size. With poor cash flow management, even a profitable business can end up in bankruptcy. If the amount of cash coming in is less than what's being spent, businesses are unable to make investments or will need to borrow money to stay afloat.
Getting your invoices paid on time is essential to positive cash flow. Read more to gain an understanding of cash flow and how cash flow management impacts your business.
This week, LinkedIn published a piece from their Workforce Confidence Index sharing that freelancers "reported lower confidence in their financial stability than the unemployed." As if we're not all inundated with enough bad news, there's no need to state the obvious. Most of us are shaken and concerned right now as nearly any business is affected by the pandemic. Even more interesting were the comments on the article from freelancers and entrepreneurs sharing their view of this crisis as an opportunity.