Thursday, 5 October 2017

Debt collection for small businesses: Tips & Tricks

At some point, every operating business whether large or small has had to face, or will possibly have to face, a situation involving debt collection. In today’s fast-paced economy, some customers may be having more difficulty than normal paying their overdue debts. For small business owners, navigating these waters can be a little tricky. Recovering

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Wednesday, 16 August 2017

Everything You Need to Know About Collecting a Debt

Want to know how to collect on that past due invoice? Don’t know where to start? Feeling awkward about how to approach the individual who owes you money? There’s no need to worry! This blog contains everything you need to know about collecting a debt. When it comes to debt collection, there are so many

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Wednesday, 1 March 2017

How to Collect Debt for Small Businesses in Australia

Effective Small Business Debt Collection Procedure A good collection procedure ensures that by collecting debts owed to you, any sales made will add to the profitability of your small business. Without sound debt collection procedures, regardless of what the profitably was in the sale, unless you receive payment the job becomes nothing more than an

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Wednesday, 1 March 2017

5 Steps for Effective Corporate Debt Recovery

Sound collection procedures and processes do not always stop bad debt occurring. The important step is knowing how and when to increase the severity of the action to be taken to recover these bad corporate debts. Early communication with the debtor is on one of the key steps to ensure recovery of the debt. This contact needs to

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Wednesday, 1 March 2017

5 Tips for Managing Accounts Receivables for Small Business

Accounts Receivable is an unavoidable aspect of business as invoices are sent out periodically for payment of work completed. Managing your accounts receivable process can be difficult and time consuming work. Here are a few tips:- Maintain correct customer records Clearly indicate payment terms Offer settlement discounts or instalment plans Use an aged trial balance Outsource Know

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Wednesday, 1 March 2017

Legal Guidelines for Debt Collectors

The ACCC has set Debt Collection guidelines for organisations involved in the provision of Debt Collection services and Debt Recovery activities. Organisations involved in providing these Debt Collection services need to be aware of their obligations and ensure they adhere to these guidelines. Contact with the debtor by the Debt Collection agency should always be

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Wednesday, 1 March 2017

7 Reasons Why Bad Payers Hate Debt Collectors

It’s a rare business that doesn’t have at least a few outstanding invoices that just seem to never get paid. One way to recover at least a portion of the money from those bad debts is to refer the debts to a business debt collector. Even just mentioning the possibility of a debt collector entering

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Wednesday, 1 March 2017

7 Aspects of a Successful Debt Collection Process

Every business, big or small, needs its cash flow to be in tiptop shape if it has any growth ambitions. A significant part of that cash flow is recovery of bad debt, a touchy subject for both creditor and debtor, and one that causes many business relationships to become strained. Striking a balance between maintaining

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