We have included some tips for companies on how to reduce bad debt and about reducing risks. Bad debt write-offs can cripple a company’s financial ability to compete and grow, by choking their cash flow. To help you reduce bad debt, here are three of the most common mistakes to avoid that can cause well-meaning companies to…
Use Your Cash Flow Checklist to Help Collect Money You Are Owed Do you have a cash flow checklist? On a scale from 1-10 with 10 being “really excited” and 1 being “not so much”, where does the job of calling your customers for money fall…honestly? During our conversations with dozens of accounts receivable clerks…
It’s no surprise that a majority of business owners and their staff hate having to call a customer for money. Most people end up in that position by fluke or accident. “Mary, you do an outstanding job on our payables. Would you mind calling XYZ customer for me?” the business owner has just placed, what…
I love the Scotiabank’s tagline “You’re Richer than You Think.” If an individual or company takes time to reassess its priorities, expenses and plans you can always find a way to be more efficient and profitable. Sometimes the results can really surprise you. During the 32 years that I’ve been in the credit and collection…