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The Imperative for Prioritizing Collections

Your Virtual Credit Manager

Over the next couple of years, many more companies are expected to file bankruptcy chapter 7 liquidations, or simply close their doors for good. Full Speed Ahead for Collections Effective collections management is key to maintaining healthy cash flow and minimizing overdue accounts, which will reduce your risk of bad debt losses.

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Your Customer Filed for Bankruptcy: Now What?

Your Virtual Credit Manager

Even though the economic headwinds are moderating, now is not the time to become less vigilant from a customer credit perspective. If you are extending credit to business customers, prudence dictates that you be prepared to deal with customer bankruptcies. Right now there are nearly a million new businesses beating the odds.

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Red Flags Revealed by Your Customers' Financial Statements

Your Virtual Credit Manager

Chapter 11 filings, used by businesses hoping to reorganize, have increased by 34 percent in the first six months of 2024 compared to last year. Chapter 7 commercial liquidation filings are up 28 percent and sub-chapter V small business elections are up a staggering 61 percent despite the filing threshold recently being cut in half.

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RMAI Update May 2023

RMAi Blog

Nat’l Credit Sys. , 26, 2023) A consumer filed for Chapter 7 bankruptcy, listing past-due rent he owed, and was subsequently granted a discharge. A debt collector unaware of the discharge, allegedly due to a bona fide error, sent several collection letters to the consumer regarding the past-due rent. EOS USA, Inc.

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Welcome To The Small Business Guide To Bookkeeping

Lendio

Bookkeeping is the collection of data from various sources and entering it into your company’s accounting system—but there’s more to it than just data entry. Chapter 4: Accounts Receivable Learn how to record accounts receivable. Chapter 5: Accounts Payable Learn how to record accounts payable. What Is Bookkeeping?