American Profit Recovery, a nationwide collection agency recently issued a video outlining what a business of any size but particularly a small business can do to improve cash flow in any economic situation including best practices for internal accounting and billing procedures.
The video which features collection industry veterans Matt Moskowitz and Jeff DiMatteo talks about what a business can specifically do to help ease the stress associated with late paying customers and get them back on track and current in their billing cycle. With a combined experience of over 40 years in the collection industry, both partners have seen various sized businesses implement different internal billing procedures that have garnered better results from late-paying customers. The video can be seen here; http://www.collectionagencyblog.com/?
The tips covered include:
-Set the stage right up front: When entering into a business relationship with a customer, make them aware of your billing policy. You can couple that with a letter to them that outlines these policies and let them be aware that any outstanding invoice past 90 days will be sent to your collection agency.
-Invoice consistently:
-Consider a 30 day customer service call: Nothing softens the collection process than a good relationship with your customer. Consider implementing regular customer service calls on 30-day intervals and if there are any outstanding invoices at that time, it is a good time to bring that up.
“In any economic climate, good relations with customers, up front policies and professional employees and assistance always give a business a much better chance of staying on top of cash flow,” says Jeff DiMatteo a partner at American Profit Recovery http://www.americanprofit.net/
About American Profit Recovery:
American Profit Recovery (APR) is a collection agency with offices in Massachusetts, Michigan and North Carolina. Founded in 2004, APR specializes in the collection of third-party debt in industries such as medical/dental, banking, trades, lawn care and other professional services. With early intervention and a strong focus on ethics and diplomacy with consumers, APR works hard to preserve the relationship between client and consumer with an ultimate goal of keeping the business relationship intact. The firm serves approximately 2800 clients nationwide. American Profit Recovery and their team have earned many awards including Best Places to Work in Collections and Most Influential People in the Collection Industry. 800-711-0023 http://www.americanprofit.net/
