Monday, 5 November 2018

When To Collect – And When To Forget – A Debt

Dealing with issues of late payment for your goods or services is not an uncommon situation in today’s uncertain economic conditions. After all, we all face a multitude of obligations, and some debtors may not be able to meet all of these immediately.

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Monday, 3 September 2018

How to identify customers who won’t pay

Offering credit as a payment option can open your business up to new customers. However, when offering credit, you are essentially financing your customer’s business while taking risk on yourself. To safeguard your cash flow, it is important first to do your homework and ensure your prospective customer is worthy of credit. There are many

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Monday, 6 August 2018

5 steps to getting paid more quickly

Getting paid on time is a common point of pain for many small business owners, especially those who are just starting out. It doesn’t matter how many sales on credit you make, at the end of the day, money not yet received won’t put bread on your table or keep your business afloat. You’ve got

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Saturday, 30 June 2018

Tips for setting up your trade terms and conditions

You’ve got your big idea, your products or services are ready to go, and there is certainly interest from potential customers. As a small business owner about to launch operations, one of the top tasks to check off your list should be setting down your terms and conditions. Terms and Conditions (T&Cs), sometimes known as

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Monday, 28 May 2018

Why Record Keeping is Important to Collecting Debts

Despite what many people think, debt collection does not have to be costly or painful. Good debt management involves adhering to appropriate contact practices, respecting the debtor’s privacy, and, crucially, keeping comprehensive debt collection records. It may be tempting, especially if you run a small business or work with just a few big customers, to

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Tuesday, 21 November 2017

When to Hire a Collection Agency & How To Lodge a Debt

When your client hasn’t paid that invoice you sent out months ago, you may be wondering… what now? The payment is really late, and you, as the business owner, cannot afford for it to go unpaid any longer. Perhaps you’ve tried to make contact with your late paying customers several times, to no avail. When

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Thursday, 5 October 2017

Debt collection for small businesses: Tips & Tricks

At some point, every operating business whether large or small has had to face, or will possibly have to face, a situation involving debt collection. In today’s fast-paced economy, some customers may be having more difficulty than normal paying their overdue debts. For small business owners, navigating these waters can be a little tricky. Recovering

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Wednesday, 1 March 2017

5 Tips for Managing Accounts Receivables for Small Business

Accounts Receivable is an unavoidable aspect of business as invoices are sent out periodically for payment of work completed. Managing your accounts receivable process can be difficult and time consuming work. Here are a few tips:- Maintain correct customer records Clearly indicate payment terms Offer settlement discounts or instalment plans Use an aged trial balance Outsource Know

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