When talking about money, the Latin playright, Plautus, is quoted as saying, "When you ask for it back again, you may find a friend made an enemy by your kindness. If you begin to press still further, either you must part with that which you have entrusted, or else you must lose that friend." 

Money discussions are challenging and it's very easy to take it personally when a client owes you money but isn't paying. The truth is, collecting what is owed to you is not personal, it's necessary.

Here are some tips for keeping the "feels" out of business collections.

Successful businesses rely on positive cash flow to pay salaries, vendors and otherwise re-invest in the company. Cash flow depends on accounts receivables being paid on time and with regularity. Small business owners may be too busy to stay aware of invoices that are past due. Invoicing software programs, such as QuickBooks, can help make this process easier. Enterprise Recovery works with businesses of all sizes, but we have a special team designated to helping accounting departments that run on QuickBooks. 

How to collect past due invoices more efficiently.

When invoices are paid on time, business owners do a little dance in their office chairs. Contracts are written and signed in faith that every party will contribute what they've agreed. There are cases, however, where an event or misunderstanding or a thousand other reasons prevent an invoice from being paid. Unfortunately, some businesses will fail in their quest to recover those debts. Some businesses will fail altogether. 

Here are tips to getting paid back what's owed to you quickly.

In 2012, the hashtag #GetPaidNotPlayed was trending on Twitter. The tweets were shared horror stories by contractors and small business owners who were stiffed on their invoices. In total, the amounts not paid by those adding to the hashtag totaled up to nearly $16million. The saddest part of the story is that many of these invoices would remain unpaid because businesses want to continue doing business, not deal with the frustration of chasing down a non-paying client.

What options do business owners have when a client stops paying or disappears?

A business relationship can be just like any relationship. There's courtship, similar interests, a proposal, and the big day. On the day two businesses sign an agreement, excitement abounds at the potential of the relationship to add value.  Unmet expectations and unresolved differences can quickly sour this relationship potential, leaving one or both parties unwilling to uphold their end of the deal. An unpaid invoice breaks down the relationship even further, leading you to question: Is it time to fire this client? Could you have predicted the end?

What are the red flags that signal payment challenges and how do you get paid after
firing a client?

Chasing down an unpaid invoice seems like a productive way to spend your time .... said no business owner, ever!

When clients don't pay, not only does the late payment affect paying your own bills, it also steals time and resources. It can be especially frustrating to realize payment is late days or weeks after it is due. Suddenly, the situation becomes an emergency. Where do you start? How long will it take?

What do you say when a client won't pay?

Payment technology helps create a seamless and innovative experience for corporate payments and supply chains. In the digital marketplace, vendors and suppliers can contract and expedite payments in a timely manner. Businesses who work with global partners can also feel more confident with transparent payment solutions.

Although B2B payment technology is fast and secure, organizations are slow to adopt the infrastructure and processes needed to implement it.

Effective B2B accounts receivable management may be only as effective as your policies and procedures. Accounts receivable and collections policies contribute to and protect your cash flow by organizing procedures to follow when extending payment terms and credit to clients.  The faster you can collect on invoices, the more reliably your business can plan for inventory and pay vendors.

Here are reasons to establish B2B accounts receivable and collection policies for your growing business.

In corporate accounting, it's not uncommon for an excess of past-due invoices to get put on the back burner due to employee turnover, new accounting software or other challenges in daily operations. Cleaning up or auditing your accounts receivable is a smart idea to ensure those few invoices don't turn into lots of invoices that need to be written off or sent to collections. 

With a regular accounts receivable clean up, those "low priority" invoices can add up to a good amount to your business' cash flow. 

As any business knows, when accounts receivables begin to drift, other expenses feel the squeeze. With fewer invoices in larger amounts, more is affected when clients aren't paying on time.  One late payment can mean payroll, rent, or other vendors aren't paid on time either.  An accounts receivable department could be considered the heart of an organization.

Here are some accounting best practices to ensure your invoices get paid faster.