Acid Test: What a Business Owner Needs to Know?
Configuring debt, and especially knowing if a business can pay off their short-term debts will help a business run more efficiently. Acid tests are crucial tools for any business to use
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Why Choosing the Right Collection Agency is Important
A collection agency can help you recoup any payments that were not paid to your company, but finding the right one is like finding a needle in a haystack
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What Drives a Debt Collector?
The unsung heroes of business owners. What motivates a debt collector? Debt collectors provide a valuable service that keeps a lot of businesses from failing.
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Statute of Limitations on Debt Collection
What Does “Statute of Limitations” Mean in the Context of Debt Collection? The statute of limitations is the time period set by law in which someone can sue you.
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The Effect of Debt on Business Credit
Business credit scores can come from consumer credit reporting agencies like Experian and Equifax, and firms like Fair Isaac Corporation (FICO)
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Cash Handling Policies and Procedures
Company's cash accounts are vulnerable to embezzlement and fraudulent activity, cash controls are critical to monitoring credit, collections,
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Cash is in Who’s Hands?
Entrepreneurs and business managers have to restrict access to cash, limit the amounts that can be obtained at any point in time, and permissions
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Checking for Cash
When we are talking about how we handle cash in business, the implications broaden even though the feeling of "show me the money" stays the same.
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Follow-up
Collection practices should be flexible, but your company should develop a formal collection policy which outlines the timing and type of debt collecting efforts given a number of days
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Making Collection Calls
Making collection calls is a skill you can actively develop No business owner wants to feel like a mobster or loan shark threatening to, metaphorically, break someone’s legs if they don’t pay.
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