If this blog is anything, we hope that it's helpful to small and growing businesses. Our focus is intended to offer education on getting organized, retaining clients and ensuring that your invoices are paid in a timely manner.
We've reviewed the most popular blog posts and topics so that we can bring more of the same to our readers. If you have any suggestions, please leave us a comment so we continue bringing you helpful tips to employ in your business.
The weather has turned colder, holiday shoppers are looking for gift ideas and your Accounting team is cleaning up year-end finances. It's during this time of the year that they're taking a closer look at unpaid accounts receivable invoices and deciding what to do. Before taking a financial loss, there may still be an opportunity to collect on some outstanding accounts. Read on to determine what to do next.
When a client owes you money, any interaction can be strained or even awkward. You want to maintain a good quality business relationship but you also have to talk about money... and that can be an uncomfortable conversation. While there are no guarantees that your clients will always pay on time, there are some things that you can do to get them to pay faster.
Is the United States headed for a 2019 recession? According to economists, the risk is high though there was strong financial growth in the first half of the year. Even the whisper of a recession can trigger business owners with even the strongest constitution.
Do you know if your business is recession-proofed or prepared? Do you feel secure that you can continue operating in an economic downturn? Here are some steps you can take now to feel better about the future of your business.
Collecting on your accounts is part of normal, healthy accounts receivable management. When invoices or accounts aren't paid on time, however, your business should have a documented process for collections. Your payment terms and collections policy will be clearly stated on your contract agreements and on your invoices.
Within this post are best practices for contacting your accounts, when, how often and by what means. Read more to build out a collections checklist and workflow for debt collections.
If your business struggles regularly with cash flow, there could be a number of reasons why. It may be internal processes that aren't being followed or aren't working. It may be external reasons such as the market or something else altogether. In order to make any changes, you first have to determine the root cause. Instead of scratching your head and getting more stressed...
Answer these questions to address the cash flow challenges of your business.
Whether you're a freelancer, small or growing business, the internet can be helpful or overwhelming when it comes to business advice. Accounting and accounts receivable terminology can also be challenging, especially if you're the only person responsible for your company's finances or if you're growing your accounting department. There's no need to look further because we've done much the work for you.
It's that time of year where the office seems to be a little quieter. Running a business during this time can be a challenge because there's a continual rotation of your colleagues who are out of office on summer vacations. You may have not given much thought to how summer affects your cash flow. Your A/R department may be thin and your clients' accounts payable contacts may be on vacation too.
Here's how to make sure you still have working capital through the fall...
The short answer is YES!
If you're not already charging your B2B customers late fees on unpaid invoices, you should be! You may be concerned that a late fee could be damaging to your business relationship but in fact, it establishes you as a legitimate business owner.
If your client hasn't paid your invoice yet, it could be because they have some questions about your invoice. Invoice disputes can take time to resolve. You may have moved on to other projects or be otherwise busy but if you don't follow up, your invoice remains unpaid. Would you like to avoid invoice disputes altogether?
