By Adam12345 July 05, 2014
i always used to believe in factoring of money for my business and it also benefited me in terms of maintain cash flow ,For this my preference is always Factoring Fast because of their impeccable and hazel free service. their staff is very cooperative and they help me in every instance and they value every customer. their service is awesomely great!! ...read more
By AnaSarah June 02, 2014
In businesses, After delivery we cannot get instant payment from client which create huge havoc in cash inflow and out flow, I tried many factoring company to rid of this problem and found their services not up to the mark. with my best friend's recommendation I used Factoringfast company for Invoice factoring and I must say their service is best service i ever used, I get my all invoices money with in 24 hours with no hassles. FactoringFast you make my business fast. Thanks :) ...read more
By Maria965 May 01, 2014
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You work hard to keep your business running smoothly. Just focusing on your products and services can be difficult enough, start including your daily, monthly, and annual expenses and suddenly your stress levels rise. The amount of expenses leeching off your profits is mind boggling and sometimes goes unnoticed. Just having a CPA and attorney might not be enough to protect those hard earned funds, and often aren't. That's why I look at everything. Amazingly, it only takes me about 20 minutes to identify and locate those missing funds. 10 answers to 10 simple questions is all it takes. After that, I work with you and your CPA to recoup those funds for you. For simple business expenses, those typically take up to 72 hours to get back into your account. For property taxes and tax incentives, those will take up to 90 days to put in your account. Regardless, you still get your funding back where it belongs. Average businesses recoup around $200,000 per location. To identify and locate missing funds, doesn't cost a thing to discover. I'm compensated only a percentage of the funds recovered. No recovery, no payment...simple as that. For a free consultation, contact Ron Lester at 216-386-6715 or via email at rlhelpsu@gmail.com. ...read more
By Ron Lester Business Consultations June 01, 2016
A Guide Dealing with Delinquent Accounts Protecting an AssetBuilding and managing a successful business is tough and demanding. That is a fact that only those who have done so can fully appreciate. The reality that there are so many challenges on so many fronts is one aspect of the process that actually produces a sense of accomplishment when success is achieved.In operating and building a company, you will create a number of assets that are a measure of your success. One of those assets often viewed with less a priority than others is the company’s accounts receivable. Because of a lack of management attention or concern, that important area of your company’s financial strength is often allowed to deteriorate. The Maryland State Bar illustrates the importance of timely debt recovery in reporting that:An invoice over 60 days has only a 70% chance of being collected in full After 90 days, the chance of collecting the invoice in full drops to 45 % After 120 days, the probability of collecting in full falls to 20%. When receivables age without a consistent and disciplined approach to collection, they begin to lose value. The longer a debt is left uncollected, the more unlikely it is you will receive full value from it. Additionally, the time-value of money continues to erode the profitability of the sale you made to the customer to create the receivable. Experian reported in 2012 that the average delay in paying invoices has now moved to 62 days.A useful analogy might be considering another of your assets, your property or equipment. If they were losing value every day because of a lack of management or maintenance, you would sense the need to take immediate and proactive action. It is a sign of such good management to view your list of receivables with the same sense of urgency. When yourDSO is five percent greater than your terms, or you write off more than .2 percent of your sales, there is collection work to be done.Following Established ProceduresLet’s face it. You didn’t work to get in a management position to perform preventative maintenance on an expensive piece of equipment. However, you don’t ignore the need; you just assign that task to a qualified technician. Likewise, you don’t view yourself as a debt collector. In similar fashion, the task of debt recovery must be assigned to qualified personnel for consistent and effective maintenance.There are many reasons for customers falling behind on their obligations to your company. While it can be appropriate to take those factors into consideration for large or long-time clients, most businesses simply can’t afford to deal with debt recovery on a piecemeal and sporadic basis. After thirty days Past Due Terms with in-house collection efforts exhausted, it is practical to consider the customer as a debtor. The proper way to handle the issue is to establish a thoughtful and rational system that deals with every aspect of the receivables process.Achieving such a goal requires adopting a best practices approach to collections. Such a plan includes:A consistent process of invoicing all customers Sending a simple notice after an invoice is five or ten days late Establishing clear criteria for when the item is turned over to a commercial debt collector. Burt and AssociatesThere are, of course, a lot of details in establishing such a protocol. Yet, there are no real mysteries about what is required to properly manage your vital asset of accounts receivables. If your clients and customers understand up front that you are serious about getting paid for your products and services, they will expect you to be as reliable and professional in the area of debt collection as you are in all aspects of your business. In fact, other successful businesses expect no less from their suppliers and vendors.The Role of the Commercial Debt CollectorWhile some view the need for using an outside debt collector to assist with receivables akin to a trip to the dentist, the fact is that they both play an essential role. Each has tools, skills and training to accomplish tasks we can’t effectively do ourselves. Once a customer demonstrates that they aren’t interested in resolving a debt by inaction or by ignoring your best efforts, it’s time for a professional to deal with the problem.There are two major considerations concerning the issue of outsourcing your collection of overdue invoices. First is the need to be proactive. Going back to the issue of best practices, selecting a commercial debt collector firm that agrees with your company philosophies is an essential initial step. They will prove invaluable in establishing the entire process so that it is consistent and communicates clear expectations of prompt payment.The second consideration lies in understanding that outsourcing a delinquent or bad debt to a third-party debt collector changes the dynamics of the process. These firms have a number of resources that they employ to increase the effectiveness of the debt collection process. Additionally, your company is freed from the concern, enabling you to focus on what you do best and accepting that a professional is now seeking to protect and recover your assets.As with most challenges in business, planning and proactive processes provide the best possible solutions.Connect with us on Google+ ...read more
By Commercial Collection Agency B&A October 17, 2013
Turning Accounts Over to Collections The Facts of Business LifeThere are a number of aspects of business life that make it both rewarding and challenging. You start a company and build it to create satisfied customers and to make a profit. That process includes a number of steps and many of them have to do with managing your working capital and cash flow.Your goal is to grow and enjoy success. The more you achieve this, the more of a challenge you have in maintaining the close personal touch you desire with each of your customers. While you use a number of methods and effective CRM procedures, the simple fact is that many customers go on your list of accounts receivable without a close relationship being established.Another fact is that as you grow, the issue of delinquent accounts becomes more of a concern. It is a law of large numbers that as your customer list grows the number of those customers who will be late in paying will also increase. There are numerous reasons and factors involved in the process, but the net result is that you have to consider the issue ofdebt collectionfor these delinquent accounts.Collecting Accounts ReceivablesThe first hurdle for many business owners to overcome is the necessity of dealing with the debt collection process. Most entrepreneurs and people who have grown their businesses are empathetic to the issue of tight cash flow and the pressure of paying all the bills outstanding. Even managers of large companies often hesitate to put any pressure on loyal and struggling customers.The fact is that collecting the debts you are legally owed is actually an ethical responsibility of any business owner. You are not in business to finance others, and carefully managing your cash flow is, in fact, an ethical responsibility to your employees, investors and bankers. It may be an unpleasant responsibility, but it is there, nonetheless.The challenge, of course, is to approach the responsibility of debt collection in a professional, ethical and empathetic way. There are many resources and vehicles that allow you to deal with delinquent accounts in this manner. The issue is for you to take the time to carefully review all these options and select those that reflect your personal and corporate values.Automating the Personal TouchAs noted, maintaining a personal touch with your customers becomes more of a challenge with success and growth. The irony is this personal touch was a factor in your growth, and losing it can be a big negative dynamic. Fortunately, modern technology exists that allows at least some lessening of the effects of that reality. With a corporate priority of maintaining a focus on customers, and the use of systems that make that easier, you will stand a good chance of beating your competition in this area that is important to most customers.It makes sense, then, to carry this attitude over to the management of your accounts receivable. When growth means the death of the days when Betty or Bob knows that Acme is behind on an invoice, and a short call will solve the problem, the right systems have to be installed. The great thing is that you have the choice in determining what those systems do and how they are used.The very word system indicates that there is a process that automatically deals with the issue. When it comes to your A/R, that system would automatically notify management on a regular basis of what accounts are past the agreed payment schedule. Such notification should include details such as amounts, total delinquency, past payment performance, length of time as a customer, total sales, and other such information. The optimized system would also include comments and observations from sales and other sources that might give a hint as to the reason for late payment.With this first critical step of making sure that the right person in management is at least aware of the status of accounts that are delinquent, you are in control of the situation. It is at this point that you can exercise individual judgment and determine the appropriate course of action. Those factors will differ from industry to industry. In some cases, many accounts may automatically be turned over to the professional collection agency that you have carefully chosen for the methods they use. In other situations, personal calls from management or sales may be the appropriate course of action before turning them over to your commercial collection firm. Remember, the goal is to be in control and manage the process.You can see that you have a number of options and decisions to make. Going back to facts, however, you simply must fully address the issue of collecting from your customers in a timely and thorough manner. When the time comes that a commercial collection agency is the right step, ensure you select the firm that treats those overdue accounts in the manner you desire.Connect with us on Google+ ...read more
By Commercial Collection Agency B&A October 17, 2013
Making the decision to sell one's stocks can be very confusing if one is a novice. There are a number of factors that should be considered when selling stocks, such as what price one should sell the stocks for and when is a good time to put them on the market. ...read more