Advice for Businesses

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 […]

If you’re running any type of small business, which includes medical and dental practices, you’re going to have a percentage of customers or patients, who either pay late or do not pay at all. As a result, many professionals running small businesses find it necessary to have uncomfortable payment conversations.

It just comes with the territory.

And we get it as a collection agency for small businesses and other industries. You want to maintain trust and professionalism and retain goodwill with your customers. But you must protect your cash flow. And when your customers are delaying payment, ignoring invoices or challenging what they owe you, it can create strains on the relationship and of course financial pressure […]