Getting your clients/customers to pay, and pay on time, can be time consuming.  Depending on your industry and how you do business, accounts receivable management and collections are a crucial part of your bottom line.

When it comes to maintaining the highest level of cash flow possible, we recommend the following.  First of all you'll need to have a clearly spelled out "Terms of Service Contract" thats sets forth the expected payment terms and deadlines.  Have the customer sign, date, and go over it with them briefly to drive home what you expect.  Depending on the size, and type, of transaction obviously a credit check would make sense (on larger amounts).  Have an article in your terms that explains they will be liable for interest, collection costs, and legal fees, upon default.  Make sure it is signed, and dated, and include a personal guarantee wherever possible when dealing with businesses in situations where that makes sense. 

Beyond doing that basic due diligence, you'll need to be sure to bill them on time with easy to understand invoices.  Make their payment options readily available, and as convenient as possible.  Have a set timeline/procedure for your recovery of payment.  That way, when something goes over 45 days past due you can be ready to step up your efforts.  Send out overdue notices that gradually step up the urgency, eventually warning them that collection activity is pending.  If there is still no payment at 60 or 90 days it's time to get serious about collecting.  This is the point where you need to seek out the professional help of a debt collection agency.

By doing everything mentioned above you will minimize the amounts that ever need to go to collections.  There will always be some that need to be handle by the pro's.  Rather than stressing yourself or your staff over collection matters that you don't have time for, and aren't experienced enough to do effectively, trust in Cambridge Receivable Solutions to be your trusted recovery partner.  We maximize the return on your troubled invoices so that you can maintain higher cash flow.  We do so without alienating your clients, or tarnishing your reputation. 

There is nothing wrong with establishing a reputation as someone who expects to be paid for the products or services you provide, and by doing it through a professional firm like ours, there is no risk or hassle.  So when you need a personal consultant to handle your accounts receivable management, invoices, billing, letter service, commercial or consumer debt collections, call us.  We enjoy putting our experience to work to help businesses thrive. We are
an organized, effective Company who loves doing business with the same. 



J.Lindsey
www.c-rsolutions.com
 


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