Accounts receivable is more than just a number for the books. Forming part of your balance sheet figures, accounts receivable is a critical part of your business function. Helping you to get access to further credit and loans, make informed and critical decisions, and also providing you with insight into how the business is performing […]
Whether you send a bill or an invoice, these documents connect you with your customer. They help to build a relationship and show that a transaction between the parties has taken place. They can help you to understand behaviours, where you can then use this information to make credit processes more efficient, as well as […]
No one likes to think about bad debts, and indeed bad debts happening to them; however, the reality is they do happen, and frequently. We categorise a bad debt as a debt that is no longer collectable, i.e., the debtor can’t fulfil their financial obligations, so the money owed will not be received. This can […]
For any business, large or small, it’s vital that you maintain a healthy cash flow, with money coming in for services or products sold when you expect it. However, as we know, this is not always the case, and unfortunately for many, late payments are now becoming part of the “norm.” It is how we […]
Invoices. An essential document for any business. A document that essentially helps you get paid for the products and services you have provided a customer. Invoices also help you keep track of the work you have carried out (essential for accounting and recording purposes) and what monies you are still waiting for (invoice not paid) […]
If you’re looking to achieve more meaningful interactions with your customers and a higher chance of returns (successful collections), being more empathetic could be the best solution for you. Being empathetic to others situations helps to make people feel more valued and willing to engage with you to find a workable solution. Commercial debt comes […]
You will find trends in every industry, and debt collection is no exception. Everything changes and, as such, affects how we operate, grow, and continue to succeed. In fact, the only constant in any industry is change. Moving forward, debt collection services must now take into account technological advances (how these can be used effectively […]
You’re booked for a cleaning job. You’ve arrived promptly. Carried out all of the agreed cleaning services asked for and left the property in pristine condition – and now, well it would be good to get paid. Promptly. And, of course, in full. However, as we’re all too well aware in business, this isn’t always […]
In business, it is essential that you invoice your customers as soon as the work is complete and the services are provided to ensure prompt payment, and if payment is delayed and you’re facing an “invoice not paid“ situation, you have procedures in place to manage this risk. This makes invoices an essential document to […]
Credit ratings and credit scores often get mixed up and bundled into the same financial terms basket. However, they are distinctly different, and in this post, we explain the differences between the two and why having a high/strong credit rating is important to business. For further information on understanding credit ratings and for support with […]