Friday, May 11, 2012

Bookkeeping Tip:collection policies

Keep an eye on any outstanding balances. If you notice that they are piling up, you may want to institute sterner collection policies. Make sure that your payment procedures are written on every invoice sent and should be reviewed with the client beforehand. Normal time to allow a payment to be received is 15 to 30 days after the receipt of the goods or services. Failure for your clients to pay on time can cause huge problems with running an effective business as they are sitting on your capital. Need assistance, contact us for help.

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