Unfortunately, businesses don’t always pay their bills on time. If your company is struggling to manage and collect on past due commercial accounts, commercial collections technology might be able to come to your rescue. There are many commercial collections software solutions on the market that might be able to help you clear more of those old invoices. But which commercial collections software is the right choice for your business?
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When it comes to collecting debts from a business in another state or country, it’s important to be aware of the laws in both your own location and the location of the business in question. While it’s always a good idea to understand your potential client’s regional situation, when it comes to debt collection you’ll want to be extra careful. Doing business with partners in other parts of the world isn’t a bad thing, of course, but it can complicate your collections process if you don’t do your research beforehand.
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The debt collection industry functions much differently than it used to. A lot of this has to do with the introduction of automation and self-service technology. Over the course of just a few years, these advancements have made it possible to reduce the amount of time spent on the tasks that were once monotonous and labor-intensive. In some cases, those tasks are able to be eliminated altogether all while improving the likelihood of receiving the payment that you’re owed.
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If you are in the service business and are often in the situation of having outstanding receivables there may be struggles getting your money back from time to time. Sometimes, the money you lent to a borrower is returned later than expected, creating a negative cash flow which can be a stressful situation. When other businesses owe you money, your team should have a clear and defined process to follow for reaching out and trying to collect. But if they have to wait days for a response, and sometimes wait all that time without getting a response, the time can stack up to work against you.
Continue reading “Is Your Internal Collection Process Not Working For You?”
It’s happened: you’ve received a letter saying that a customer of yours has filed for bankruptcy to resolve their debt problems. While this can be a frustrating situation, don’t waste your time worrying about what may or may not happen. Depending on your customer’s bankruptcy details, acting quickly could result in repayment for a portion or even all the unpaid debt you are owed. The debt collection process in cases of bankruptcy are not as strenuous as many companies seem to think, especially if you know what your options are. This article will explain what happens when someone you’re trying to collect from files for bankruptcy and how to move through the debt collection process.
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As a business, it can be frustrating watching days, weeks, or even months pass by while you wait for reimbursement for your valuable time, products or services. Afterall, the saying “time is money” holds true when it comes to unpaid debts. According to figures from Inside Account Receivables Management, by the time receivables are 90 days overdue, they could be worth only 20% of their original value.
So, how do you create a sense of urgency for your debtors to take prompt action as opposed to remaining passive? Rather than expend unnecessary time, energy, and resources pursuing overdue invoices, allow us at Alexander, Miller & Associates to help capture the attention of your debtors by using the following powerful techniques:
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What is the process for placing an account into collections? How do you do it, and what happens once you
do? We’ve put together this handy step-by-step guide to show you the process in more detail. With this, you can see how Alexander, Miller & Associates would go about helping you collect what’s owed.
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Small and medium businesses often have a difficult relationship with debt collection. They want to be paid for their services or products but what they don’t want is to come on too strong and risk losing a client. However, this stems from the very idea that asking people for your money back is a bad thing. The first thing that needs to be done is mindset-building.
Continue reading “Top 3 Tips For SMB Owners Trying To Collect a Debt”
Running your business can be difficult. You’ve got projects, employees, accounts. A hundred spinning plates, and they’re all tied to your income and your company’s success now and in the future.
Maybe you run your business because you’re really passionate about what you do, or maybe you found something you’re really good at and enjoy supporting yourself with hard won skills and time. No matter why you do what you do, at the end of the day you have to get paid for all that work. Even the most enthusiastic entrepreneurs have to draft an invoice to afford their overhead.
Continue reading “Debt Collection vs Receivables Management: What’s the Difference?”
With any business, it’s important to follow the trends happening across the world and its various markets. From social media trends to changes in domestic or international markets, keeping an eye on the flow of money and interest around the world is a crucial factor in maintaining a solid bottom line. The same is true for your clients, and while you’re probably already aware of everything that directly impacts your own business, it’s prudent to consider the perspective your clients are facing at the same time.
Continue reading “Watching The Trends”