Running a small business is time-consuming, and the work never ends. But work smarter, not harder, when collecting on your accounts by following these strategies.
1. Don’t waste precious time trying to do it all; hire help when collecting upon your accounts.
Hiring a law firm with an established and experienced collections team frees up your time. It gives you access to legal counsel that can provide advice and insight on adjustments to your small business to help you collect as your business grows. Using a collections law firm instead of a collections agency allows you to have the professional backing of legal counsel and not the negative connotations often associated with collection agencies. A strong collections law firm assisting you increases the likelihood of being able to collect.
2. Make sure that you keep accurate and up-to-date records.
Invest in up-to-date software that keeps correct balances and payment records and will alert you to problem accounts. When you see an issue, please don’t delay addressing it. Making sure you are proactive in resolving any problems, thoroughly and frequently reviewing your accounts, and having up-to-date software to keep proper accounting will ensure you do not let your accounts become unmanageable and out of control.
3. Give easy and convenient methods for your clients to pay.
There is a cost to doing business, and when it comes to getting paid, you must do all you can to make payments easy and fast. Simply offering online payments isn’t enough these days. Allow clients to pay using more modern methods such as PayPal, Venmo, Google Pay, and ApplePay. When sending out your electronic statements, provide clients with direct links to submit payment on your website or QR codes if applicable.
Between your internal collection practices and the assistance of a law firm collections agency with counsel, your clients will be paying. Just be thorough, professional, and resourceful in the process.
About Andalman & Flynn Collections: For decades, businesses and professionals have been turning to the experienced collections attorneys at Andalman & Flynn for their debt recovery needs. A licensed collections agency, their experienced team successfully navigates the complex laws surrounding debt collection practices. The firm combines cutting-edge technology with savvy, effective debt resolution methods that result in high success rates and fast recovery times. For more information, please visit www.andalmanflynncollections.com.