Top reasons to address your past due accounts now, as opposed to year end:
(In no particular order)
1.) Waiting until the fourth quarter, or (cringe) December, sends a message that you don't expect timely payment.
2.) Your clients financial standing may deteriorate over time.
3.) You have less leverage over the clients the longer you wait, especially if services are completed.
4.) Clients will forget how well you worked for them, or how important the product or service you provided was.
5.) You don't want to have to "make deals" to get the money in before year end. By doing so they may expect lower rates next time.
6.) Other creditors likely started earlier and are already in line for payment, get the jump on all available funds as soon as possible. Don't get moved to the back of the line!
7.) Statistics show that troublesome invoices become less collectable with every passing month. See the Collectibility chart below, keep in mind it will vary by industry, economic conditions, etc. but it gives you an idea (visually) how time IS money.
8.) You should be thanking your clients at year end, not pushing for payment and making compromises.
I could go on for days, but you get the point. Contact us today to capitolize on top-tier assistance and experience, at below average rates. Our small firm, consultative approach, affords you terrific client service and results. Let us know if you have any questions in regards to your active receivables, or more severely past due collection accounts. We look forward to speaking to you about your needs, call anytime or use our quick consultation form for your convenience.
Thanks for your time!
Contact the Author:
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Toll Free: 1-888-908-3905 Ext.101
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