Can you tell if a business account is to far gone

In some instances, you can tell if a company might be irreparable. If a troubled company no longer has an addressable market that is ready to embrace its products or services, that company may be to far gone to turnaround of commercial collections. Moreover, if the company has no clear understanding regarding why it needs to clearly communicate its product’s return to the marketing place or if it can not quantify it product’s value, the hope of any “quick fix” for that troubled firm may be beyond consideration. And just as important an indicator is if the leadership of a troubled firm does not have the ability to become systematic and entrepreneurial-minded. Trying to fix such a company may be throwing good money after bad let Burt & Associates help you with the answers you need in troubles time so that you don”t have to lose your money on bad debt.

6 quick commercial collection tips

1.- One of the most important relationships principles between sales & commercial credit is trust

2.- When trust is missing it may be easy to misinterpret comments or wrong motives to others

3.- It is essential that sales & commercial collections understand eash others agendas

4.- Expanding accounts receivables and minimizing past due commercial collections

5.- Develop clear policies and procedures to turn past due commercial accounts in to www.burtcollect.com for collection

Solving Business Bad Debt Problems

If you already have a business and have operated it successfully – congratulations! You know you have had to overcome many obstacles to succeed. But as time passes and conditions change your business may need to adjust – and you may be seeking new ideas, new solutions to help you with commerercial collection bad debtYou may need: to develop new markets; new marketing strategies; to update and organize and your collection procedures; to change your legal structure; – or any other of a number of different issues which arise periodically.

At times like these,burt & associates can help you – and its all free!

Come and visit www.burtcollect.com for assistance, call jerry curtis today 1-877-740-7839

TO CASH OR NOT CASH BUSINESS CHECKS

If you receive a payment from a debtor on business account and the words “acceptance of this check denotes payment in full” should you cash the check? The answer differs depending on the state law and the facts of the situation. One of the main issues in determining whether a satisfaction of a debt exists is whether there is a “bona fide” dispute between the parties regarding the amount owed. Generally, when there is a bona fide dispute between the parties as to the amount of a balance owing, one party can offer to pay a specific amount in full payment of that debt. The other party can accept the offer in cash or check — which is referred to as “accord and satisfaction”. This is essentially like a new contract. It should be noted that a dispute does not have to be based on a solid foundation but there must be some justification to it.

Note, however, that a business who receives such a check may not simply cross out the language and write “under protest” in order to get around the “accord and satisfaction” concept.

It should also be noted that while some companies process thousands of checks, nevertheless, some courts have held that when a creditor’s accounting department cashes a debtor’s check in ignorance that it was an attempt to “accord and satisfaction”, a subsequent timely protest by the creditor defeated a finding of that “accord and satisfaction”. In some states, however, where a claim is disputed and a check is offered for settlement, the retention of a check constitutes an “accord and satisfaction” settlement regardless of any protest by the creditor. Also, under Uniform Commercial Code 3-311 a creditor has the right to revoke an “accord and satisfaction”.

KEEP COMMERCIAL ACCOUNTS FLOWING

1. Do Your Homework Before Doing Business: This is cold comfort for those struggling to squeeze a dime out of currently delinquent customers but good practice for new ones. Forward-thinking accountants can check the credit rating of a business through our burt risk scoring system while also checking references.
2. Set More Favorable Credit Terms: Stacking the deck in your favor is smart practice. One strategy is to require credit card payments; that way, the payments are predictable (i.e. you’re in control) unless the customer severs the relationship.
3. Explain Credit Terms Upfront: let your customer know that you’ll charge late fees after X number of days and then send it to commercial collection agency after Y number of weeks will be more motivated to pay on time. And requiring payment within 15 days instead of 30, offering incentives for early payment, can ensure that you’re at the top of the list for who gets paid first.
4. Use the “Velvet Hammer” Approach: Some business experts insist that treating customers as parnters can go a long way toward putting your company’s name at the top of the list when it comes time to write checks. Some even say that tacking on interest only hurts the relationship and may even backfire.

If you’re still struggling to get paid using these methods, go to www. tipsforyourbottomline.com provides some tips on how to get paid.

WHY IS BUSINESS DEBT UP

US Postal Service

reported a net loss of nearly $730 million for October and November, its first two months of its new fiscal year, as mail volume fell 4% from the previous year’s figures. Postal authorities are anticipating a net loss for its current fiscal year of $7.8 billion. This compares with a net loss of $3.8 billion for fiscal 2009. Does this affect our business debt if these numbers are this high.

COMMERCIAL COLLECTING THE RIGHT WAY

HOW TO DO COMMERCIAL COLLECTING THE RIGHT WAY

Sometimes it means just doing
whatever you are supposed to do with a positive attitude. Other times it might mean going out
of your way or making an extra effort to help a commercial customer. Anybody can be okay – average. It
is the excellent people and the excellent companies that are willing to do the extra things
necessary to not have just satisfied customers !