Five Ways for Freelancers to Save Money

With the federal reserve raising interest rates for the first time in nearly 30 years, economists are expecting a slow down in business growth. They've been talking about a recession for a few years now but then we were hit with a pandemic that shook up everything from the supply chain to the location of the workforce. If you are growing a freelance business, you're likely concerned about what to do if your own business slows down. Is your business recession ready?

Here are five ways for freelancers to save money.

What to Look for in a B2B Debt Collections Agency

When your business contracts with another business, there's an expectation that both parties will honor their obligations, including paying on time. If your clients or business partners aren't following through, your accounts receivable department must devote time and resources in an attempt to collect. Or you can outsource the problem to a collections agency that focuses on this type of debt and respects your client/business relationship.

Here's what to look for in a B2B debt collections agency.

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.

Pros and Cons of Sending Clients to Collections

If you're stalling on the idea of following up on past due invoices, don't fret.  Sometimes it takes a little research to move forward on something that's uncomfortable or unfamiliar. We've pulled together some reasons why you might be hesitant and how to move past those obstacles. 

Here are some pros and cons of sending your clients to collections.

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.

How to Respond to Delinquent Customer Excuses for Late Payments

When your customer accounts become delinquent, they may have a number of reasons for not paying on time. Some of these excuses may be perfectly reasonable and others, not so much. If your in-house accounts receivable or collections department is fielding some of these excuses, here are some tips on how to handle them.

Here's how to respond to delinquent customer excuses for late payments.

How to Manage Delinquent Customers in Business

If your business sends invoices or bills on credit or at recurring intervals, you likely have customers who pay late or not at all.  Delinquent customer accounts can affect everything from paying business expenses to destroying business relationships. Customers may be paying late due to a number of reasons, including lost invoices, expired credit cards, or the inability to pay. Instead of taking it personally, your business can follow these tips to recover the account in a professional manner. 

Here's how to manage delinquent customers in business.

Qualities of Successful Accounts Receivable and Collections Specialists

When hiring someone to manage accounts receivable and collections, you're effectively putting your business in their hands. Think about it. If you need to ensure payroll and other business expenses are paid, you need working capital. The best way to gain working capital is to improve DSO (days sales outstanding) or the amount of time it takes to collect from credit sales.  And the job of collections and accounts receivable specialists is to get those sales invoices paid.

Here are the top 5 qualities of successful accounts receivable and collections specialists.

How the Job Market Is Affecting Client Invoice Payments

Employers are struggling with finding workers even though COVID restrictions are being lifted across the country.  According to a recent report, 42% of small business owners were unable to fill job openings and 91% were unable to find qualified applicants.  These challenges are also affecting the work that's getting done within businesses too. 

Here's how the job market is affecting client invoice payments.

How to Hire a Debt Collections Agency for your Unpaid Invoices

It's so frustrating when unpaid invoices are piling up, even after you've called, emailed and sent friendly reminders. At this point, many businesses will simply write off the invoices as bad debt and move on.  If you've taken on too much bad debt or let far too many invoices go unpaid, it's time to bring in the professionals. Let us remove the hesitation and complexity of it all. 

Here's how to hire a debt collections agency for your unpaid invoices.