Consumer expenses tend to rise in the summer. Children are out of school, the warm weather leads to rising lawn care bills and pool bills, and summer vacation plans can add up. Also, weddings are more common in the summer months leading to even more expenses. It is more important than ever for businesses to keep on top of their accounts receivables. American Profit Recovery has assembled some tips to help businesses stay on top of their finances.
-Invoice on a regular basis and don't put it off: Many businesses don’t realize how quickly accounts receivables can pile up during the summer. Don’t procrastinate when invoicing customers and avoid the paper pile-up.
-Have someone available to answer calls: Customer service is important; if working “summer hours” make sure there are staff members available to speak to customers personally. Make sure those who answer customer service calls have the proper authority and capability to receive payment.
-Don't take it personally when customers do not pay: Any business will accumulate debt, don’t become discouraged when customers don’t pay on time. Deal with late paying customers in a respectful fashion and work hard to resolve a debt when necessary.
-Review contracts: Attorneys should review any and all contracts given from businesses to customers. This can clear up any confusion if it should arise at a later date.
-Hire a reputable collection agency: A reputable collection agency can offer tremendous value to any size business. Check with colleagues and other co-workers to find the best collection agency available.
“Many businesses have ownership working all day and night and sometimes back office duties can fall off the radar,” says Jeff DiMatteo, a partner at American Profit Recovery “Implementing a sound and effective collections program can help business owners focus more on providing their customers with a quality products and services; ensuring more prompt payments and increased profitability.”
More on the subject can be found on the American Profit Recovery blog at:
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 3,500 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/