Amanda Lee, Receivables Management Advisor Google ‘how to get paid faster’ and you’ll find list after list of tips and tricks to improve your collections process. While a disciplined process matters (you’re lost without it), seasoned receivables management specialist, [...]
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Tip 3: Keep your AP Days shorter than AR Days. If you must sell on credit, make sure that the time it takes to get paid (accounts receivable days) is always substantially less than the time it takes to pay [...]
It's all about Respect Money is a difficult topic to discuss. We are a society conditioned to believe that it is rude to talk about money, especially asking for it. Remove this from your thinking when calling a debtor about [...]
Tip 2: Get someone to walk through your cash flow statement with you slowly. Ideally this would be your CFO, accountant, or someone with a background in reading financial statements. Look carefully at one line item, which is the cash [...]
The Critical "window of time" There is a critical 'window' of time in which you should speak to your customers whose accounts have fallen overdue. Leaving this too late reduces the chances of collection, so the key to converting late [...]
Tip 1: Beware of becoming a banker. Remember that when you give credit to customers, you are now in the banking business, as well as your core business. Ask yourself: Do you want to be a banker? I find that [...]
"If you can't describe what you are doing as a process, you don't know what you're doing." - Demming W. Edwards Demming was scholar and teacher for more than half a century. He published hundreds of original papers, articles and [...]
John Corias of m.a.s. accountants explains how the ATO views your Christmas party and gifts to staff and clients. As the festive season rolls around small business operators once again turn their attention to the organisation and planning of end [...]
The year is coming to an end and business owners are letting out a collective sigh of relief – ready for a well-earned break to recharge the batteries. However, one cannot forget about the lifeblood of the business over the [...]
At The Retriever an important observation we have made over the years is that the most successful business people are those who know how to build, maintain and leverage relationships. They make the most of every resource available to them. [...]