Tags |
|
|
Links |
|
|
Will You Add? - Collections Checklist: How to Collect Past-Due Accounts
Making It Great!
Today I am joined by Phil Gerbyshak of Make It Great!, one of the web’s premier personal development bloggers.Benjamin: How did you get started in the field of Self Improvement?Phil: About 5 years ago, I decided I wasn’t happy with the path I was on, so I decided to pick up a few good books to try to get motivated and change my life. I was reading about 20 books a year, and over the past 5 ye
owledge your goal of providing high-quality services and a concern that your valued client has allowed his/her account to lapseToday I am joined by Phil Gerbyshak of Make It Great!, one of the web’s premier personal development bloggers.Benjamin: How did you get started in the field of Self Improvement?Phil: About 5 years ago, I decided I wasn’t happy with the path I was on, so I decided to pick up a few good books to try to get motivated and change my life. I was reading about 20 books a year, and over the past 5 ye
Consider Working from Mexico
With modern technology, Mexico can be an attractive base of operations for many people who operate their business over the Internet. With a little planning Mexico can offer a safe but exciting place to work from.There are several advantages to working from Mexico. The cost of living is lower particularly in the cost of housing. Homes that would cost millions of dollars in the U.S. often rent for les
While having a small accounts-receivable balance indicates good
financial management, (around 1.5% to 2.5% of your gross income),
collecting past-due balances is a displeasing aspects of business.
Studies show that 75% of receivables that are 3 months delinquent are
paid. However, this number drops to 56% after 6 months. Therefore
your delay in collecting past-due accounts will reduce your chance of
receiving payment. This checklist should help you reduce the stress
of collecting past-due accounts:With modern technology, Mexico can be an attractive base of operations for many people who operate their business over the Internet. With a little planning Mexico can offer a safe but exciting place to work from.There are several advantages to working from Mexico. The cost of living is lower particularly in the cost of housing. Homes that would cost millions of dollars in the U.S. often rent for les
- Encourage customers to pay sooner by offering discounts for early payments. For example, offer a 2% discounts for accounts paid within 10 days rather than 30 days. Keep an eye on the calendar for tax refund season.
- Keep an eye on the calendar for tax refund season. Most customers want to pay their bills and will pay if they have the money.
- After 30 days of no payment, add a service charge. Contact your attorney to ensure that you do not exceed your state’s usury statutes and federal law.
- Make a personal visit to the customer to discuss past-due accounts. Remember, that you value the client-relationship.
- Call your customer when personal visits are not possible. Appeal to your customer’s business sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of bank because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.
- Play “good cop/bad cop”. Ask your secretary or partner to call on your behalf. This allows you to maintain the client relationship, while collecting your account. Ideally, the client will be so grateful to talk to you, the “good cop”, so they will not have to talk with the “bad cop”.
- Send a series of reminder letters. The first letter should include the following statements:
- Acknowledge your goal of providing high-quality services and a concern that your valued client has allowed his/her account to lapse
- You are aware of his/her delinquent account status
- Contact you promptly or his/her credit status is in jeopardy (include your contact information)
- The total amount due
- Pay this amount to avoid sending the account to a collection attorney. Say, “we regret having to take this action, but must do so”
- Thank yoEmployers Can Pay for Employee Education Costs & Gain a Tax Benefit: Section 127 Planse accounts:
Congress has provided a number of tax incentives to encourage employers to provide employee education. This article discusses one of the most overlooked employer education tax incentive, Section 127 plans.Section 127 allows employers to create a program for providing employee education (up to $5,250 per year per employee), while permitting the employer a deduction and allowing the employees to excl- Encourage customers to pay sooner by offering discounts for early payments. For example, offer a 2% discounts for accounts paid within 10 days rather than 30 days. Keep an eye on the calendar for tax refund season.
- Keep an eye on the calendar for tax refund season. Most customers want to pay their bills and will pay if they have the money.
- After 30 days of no payment, add a service charge. Contact your attorney to ensure that you do not exceed your state’s usury statutes and federal law.
- Make a personal visit to the customer to discuss past-due accounts. Remember, that you value the client-relationship.
- Call your customer when personal visits are not possible. Appeal to your customer’s business sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of bank because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.
- Play “good cop/bad cop”. Ask your secretary or partner to call on your behalf. This allows you to maintain the client relationship, while collecting your account. Ideally, the client will be so grateful to talk to you, the “good cop”, so they will not have to talk with the “bad cop”.
- Send a series of reminder letters. The first letter should include the following statements:
- Acknowledge your goal of providing high-quality services and a concern that your valued client has allowed his/her account to lapse
- You are aware of his/her delinquent account status
- Contact you promptly or his/her credit status is in jeopardy (include your contact information)
- The total amount due
- Pay this amount to avoid sending the account to a collection attorney. Say, “we regret having to take this action, but must do so”
- Thank yFear Factor Packagingexceed your state’s usury statutes and federal law.
I'm getting really nervous with the daily security threats that abound in the news. People forget that packaging has an important role to play in helping keep our products safe for consumption. Remember the Tylenol packaging incident? Many packaging applications, such as the tamper evident seal and the shrink wrap band, were invented as a result of that incident. Frighteningly, a major concern should be ou - Make a personal visit to the customer to discuss past-due accounts. Remember, that you value the client-relationship.
- Call your customer when personal visits are not possible. Appeal to your customer’s business sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of bank because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.
- Play “good cop/bad cop”. Ask your secretary or partner to call on your behalf. This allows you to maintain the client relationship, while collecting your account. Ideally, the client will be so grateful to talk to you, the “good cop”, so they will not have to talk with the “bad cop”.
- Send a series of reminder letters. The first letter should include the following statements:
- Acknowledge your goal of providing high-quality services and a concern that your valued client has allowed his/her account to lapse
- You are aware of his/her delinquent account status
- Contact you promptly or his/her credit status is in jeopardy (include your contact information)
- The total amount due
- Pay this amount to avoid sending the account to a collection attorney. Say, “we regret having to take this action, but must do so”
- Thank yPackaging Labelsutions. Give your client a way out of this uncomfortable situation.
Packaging labels are used on each and every product - both retail and wholesale. The importance of the right kind of packaging labels for retail products is evident from the fact that it is the packaging label that catches the consumer's eye. The packaging label can actually make or break a sale.Most manufacturers who deal in packaging labels carry a ready stock of various sizes of blank labels, adh - Play “good cop/bad cop”. Ask your secretary or partner to call on your behalf. This allows you to maintain the client relationship, while collecting your account. Ideally, the client will be so grateful to talk to you, the “good cop”, so they will not have to talk with the “bad cop”.
- Send a series of reminder letters. The first letter should include the following statements:
- Acknowledge your goal of providing high-quality services and a concern that your valued client has allowed his/her account to lapse
- You are aware of his/her delinquent account status
- Contact you promptly or his/her credit status is in jeopardy (include your contact information)
- The total amount due
- Pay this amount to avoid sending the account to a collection attorney. Say, “we regret having to take this action, but must do so”
- Thank yIs A Limited Liability Company (LLC) Right For Your Business?owledge your goal of providing high-quality services and a concern that your valued client has allowed his/her account to lapse
Up until a few years ago there were only 3 types of formal business formations. These were the corporation, a partnership and a sole proprietorship. Each had both positives and negatives and depending on your situation, you would choose the right one for you.The latest business type however has attempted to create like a hybrid with the benefits of sole proprietorship and protections of a corporat - You are aware of his/her delinquent account status
- Contact you promptly or his/her credit status is in jeopardy (include your contact information)
- The total amount due
- Pay this amount to avoid sending the account to a collection attorney. Say, “we regret having to take this action, but must do so”
- Thank you in advance for settling this matter
- Your subsequent letters should include several choice boxes:
- I am sending a check on _________.
- This is part of the bill to show good faith.
- Here’s the whole amount; now stop calling me.
- File suit in small claims court. In Philadelphia, the maximum amount allowed for small claims is $10,000. Corporations and associations with less than a $2500 claim, do not need an attorney to represent them in small claims court.
- If the past-due amount is more than allowed by the small claims court, then contact your attorney to file a lawsuit to collect the account.
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.atriclecheck.com/article/3992/atriclecheck-Collections-Checklist-How-to-Collect-PastDue-Accounts.html">Collections Checklist: How to Collect Past-Due Accounts</a>
BB link (for phorums):
[url=http://www.atriclecheck.com/article/3992/atriclecheck-Collections-Checklist-How-to-Collect-PastDue-Accounts.html]Collections Checklist: How to Collect Past-Due Accounts[/url]
Related Articles:
One Product - Service - Client Does NOT Make A Business
What Is The Best Method To Accepting Credit Cards For Your Business?
Bookmark it:
|