7 Ways to Guarantee Collections FAILURE! Kevin 4 Apr, 2015 Default, Vienna's Views No comment Most small business owners know they have to do something to collect receivables in a timely manner. Even if you don’t know the statistics, personal experience has surely taught you that not everyone pays on time, and those late payments cost you money. Does this scenario sound familiar? Business has been pretty good. It’s Friday […] Share this:TwitterFacebookLinkedIn
How to Collect Small Balances Kevin 17 Oct, 2014 Default, Vienna's Views No comment I wrote an article last year about collecting small balances and in it I suggested that “putting a simple system in place for collecting your small balances will reap the rewards without draining you of time and energy” but I didn’t give you the system. Don’t know what I was thinking. So here it is, […] Share this:TwitterFacebookLinkedIn
How to Send an Overdue Bill to Collections Kevin 24 Aug, 2014 Bad Debt, Vienna's Views No comment I was recently surprised by the question – “How do I send an overdue bill to collections?” I suppose I’m so immersed in this world of accounts receivable and debt collection I’d forgotten not everyone knows what to do or how to submit a bad debt to a collection agency. So let’s talk about it […] Share this:TwitterFacebookLinkedIn
Worth The Read Kevin 19 Aug, 2014 Vienna's Views, Worth The Read No comment plat • i • tude n. A trite or banal statement or remark, esp. one expressed as if it were original or significant. Printed in the Wall Street Journal weekend of Aug 16th, 2014; originally printed in the Pittsburgh Tribune-Review Aug 12th – Economist Donald Boudreaux wrote: A good way to test if someone is speaking […] Share this:TwitterFacebookLinkedIn
On Time vs No Time Kevin 19 Jul, 2014 Accounts Receivable Managment, Vienna's Views No comment I was checking out some competitive websites this weekend and noticed the headline “No Time to Call Past Due Customers?” Naturally we are always looking for companies that have no time to call past due customers so I stopped to read it. Nothing new there, essentially the same pitch we give, if you don’t […] Share this:TwitterFacebookLinkedIn
Pavlov and Getting Paid On Time Kevin 30 Jun, 2014 Accounts Receivable Managment, Vienna's Views No comment 2014-06-29 I’ve maintained for years that in-house collections, done properly is a very Pavlovian process. (I’m not sure Pavlovian is really a word, but it ought to be) What I mean is, if you follow up on unpaid invoices, on time and consistently, you will train your customers to pay faster. Have you ever […] Share this:TwitterFacebookLinkedIn
Small Balances – Why bother? Kevin 13 Aug, 2013 Accounts Receivable Managment, Vienna's Views accounts receivable, small balances, systems There are several good reasons… the first that comes to mind, small balances add up. One customer of ours was racking up close to $30,000 a month in unpaid small balances when we came on board. Your situation may not be that bad, but whatever the amount, if the number of unpaid small balances is […] Share this:TwitterFacebookLinkedIn
In-House Collection Letters Kevin 10 Jul, 2013 Collection Letters, Vienna's Views No comment I noted last month that third-party collection letters, in other words collection letters written and mailed from a collection agency, are more effective than In-House collection letters. While this is true later in the collection process, In-House collection letters have their place. In-house collection letters can and should be a component of any complete accounts receivable […] Share this:TwitterFacebookLinkedIn
Your Customer is Out of Business! Now What? Kevin 23 May, 2013 Bad Debt, Vienna's Views bad debt, collection agency, collection letters No comment So, your customer went out of business owing you a pile of money and you’re wondering what to do next. If you’re reading this I imagine you’re hoping for some kind of collection agency magic trick to get your money back, and there are a few things you can do to try to track your customer, now debtor, down to […] Share this:TwitterFacebookLinkedIn
Collection Prevention Kevin 10 May, 2013 Accounts Receivable Managment, Uncategorized, Vienna's Views No comment “An ounce of prevention is worth a pound of cure” Benjamin Franklin – Sayings like this stick around for for 300 or 400 years for a reason. Losing weight is harder than not gaining weight, having heart surgery is harder than exercising for 20 minutes a day, and proactively preventing collection issues is easier than collecting bad […] Share this:TwitterFacebookLinkedIn
