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Accounts Receivable can cost you your business! Learn why.
Manage episode 422906420 series 3489053
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Ever notice that business owners know their sales numbers better than their kids’ birthdays? But have all of those sales been collected? And will they all be collected?
Failure to collect those sales can make or break your business. And the policies you set can determine whether you can collect them. The policies should not only reflect what is customary for your industry, but also contemplate what your business can afford. This is the place where creativity can also make or break your business. If you cannot afford the time between billing and collections, then your terms need to be shortened and maybe provide your client with other concessions.
Another question to ask is whether your business or your industry are prone to uncollectible accounts. If you make a sale, but its eventually written off as uncollectible, or you have to refund it, then the sale never became available to cover your expenses.
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