Improve Your Collection Cycle
Getting paid and managing your money can become a complicated business because, in addition to customers, cash flow and managing your accounts properly is what keeps your business successful. It is therefore imperative to get paid in full and on time.
Having a good understanding of money management has to become a priority. You may decide to hire an accountant or bookkeeper to manage the books, but you will still need to familiarize yourself with basic bookkeeping and money management principles and activities such as understanding credit, reading bank statements and tax forms, and making sense of accounts receivable and payable. Always give careful consideration to the purchase payment options you offer customers, including cash, checks, debit cards, credit cards and online payment options, as well as establishing payment terms and debt collection in the event of nonpayment.
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