Q: WHAT ARE SOME EFFECTIVE COLLECTION PRACTICES?

A: The best practice is to stay on top of your RECEIVABLES. You need to know when a client is late and contact them immediately. 

Remember to stay professional and be very nice, but firm to your clients. You have a higher chance of getting paid in full within the first 30 DAYS than if you wait any longer. And the longer you wait the worse your chances of getting paid at all. In most cases, it is an oversight, or a backup of paperwork. Offer to resend the invoice if necessary. 

Once you tolerate a late payment you are setting a PRECEDENT for future collections struggles. Make sure your clients know you expect them to pay promptly and most of them will.

 

Q: CAN YOU SHARE SOME FINANCIAL RESOURCES?

A: Here are some good websites that provide some potentially valuable information:


These articles are intended to provide resources for the tax and accounting needs of small businesses and individuals. The information contained in this Web site is intended to provide general information on matters of interest in the areas of tax and accounting. Users are encouraged to contact one of our firms accountants regarding specific situations.


Everyone wonders what they can do to reduce their tax bills, but it is very difficult to be all-knowing when it comes to understanding the complex tax code. 

If you wait until it is time for your tax appointment, it is often too late. You will need Adobe Acrobat to view this file as it is in PDF format.

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