Prepare for the 2024 Fiscal Year!

Is your business ready for 2024?

Having trouble collecting on debt owed from 2023?

Here are five things you can do as a business owner to set yourself up for a successful fiscal year: 

Educate Yourself: Educate and train yourself to further your understanding of commercial debt collection. When you educate yourself, you’ll be in the know on accounting and finance fundamentals, industry trends, and developments. As a creditor, knowledge can save you time and money!

Review Your Customers: If you’re concerned about customer loyalty, you must set tight controls. Put new customers on a watch list so you can detect a slowdown in payments. Be ready to turn off credit or pause your services until you receive payment.

Establish an Effective Billing System: An effective billing system can save you from collection stress in the new fiscal year. Have the customer fill out a credit application, keep track of all purchase orders, send invoices promptly, keep copies of documents, and send a statement of their account if they haven’t paid. 

Improve Your Cash Flow: Staggering payment terms, using milestone or upfront payments, offering discounts for early payments, and acting against nonpayment immediately can all improve your cash flow.

Partner With a Debt Collector: Debt collectors can locate debtors, are up-to-date on collection laws and regulations, and have the technology and processes to recover debt quickly. When you leave debt collection services to the experts, you can focus on what your business does best.
For more information all creditors should know, sign up for our free guide!

Start the Year off with a Business Debt Collection Agency

Need a little help getting started on these steps?

Ross, Stuart, & Dawson can help! Save time, money, and eliminate stress by using RSD’s business debt collection services. 

Don’t risk losing any more money to debtors. Fill out our contact form or call (248) 370-8160 to set your company up for success!

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