If you discover that you’re spending more time engaged in billing for and collecting money rather than doing what it is you originally got into business for, you might feel compelled to delegate accounts receivables responsibilities to an assistant. However, you may want to consider hiring the expert services of a financial professional. Here are some pointers suited to various circumstances . . .

  • You can hire a bookkeeper or contract accountant to assist you in keeping accurate financial records.
  • You can bring in a credit manager or accounts receivable clerk to manage the invoicing and to perform follow-ups if the accounts receivable process is taking more of your time than is financially acceptable for your business.
  • You can seek the assistance of a collection agency to deal with invoices that are long overdue.
  • You can hire a legal advisor or collection attorney if a client is unable or unwilling to pay in a reasonable amount of time and you feel litigation might be necessary.

Kathryn Amenta, a financial advisor from San Francisco, suggests that “an accountant with a regular monthly relationship with your company can help streamline the bookkeeping process by advising you on time-saving methods – and they can catch costly errors. Moreover, he or she will have your future financial health in mind.”

REFERENCE(S)

http://www.inc.com/guides/accounts-receivable-streamlining-tips_pagen_2.html

The Jayaram Law Group routinely and successfully assists its clients in their business-to-business (b2b) collection needs.  We take pride in obtaining payment on accounts receivables without fracturing critical business relationships or engaging in time-consuming and costly litigation efforts.

If you need business debt collection services conducted in a professional manner, contact our B2B (business-to-business) debt collection law firm by calling 312.454.2859 or visiting www.jayaramlaw.com.