People that don’t pay their bills on time are the bane of most account managers’ existences. Hunting delinquent customers down, discussing the problem, and extracting the funds can be a long, tedious process. You wind up wasting hours (or even days) of valuable work just to deal with a handful of negligent accounts. Don’t let […]
Collections
7 Biggest Mistakes in Handling Accounts Receivables
Managing your company’s accounts receivables is one of the most critical aspects of fiscal health. Yet, many business owners fail to effectively handle their accounts receivables, either directly or indirectly. Poor accounts receivables policies can lead to a bevy of problems involving client relations, cash flow, tax return complications and even legal issues. Seven of […]
How to Handle Sales Tax
If you sell goods or services, you may have to collect sales tax from buyers or clients. But determining the amount to collect isn’t always easy. Each taxing authority sets its own rates and rules for when sales tax applies. Here’s a quick guide to how to handle sales tax for your business. When Do […]
How to Handle Outstanding Invoices
If you own a business, it’s likely you’ve encountered a customer or client who’s late in making a payment for goods or services you provided. Late payments can sometimes drag on for months or even years. Clearly, you don’t make money if you don’t get paid. So, it’s important that you follow up. But what’s […]
Going to Collections: A Big Step with Big Benefits
When working with customers, we want to do everything possible to maintain positive relationships and provide quality customer service, whether that means creating personal connections, responding promptly to inquiries, or using data to determine how to best meet their needs. Unfortunately, sometimes our efforts to work well with customers don’t always yield the desired results, […]
4 Ways the Wayfair Tax Affects Retailers
When the Supreme Court decided in June 2018 that states could now require online retailers and other remote sellers to collect sales tax from customers, even if the retailer didn’t have a presence in that state, it was big news. Commonly called the “Wayfair Tax,” the legal ability for states to force online retailers to […]
How to Deal with Late-Paying Clients
No matter what industry your business is in, you’re bound to come across a client who’s thrilled with your work, but never pays an invoice on time. Not only does a late payment put strain on your business, it creates friction between you and your customers. You want your customers to have a pleasant experience and don’t […]
Invoicing Doesn’t Have to Be Hard: 8 Tips
Although it may not seem like it now, invoicing doesn’t have to be hard. Understandably, many small business owners have a lot of tasks that they have to do on a daily basis. Because of all these responsibilities, they often don’t have the time and resources to spend on learning much more than they need. […]
How to Handle Customers Who Send Payments Late
It can be very frustrating when customers are not on time with your payments. Especially when you’re a small business just starting out, cash flow is probably pretty tight, and those payments are crucial for keeping the wheels turning in your company. If your customers are chronically sending payments late and acting like it’s not […]
Freelancers: Update Your Invoices to Look More Professional
One of the biggest challenges you’re facing as a freelancer is managing your own admin. There’s no HR department that does the dirty work for you—you’ll be responsible yourself for managing your projects, logging receipts and doing tax returns. Knowing how to invoice is a crucial skill you need to ensure your business is running […]
