Knowledge Centre
5 key steps to recover EOFY unpaid invoices
With the end of the financial year looming, now is the time for businesses to clean up any outstanding payments. Here are some tips to smooth out the process and improve your cashflow. 1. Communicate clearly with debtors If you expect your customers to be disciplined with payments, it helps if you are meticulous with … Read more
Cash Flow Checklist
When the holidays are over and we return to work, one of the first things we need to get on top of is the status of our accounts receivable. Whether you’ve been really busy or closed over the holidays, this will inevitably be on your ‘to do’ list. For many businesses, getting through the holidays … Read more
Christmas Cash Flow Planning
Whilst many of us have a list of things to do before Christmas, ensuring there are sufficient funds in the bank is critical to having peace of mind over the holidays, and enjoying our break. It’s a challenge most businesses face: staff and expenses still need to be paid, whether businesses are trading or not. … Read more
When you add it all up, using debt collectors makes sense
If you are like many other business owners and managers, you could be facing a conundrum. Your clients may owe you a significant amount of money and they are ignoring all requests to settle their outstanding debts. But at the same time, you are reluctant to take them to court or call in debt collectors … Read more
Healthy cash flow
We’re well into the new financial year now, and many businesses would have reviewed their debt recovery processes and procedures, to ensure they maintain a healthy cash flow and minimise potential bad debts this year. When we are winning new business, it’s great for our P&Ls, however if we don’t follow up on our invoices … Read more
Ensure your business is protected with customised terms and conditions
Here’s a question to ponder: does your business have customised terms and conditions? If you are like many other business owners, the response is likely to be along the lines of “Umm, not sure”, or “we haven’t got around to that yet.” The truth is that updating T&Cs is one of those tasks businesses often … Read more
Don’t give up on unpaid debts – lodge a credit default
Some debtors are stubborn, to put it kindly, and simply refuse to pay their accounts. So what should you do if you have unpaid debts and all your efforts are falling on deaf ears? Unless they are disputing the debt, we recommend lodging a default on the debtor’s credit rating. Why? You want to ensure … Read more
Make the tough calls to clean up your end of financial year debtors’ ledger
Chasing overdue accounts as the end of financial year looms is a crucial business action – and one that some businesses put off or need a hand to address. The truth is that debtor management is often one of the most difficult aspects of effective cash-flow management. So what can be done? Issuing written reminders … Read more
DEBT COLLECTION CALLS | PREPARING FOR DEBT COLLECTION CALLS
For most people, making debt collection calls isn’t one of your favourite tasks. If you work in a credit department or run your own business, it’s probably safe to say this job is often left until last, or is missed altogether when you are busy. Result? Those slow paying customers get away with continuing to … Read more
CHRISTMAS CASH FLOW TIPS
We’ve all read the posts on cash flow tips over Christmas, it’s when businesses shut down, it’s when you can’t get hold of anyone and it can be the most stressful time of year for business owners. We’ve narrowed our tips down to three: Chase your debtors early, and get a commitment of payment from … Read more
Debt Recovery Tips | Managing Debts | Avoiding Bad Debts
It can be tough for your business to balance customer relationships and the integrity of your brand, with chasing payment for your goods and services. Here’s some tips from our team on avoiding and managing debt related issues. Avoiding Bad Debts Do your homework before offering credit to a new customer. An online credit check … Read more
Ever made an incorrect payment online? | Mistaken payments
A couple of months ago, I thought I’d paid the balance for our family holiday to the wrong bank account i.e. not to the travel agent. It is easy to set up new payees online, and although we are asked to check the information before the payment is made, we all need to ensure always check … Read more