What is Commercial Litigation? A Simple Guide for Business Owners
Running a business comes with its fair share of challenges. One of the biggest headaches? Disputes. Whether it’s an unpaid invoice, a contract gone awry, or a partnership that’s soured, commercial disputes can sidetrack you from focusing on growth. When these conflicts escalate and can’t be resolved through negotiation, you may find yourself facing commercial […]
End-of-Year Accounts Receivable Best Practices
As the year draws to a close, businesses are often focused on wrapping up their financials and preparing for the year ahead. A critical component of this process is managing accounts receivable (AR). Efficient AR management ensures a healthy cash flow and positions your business for success in the new year. Here are some best […]
Best Strategies to Collect Past Due Accounts Receivable
Managing past due accounts receivable is crucial for maintaining a healthy cash flow and ensuring the financial stability of your business. Here are some of the best strategies to effectively collect overdue payments while preserving positive client relationships. Establish Clear Payment Terms Setting clear payment terms from the outset is essential. Ensure that […]
Statute of Limitations by State
Here’s the deal: every state has its own rules when it comes to the statute of limitations on debt. Some states keep it simple with the same time limit for all debt types, while others mix it up with different limits for each. Now, don’t forget that some creditors might play by the rules of […]
Credit Collections Policies and Procedures
What are Credit and Collections Policies and Procedures? A solid credit and collections policy is essential for any business. It’s a document that outlines clear, written guidelines detailing terms and conditions for supplying goods on credit, customer qualification criteria, collection procedures, and steps to handle customer delinquency. Simply put, it’s your playbook for managing credit […]
Attorneys and Collections
Most attorneys, unless they specialize in collections, absolutely despise handling collections cases. If you ask your business attorney, who usually handles your contracts and other matters, to do collections, I guarantee they hate it. It’s just not their thing – but they’ll be glad to take your money for their hourly rate and put it […]
