truly financial

FEBRUARY 16, 2022

O rganizing your expenses at tax time can feel like one of the most complex and frustrating parts of being a small business owner. You have to sort out which expenses are considered tax-deductible for your business’ income, and follow the proper methods for claiming them. These are tax-deductible.

Deductions 52

Deductions Small Businesses Credit and Collections Dashboards 52

Your Virtual Credit Manager

MARCH 19, 2024

If all your customers paid promptly — by the time the invoice was due — you would not need to do any collection work. Collections is a reactive process. The amount of collection activity with which you are tasked is directly proportional to your customers’ payment habits.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Accounts Receivable (AR) 100

Your Virtual Credit Manager

SEPTEMBER 10, 2024

To optimize the order-to-cash (O2C) process, it's crucial to understand the significant role Credit and Collections plays. Photo by Jay Heike on Unsplash ) What happens during the O2C process, however, apart from credit and collection activities, can have an outsized impact on cash flow and AR performance.

Credit and Collections 130

Credit and Collections DSO Deductions Accounts Receivable (AR) 130

Your Virtual Credit Manager

OCTOBER 2, 2024

Who absorbs any potential bad debt loss — does the lender have recourse to return the AR if they cannot collect it versus a non-recourse arrangement? Who performs the Credit & Collection activities — you or the finance company? Your Virtual Credit Manager is a reader-supported publication.

Past Due Invoices 130

Past Due Invoices Credit and Collections Deductions Accounts Receivable (AR) 130

CreditStrong for Business

JULY 29, 2024

If your credit scores aren’t in good shape, it can be challenging to get access to financing for your small business. Fortunately, there are commercial lenders that offer small business loans with no credit check, and in some cases, it can be what you need to keep your business afloat.

Small Businesses 52

Small Businesses Credit Scoring Credit and Collections Invoice Amount 52

Lendio

APRIL 21, 2023

In prior years, there were several business tax brackets. Note that this tax rate may be reduced by tax credits (such as the R&D credit or certain employment-related credits). Sales Tax Sales tax is collected by sellers based on the price of each sale. But, as of 2023, corporations pay a flat rate of 21%.

Small Businesses 96

Small Businesses Deductions Credit and Collections 96

Your Virtual Credit Manager

NOVEMBER 14, 2023

Credit Policy is an inextricable part of a company’s Sales Policy. If you choose to sell on open credit, the terms you offer are in effect part of the price. If you discuss credit terms with a competitor, you are in violation of anti-trust statutes forbidding price fixing. What’s Right for Your Firm?

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

Your Virtual Credit Manager

MARCH 12, 2024

As a result, trade credit, where businesses extend financing to customers, is undergoing rapid advancements, but it also poses high risks, especially in assessing creditworthiness, dealing with economic fluctuations, and fraud. Are there past due accounts you are trying to collect? it just might help them pay you sooner!

AR Transformation 100

AR Transformation Credit and Collections Accounts Receivable (AR) Order to Cash 100

Your Virtual Credit Manager

JUNE 6, 2023

People who are new to business collections are inclined to fall into one of several patterns. Seldom does a new collector appreciate the need for a balanced, holistic approach to debt collections. In time, as they become more familiar with the process of collecting, their productivity increases.

Debt Collections 100

Debt Collections Collector Credit and Collections Default 100

Your Virtual Credit Manager

JULY 16, 2024

Keeping these latter two groups under control requires collection efforts. Photo by Michael Starkie on Unsplash ) At a fundamental level, collections involves contacting customers to collect the money they owe you. Collections becomes more challenging when the customer objects. Keep upping the pressure until you are paid.

Accounts Receivable (AR) 100

Accounts Receivable (AR) Collector Past Due Invoices Credit and Collections 100

Your Virtual Credit Manager

JANUARY 9, 2024

Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics. In fact, once you decide to sell a customer on open credit, most of the accounts receivable (AR) management tasks that follow have a reactive component. There is nothing wrong with that.

Credit and Collections 130

Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

Gaviti

FEBRUARY 18, 2024

Even with the most streamlined and automated A/R management process and B2B collections best practices , customers don’t always pay on time. At this point, your business should move from handling the invoice in-house to managing it through one of the debt collection outsourcing services listed below. billion by 2025 in the U.S.

Debt Collections 52

Debt Collections Credit and Collections Days Sales Outstanding Invoice to Cash 52

Your Virtual Credit Manager

DECEMBER 19, 2023

Hopefully, that is why you are reading Your Virtual Credit Manager. If they are the result of a payment deduction (partial payment), an issue requiring an administrative solution, not handling the matter inflates your AR. In most cases (90 percent or more), we find the customer has a valid claim and deserves a credit.

DSO 130

DSO Third Party Collections Credit and Collections Deductions 130

CreditStrong for Business

SEPTEMBER 27, 2024

Common advice for entrepreneurs is to keep business and personal finances separate. That becomes difficult to do when every business loan or credit line requires a personal guarantee. To keep your personal assets out of business affairs, it’s best to go for business loans and lines of credit that don’t have a personal guarantee.

Credit and Collections 52

Credit and Collections Deductions Default Credit Scoring 52

Lendio

MAY 23, 2023

When it comes to taxes for small businesses, the questions often come fast and furious. Every small business has unique financial details, so there are no universal answers. Understand Your Business Tax Rate Your business tax rate depends on the type of business you have. How much money will I owe?

Small Businesses 52

Small Businesses Deductions Credit and Collections Bad Debt 52

Lendio

NOVEMBER 1, 2023

There are many different kinds of small business loans, making it essential to do your research before beginning any application process. The 11 most popular types of small business loans The following information covers the common routes entrepreneurs take to get the capital they need.

Small Businesses 98

Small Businesses Credit Scoring Credit and Collections Default 98

Eagle Business Credit

OCTOBER 16, 2023

Starting a small business can be an exciting venture filled with dreams of success and profitability. In this article, we will explore the essential relationship between working capital and profit, breaking down complex financial concepts into digestible bites for small business owners.

Small Businesses 98

Small Businesses Credit and Collections Invoice Collections Invoice Amount 98

Your Virtual Credit Manager

DECEMBER 20, 2022

Why not share this newsletter with your small business customers. Share Controlling Credit Risk Increasing sales to high margin customers disproportionately increases total gross profit. Buy Credit Reports Managing Credit In-house Your other option is to assess, monitor and control the bad debt exposure yourself.

Deductions 130

Deductions Credit and Collections Bad Debt Credit Risk 130

Lendio

OCTOBER 26, 2023

Unsecured business line of credit An unsecured business line of credit is a flexible financing solution that your business can rely on multiple times. You do not have to provide collateral for unsecured business lines of credit. Alternatives to business loans with no collateral.

Small Businesses 97

Small Businesses Credit Scoring Credit and Collections Default 97

Your Virtual Credit Manager

JANUARY 3, 2023

Over time, AR Ledgers unfortunately tend to collect “Clutter.” Clutter can also cause new orders to be placed on a credit hold when it otherwise would have been automatically released. Please share this newsletter with your small business customers. it just might help them pay you sooner!

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AR Automation Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

APRIL 18, 2023

Photo by Chris Montgomery on Unsplash For small enterprises, however, a “wide range of tasks” is usually the norm for its limited staff. So, how can a small business acquire high level functional expertise with its “Jack of all trades” workforce, especially in regard to managing the Accounts Receivable (AR) asset?

Bad Debt 130

Bad Debt Credit and Collections Accounts Receivable (AR) Third Party Collections 130

Fundera

JANUARY 7, 2019

Running your own small business comes with its own financial hurdles. You have expenses that are both expected and unexpected, as well as the inevitable credit card bill. More often than not, your business credit card ends up being your best bet to keep the ship floating. Annual Credit Card Fees.

Deductions 50

Deductions Credit and Collections Credit Card Payments Credit Card Companies 50

Your Virtual Credit Manager

SEPTEMBER 13, 2022

Photo by Jp Valery on Unsplash Payment deductions, also known as chargebacks or short pays, happen when the customer pays less than the full invoice amount. Should you confirm that the customer is indeed correct, the deduction is removed from the Accounts Receivable (AR) ledger via a credit memo. Well, it’s not.

Deductions 130

Deductions Credit and Collections DSO Accounts Receivable (AR) 130

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Processing Delays There are several AR activities that often take longer than they should and therefore cause delays: processing credit applications, approving orders, generating invoices, and posting payments. Credit evaluations, however, often take time. To make matters worse, most payment posting errors will involve deductions.

Credit and Collections 130

Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

Your Virtual Credit Manager

SEPTEMBER 26, 2023

Suppliers, lenders, and credit rating agencies place substantial importance on these numbers when assessing your liquidity and overall financial strength. Their assessments of your business based in large part upon these metrics will determine your credit limits, collateral requirements, lines of credit and borrowing capacity.

Credit and Collections 147

Credit and Collections Accounts Receivable (AR) Deductions Collector 147

MNS Credit Management Group

SEPTEMBER 24, 2023

In addition to giving solicitors instructions to start legal proceedings, we also offer credit management services including sending letters of demand prior to legal action, a service that looks into a company’s history, credit reports, and status reports. When a client owes a business money, consumer collections take place.

Debt Collections 52

Debt Collections Credit and Collections Collector Credit Management 52

Fundera

MAY 30, 2019

Many entrepreneurs feel overwhelmed by the thought of filing their small business taxes. If that’s how you feel, we don’t blame you since there’s a lot that goes into preparing your business for tax day. Here’s your step-by-step guide to everything you need to know about small business taxes.

Small Businesses 100

Small Businesses Deductions Credit and Collections 100

Your Virtual Credit Manager

APRIL 25, 2023

Inevitably you will need to initiate collection activities; in other words, start requesting past due customers pay what they owe your firm for goods and/or services provided on credit terms. What are the other tasks that will not get done or be delayed because of the time you devote to collections?

Credit and Collections 130

Credit and Collections Past Due Invoices Collector Deductions 130

Your Virtual Credit Manager

FEBRUARY 21, 2023

Subscribe now Days Sales Outstanding (DSO) From a credit perspective, DSO isn’t our favorite metric, but it is a standard used by accounting and finance professionals to reflect receivables turnover. Why not share this newsletter with your small business customers? The faster your AR turns over, the better.

DSO 130

DSO Credit and Collections Collection Effectiveness Index Bad Debt 130

CreditStrong for Business

AUGUST 30, 2024

As a business owner, finding the right credit card is an important step in building your business and getting perks and rewards along the way. But once you have a business credit card, can you use it for personal expenses as well? Is It Illegal to Use a Business Credit Card for Personal Use?

Credit Scoring 52

Credit Scoring Credit Card Companies Credit and Collections Deductions 52

Lendio

APRIL 23, 2024

As a small business owner with poor credit, it can be even more difficult to find the financing you need. In this article, we’ll explore the possibilities of getting a startup business loan with no credit check or poor credit, as well as alternative forms of financing to consider.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 52

Fundera

FEBRUARY 13, 2017

Tax season is upon us—a time that can strike fear in the hearts of small business owners everywhere. But while there’s a wealth of information out there about tax deductions for business owners in general, when you run your business out of your home, it can be far more challenging to understand how some of those policies apply.

Deductions 85

Deductions Bad Debt Credit and Collections Small Businesses 85

CreditStrong for Business

JULY 24, 2024

There may come a time when you need to choose between business loans and your credit scores are low. By preparing in advance, you can quickly apply for the loan that best suits your working capital needs and your bad credit profile. A merchant cash advance may be available to even those with a very low credit score.

Credit Scoring 52

Credit Scoring Credit and Collections Small Businesses Deductions 52

Lendio

DECEMBER 14, 2022

Even as a small business owner with no revenue and no credit (or bad personal credit), you might be able to find a startup business loan. Getting A Business Loan With No Credit. Reviewing previous credit history and checking your credit scores helps lenders predict risk.

Credit Scoring 98

Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 98

Lendio

MAY 23, 2023

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. Compliance With Tax Regulations Bookkeeping ensures that businesses meet their tax obligations. What Is Bookkeeping?

Small Businesses 52

Small Businesses Chapter 11 Chapter 7 Credit and Collections 52

Your Virtual Credit Manager

APRIL 4, 2023

Supporting profitable sales through the extension of credit Collecting as much of the AR generated as possible by or near the due date to ensure a substantial cash inflow Mitigating the risk of bad debt losses These tasks are best accomplished in a tidy environment. What constitutes optimization of a company’s AR?

Past Due Invoices 100

Past Due Invoices Credit and Collections Deductions Accounts Receivable (AR) 100

CreditStrong for Business

JULY 1, 2024

Unfortunately, it’s challenging for new startups to qualify for traditional business loans because they lack business credit. Let’s explore some alternative forms of financing you can use to clear that hurdle and get startup business loans with bad credit. For example, OnDeck’s term loan starts at 29.9%

Credit Scoring 52

Credit Scoring Credit Unions Credit and Collections Nonprofit Organizations 52