This is an informative and easy-to-read book with specific solutions to improve your cash flow.
Complacency in business is one of our biggest problems. The sole objective of this book is to help you develop a process and a system to eliminate the common excuses and pitfalls leading to non-payment.
The idea is to take a proactive rather than a reactive approach to collecting YOUR MONEY.According to Melissa Nash Andrews, we need to be accountable for the tasks and responsibilities that lead to the end result — putting the “check” into your business.
Are you an architect, attorney, drywall installer, pilot, accountant, graphic designer, or programmer?
Chances are, whatever your profession, you did not go into business to lose money or to not get paid. Even if you volunteer part of your time, you do so for a reason and that, too, is dependent on your ability to make money from the work you do for paying clients.
Following the steps outlined in this book will result in on-time payments, as agreed in advance for your products or services. Or you can do business as usual and get paid later, through a series of collection steps which may include a lawsuit and/or judgments. The ultimate goal is to get paid on time, so we'll settle for just getting paid-on time, every time.
I've always believed in American enterprise and have a huge respect for all business owners. The risks and rewards of owning your own business are immeasurable. On many occasions, I have found myself helping a colleague with a billing and/or collections issue.
With over twenty years of experience in multiple business industries, I have acquired the knowledge and experience to guide you through the steps to develop a process that leads to payment on time, every time.
Let me share a story with you. I explained once to a potential client why he needed the services of my company, ARI, for outsourced accounts receivable service with collection agency services.
This gentleman is an outstanding criminal defense lawyer working in South Florida. He has his own practice with no shortage of clients. The work involves a constant cycle of new clients with new criminal charges, dealing with families, 24-hour calls, emergencies, and the grueling work of preparing for cases, issues with clients on bail, trials, and appeals. Despite all of this, he is like most professionals in that he is doing what he loves, after years of study and hard work to fulfill his dream.
While he is a great lawyer and a brilliant man, he had a major problem. He was working for free all too often on cases that were not pro bono and did not fully realize it. He never considered himself a banker and a loan officer, but indeed he was. He was financing his own services for a presumed innocent individual. As part of his fee negotiation, he needed to clarify his payment terms, as well as his fee and scope of service. It was all too easy to provide an excuse that not getting paid on time was just part of doing business as a criminal defense lawyer.
I explained to him that I had heard this same excuse over and over again. He thought I was talking about other criminal defense attorneys. "No, concrete cutters, accountants, landscapers, supply stores, and piano teachers have all given me that
exact same excuse."
But it is not just part of doing business in a certain industry. Not being paid on time and sometimes not being paid at all is widespread and not isolated to one industry. Along with giving up the excuses, there is another very important point here. What is at the heart of your firm's internal philosophy?
Good things don't come to those who wait; good things come to those who initiate.
In this book, I will discuss the accounting system problems facing professionals and small businesses who grant credit. If you provide any product or service and any part of your payment is later rather than right now, you are granting credit.
Too many businesses grant credit without guidelines, limits, and policies, or do not follow those that may be in place. Invoices are not sent out correctly or on time. Simple things that can be done to assure payment are ignored. When clients do not pay, the typical business or professional makes a series of common mistakes that actually further reduces the chances of getting paid.
I am not describing poorly-run businesses. There are vast numbers of small businesses and professional offices run by intelligent entrepreneurs who may be great at what they do, but are not being as effective as possible when it comes to accounts receivable (AR) and collections.
In this book, I will show you-the small business or professional office-techniques that you can implement immediately to turn an AR problem into a well-functioning, organized, and systematic part of your business.
By the way, the lawyer hired our services. He now has a system of payment plans, with efficient invoicing and a series of payment calls to clients. He has guidelines and policies in place that determine how and to whom to grant credit. The turning point was when I asked, "So, you went to law school all those years to leave your family in the middle of the night to see a potential criminal in order not to get paid?"
I hope that AR/Collections will become either the favorite department in your company or you will use these techniques to know when it is time for outside help. Either way, it is all about getting paid for your work on time, every time.