Your Virtual Credit Manager

JUNE 4, 2024

Successful collections require the coordination of a variety of activities: timely and accurate invoices and payment posting, monthly statements, email reminders and other dunning notices as well as telephone calls. Of all these items, making the necessary phone calls generates the greatest value in respect to recovering past due invoices.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

Your Virtual Credit Manager

JANUARY 16, 2024

We are currently offering 33 percent off our standard small business consulting rates. Failure to Document All Communications Whenever there is a phone conversation or correspondence regarding a debt, even if not yet past due, it needs to be documented. What do you need help doing? Learn More About YVCM Consulting 4.

Debt Collections 130

Debt Collections Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

JANUARY 31, 2023

Cash flow problems: The primary reason businesses declare bankruptcy is liquidity issues, so it should come at no surprise that cash flow problems are a top reason for a business paying late. they are a small business waiting to get paid on a big project) or a sign of financial distress.

Credit and Collections 246

Credit and Collections Past Due Invoices Bankruptcy Credit Management 246

Lendio

JANUARY 11, 2023

I’m a small business owner. Still, each project I work on requires me to commit my time or my team’s time, so I treat overdue invoices as if I were a homebuilder, too. I’m not talking a week or two: I’m talking about invoices that are a month late or more. Step 1 — Identify Overdue Invoices.

Past Due Invoices 52

Past Due Invoices Credit and Collections Bad Debt Credit Card Companies 52

Your Virtual Credit Manager

APRIL 25, 2023

Please feel free to share this newsletter with your small business customers. This coupled with commissions based on payments facilitated a significant shift in the behavior of the entire Sales Team towards higher value customers. it just might help them pay you sooner!

Credit and Collections 130

Credit and Collections Past Due Invoices Collector DSO 130

Your Virtual Credit Manager

NOVEMBER 14, 2023

Please feel free to share this newsletter with your small business customers. These customers will require more intense follow up of past due invoices (e.g., at 4-7 days past due versus the two weeks or more that is typical). For more on the ins and outs of Credit Insurance, check out this post.

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

Your Virtual Credit Manager

JANUARY 3, 2023

Please share this newsletter with your small business customers. Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late. it just might help them pay you sooner! Clear from your AR ledger as many of the clutter transactions as possible.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

DECEMBER 13, 2022

In many cases, your new customer credit evaluation will identify those accounts you can expect to pay late, but that is a risk businesses are often willing to take, and reasonably so. Consequently, most businesses need to designate somebody to handle the collection of past due invoices.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

Lendio

MARCH 31, 2023

Late payments from clients can create financial difficulties—especially for small businesses. Setting clear payment terms, including a late fee policy, will help assure more on-time invoice payments. Customers have an incentive to pay invoices on time if they know they will be charged a late fee for failure to pay on time.

Past Due Invoices 52

Past Due Invoices Small Businesses 52

Fundera

MAY 24, 2018

Also known as “ contingency workers ,” these employees generally aren’t entitled to the same costly medical benefits as full-time core employees, and often don’t stay with your business long enough to earn pay raises. Plus, if you hire independent contractors , your business doesn’t need to pay payroll taxes on their wages.

Past Due Invoices 69

Past Due Invoices Credit and Collections Invoice Collections Transactions 69

Your Virtual Credit Manager

NOVEMBER 21, 2023

For most small businesses, collections are reactive. When a customer goes past due, they then go into action — typically with a call, though it is also likely that unless a sizeable amount is involved a call is not made right away. Please feel free to share this newsletter with your small business customers.

Credit and Collections 130

Credit and Collections Past Due Invoices Small Businesses Credit Management 130

Your Virtual Credit Manager

NOVEMBER 1, 2022

Simply defined, collections is the process of contacting customers to secure payment for your invoices. For the most part collections deals with past due invoices — those not paid within established terms. The solution to the collections challenge therefore starts with Prioritization.

Credit and Collections 130

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

Fundera

JUNE 16, 2020

Address any invoices that have gone past due quickly and courteously. Just like your customers are more likely to pay you quickly if you invoice soon after completing work for them, they’re also likely to take care of any past-due invoices if you ask them before too much time has passed.

Credit and Collections 40

Credit and Collections Past Due Invoices Default Small Businesses 40

Fundera

JANUARY 24, 2019

Also sometimes called placing an order on account, this informal credit relationship between vendor and customer is a great way for small businesses to order inventory or raw materials for resale without having to immediately outlay the cost of the goods. Don’t place orders too early.

Small Businesses 63

Small Businesses Past Due Invoices Credit Scoring Default 63

Fundera

APRIL 24, 2017

Also sometimes called placing an order on account , this informal credit relationship between vendor and customer is a great way for small businesses to order inventory or raw materials for resale without having to immediately outlay the cost of the goods. Don’t place orders too early.

Small Businesses 63

Small Businesses Past Due Invoices Default 63

Fundera

AUGUST 29, 2017

If you’ve researched traditional small business loans , you’re probably aware that you need to have a profitable business, a strong revenue history, and a robust personal credit score to qualify for the best options. But what if that doesn’t describe your business just yet?

Past Due Invoices 75

Past Due Invoices Credit Scoring Default AR Aging 75

Fundera

DECEMBER 2, 2015

If you’ve researched traditional small business loans, you’re probably aware that you need to have a profitable business, a strong revenue history, and a robust personal credit score to qualify for the best options. But what if that doesn’t describe your business just yet?

Past Due Invoices 61

Past Due Invoices Credit Scoring Default AR Aging 61