The aim of the Enterprise Recovery Zenith blog is to inform, educate and support all who read here. Your clicks and comments determine what's important and how we can help. Within the top 10, we may also recognize trends and what's missing that we should cover in future posts. Read on to see if there's something you missed this year.
Unless your business has a full-time bookkeeper or accounting department, your accounting records could be in a state of disarray. There could be inconsistencies and costly mistakes that could affect your business sooner than later. Even with an accounting department, the end of the year is a practical time of year to tie up loose ends and reconcile your records. Making good business decisions, paying taxes and preparing for the future requires proper, accurate and up to date information.
Year end accounting is a great time to clean up your financial books. Here's a checklist of what to do.
The term "inbound marketing" became a buzzword for marketing agencies with the popularity of the internet. Websites, search engines, and social media began attracting interest for businesses looking to promote themselves. Traditional marketing of phone calls, direct mail pieces, TV and radio still mattered but marketing agencies noticed that online properties could work at a lower cost. Inbound marketing attracts potential customers without the need to reach out to them.
Inbound, however, doesn't work for marketing agencies looking to collect on their unpaid receivables.
It can be challenging to strike a balance with a client who hasn't paid on time. You may be tempted to take it personally, question your own worth or be tempted to blow it off. If you and your client have an agreement that you will complete work and they will pay, you are absolutely right to remind them to pay. Your chances at a successful recovery depend on how you handle the situation.
It's okay to remind your clients that they owe you money. Here are some tips and sample payment reminder notices to help.
While it would be nice to get a heads up when a client decides to pull their business, they may just disappear. Depending on your business and the size of the client, losing one client could be devastating. You may also take it personally if the client has been with you for a long time or if they're one of a few. The most important part of client retention is communication. Maybe these clues don't mean what you think they mean.
4 warning signs your client is about to leave...
Signing a contract with a new client, you may feel a combination of nerves and excitement. Obviously, it's fantastic to have a new client but just how well do you know them? Do they have a history of not paying their invoices on time? Are they well established and have a positive credit line?
You can rest easy about your business decisions by running credit checks on your clients.
After sales and the delivery of goods or services, the accounts receivable department ensures that your company is paid. Getting paid on time and regularly affects positive cash flow so that vendors and employees are paid and the business continues growing. An accounts receivable specialist has certain defined responsibilities within the department.
What are the duties of an accounts receivable specialist?
It's the season of trickery and nothing can be more frightening than low cash flow. Have you been feeling "tricked" by delinquent clients? While initial meetings and calls may have gone smoothly, the client hasn't followed up on their end of the bargain? As frustrating as that can be, it's time to buck up with a few tricks of your own.
Instead of feeling tricked by delinquent clients, use these tricks to get paid on time.
September and October seem to be a swift slide right into the holiday season. If you're a busy small business owner, you may not have realized that the end of the year is coming up quickly. Instead of spending late December in the rush of the season, start planning ahead to get your financial statements and taxes organized now.
Here are Small Business Best Practices: End-of-Year Financials
Tracking and collecting receivables is vital to your business' cash flow. Without a steady cash flow, your business may not have enough working capital for important expenditures. Set up an organized accounts receivable department with dedicated responsibilities to ensure a positive cash flow and success for your business.