Accounts Receivables

Let’s face it, the last three months of the year can feel like a blur for many. We’re getting ready for the holidays, time off, and the kids are out of school.

For business owners and operators, the final months of the year, depending on your industry can go quickly. But for any business, it’s an opportunity to finish strong.

That opportunity is in improving cash flow and cleaning up accounts receivables that will put your business in a stronger financial position before the beginning of the year.

If your business has customers with overdue invoices and they are piling up, now is the time to address them. Waiting until the new year can make aging receivables even […]

By Mike Hiller:

After more than 20 years in collections, I have learned that the hardest part is rarely finding another account to work. It is figuring out which action gives the consumer a real path to resolution while giving the business a reasonable chance of collecting.

Most operations have felt the pressure: more accounts, more channels, more consumer expectations, and absolutely no reduction in the need to document what happened. That pressure is why technology investment has become a business decision rather than an IT project, with 52% of agencies reporting significant investment to support productivity, margins, and compliance. newsroom.transunion

AI can help because collectors should not have to spend their best hours sorting through low-probability […]

Businesses of any size should expect a certain amount of late payments from customers. However, one of the biggest and most expensive mistakes companies make is waiting far too long to take action on those late invoices.

Business owners, operators, and finance teams often tell themselves they’ll give the customer another month, or hope another reminder email or paper statement will finally prompt payment. Unfortunately time is rarely on the side of a business when it comes to collecting overdue invoices.

The reality is simple. Older invoices become less likely to be paid in full. Waiting 90 days or more can dramatically reduce your chances of ever recovering what you’re owed.

Read why letting unpaid invoices go far […]

Many business owners and operators have said the same thing. “I’ve let this go on for too long.”

What they’re talking about is getting their customers to pay on time.

The customer promises they will pay next week. Then another month goes by. Maybe an email comes in explaining why they need more time. And you give them more time.

You know you need to preserve the relationship with your customer, possibly avoid conflict and believe they will eventually pay you. But that never comes in.

Now you’re looking at multiple situations of aging accounts and you’re wondering why you’ve waited far too long to take appropriate action. There’s no sense in beating yourself up about the situation. It’s […]

How can you avoid a financial crisis in your business or medical practice?

The short answer is to build a strategy and plan ahead for potential cash flow challenges. Not reacting to a problem that has built up over time.

And what if your business is growing? Proper systems help prevent future cash flow challenges in a growing organization.

Your organization may be in a situation right now where cash flow is beginning to tighten. Maybe those customers who were once reliable stop paying on time. And your receivables continue to age. And suddenly, you the business owner find yourself looking for help to help collect some of that money.

A growing business creates opportunity but also risk. And […]