Why Your Business Should Reassess In-House Collections and Agency Partners

If it ain't broke, don't fix it. But do you know if your collections efforts are broken?

If your business has established in-house (first-party) collections, accounts receivable and/or debt collection agency partners, it is still a good idea to ensure you're leveraging the best resources, technology, and vendor pricing available.

Here's why and how to reassess your in-house collections and B2B collections agency partners.

How Commercial Credit Analysis Reduces Late Payments

Commercial credit analysis evaluates corporations to determine if they can pay their financial obligations.  Although this is pre-engagement and on the front end of the A/R and collection process, it’s still an important part of any B2B accounting process. To help reduce delinquencies and bad debt write-offs, businesses should put focus on the front-end credit analysis process prior to contracting with a new client.

How Commercial Credit Analysis Reduces Late Payments

Top Skills of Successful Accounts Receivable Specialists 🤹

When hiring a qualified accounts receivable specialist, it's important that they have the right skill sets. They're going to be speaking with your customers directly about one of the most uncomfortable topics - money. They need confidence, persistence and enthusiasm, and also they need the proper training.  We took a look at A/R job descriptions for a better idea of what's required.

Here are the top skills expected for successful accounts receivable specialists.

5 Green Flags That Reveal that Your Client Will Pay On Time

There are numerous red flags that could signal a late payment from your clients. Red flags, however, could be easily ignored. Green flags, on the other hand, provide a sense of safety and trust. The more green flags, the more you know that your business is working with the right clients - those who respect your time and value your partnership - and that you're doing A/R right.

Here are five green flags that reveal your client will pay on time. 

How Does Supply Chain Financing Help Business Relationships?

A solid cash flow is essential to the success of any growing business. Good relationships with your business partners are just as important. Supply chains involve several businesses along a network to provide an end product to a customer. If any payments are delayed along the way, it can cause tension within the relationships and challenges with the manufacturing process. 

One way to mitigate these challenges is through supply chain financing. What is it, and how does it help business relationships?

Use this Template to Remind Clients to Pay

Getting frustrated or writing off client invoices isn't going to get them paid. An unresolved problem remains unresolved unless you do something about it. When a client agrees to pay for goods or services that your business is offering, it is well within your rights to request that they pay you. 

If you're unsure what to say, use this sample template to remind clients to pay your business.

Spring Cleaning Finds More Cash For Your Business

Have you ever deep cleaned your house and found coins in the couch cushions or bills in the laundry? The same can be done for your business! With a few extra tasks, you can increase working capital and breathe a little easier for the rest of the year. 

Use these spring cleaning tips to find cash for your business.

4 Money Myths That Might Explain Why Your Business Is Not Getting Paid

Unfortunately, many of us learn from hard lessons about money in adulthood. When you run a business, there are more hard lessons to learn, often at a high cost to your success. Certain expectations can actually be harmful to your business's cash flow. Take a look at these assumptions to see if you need to re-examine your thoughts around money and your business.

Here are 4 money myths that might explain why you're not getting paid.

How to Collect Past-Due Customer Payments

Enterprise Recovery is a debt collections agency that specializes in B2B account recovery. We do our best to recover what's owed to hard-working companies so they can retain working capital and continue their successful business ventures. We also educate on the best practices required to collect those debts before turning to a professional debt collections company. 

If your company wants to improve its first-party collections, here are expert tips to collect past-due customer payments.

Three Ways to Recover Unpaid Invoices

Unpaid invoices are the worst! While it's easy to react negatively to your late or non-paying clients, each invoice may require its own way of dealing with it. You can start proactively, including establishing a consistent invoicing process and following up as quickly as possible. However, if you're lacking the resources or your prevention strategy isn't working, it's time to try something new. 

Here are three ways to recover unpaid invoices.