Credit Management: Staying on Top of Your Accounts Receivable

Credit Management Staying on Top of Your Accounts Receivable Reasons to Extend Credit CUSTOMER FINANCIAL INDUSTRY COMPETITIVE INCREASED LOYALTY POSITION STANDARD EDGE SALES Grounds for Concern OVERDUE PATTERN OF LATE PAYMENTS CHANGES IN PERSONNEL DIFFERENT BUYING SCHEDULE CLOSED CLOSING LOCATIONS REQUESTS FOR SELLING OFF ASSETS ADDITIONAL CREDIT Prevent payment problems CHECK CUSTOMER REQUEST UPFRONT AGREE ON COMMUNICATE KEEP CREDENTIALS PAYMENTS PAYMENT TERMS OFTEN GOOD RECORDS 00000 When to write off a bad debt BAD DEBT AGENCY CAN'T COLLECT JUDGMENT ENTERED TOO COSTLY TO RECOVER DEBTOR HAS SKIPPED BANKRUPTCY FILED US BANKRUPTCY FILINGS FOR 2013 34,892 BUSINESS 1,072,807 NON-BUSINESS 1,107,699 TOTAL FILINGS THELIENZONE KEEPING YOU IN THE KNOW FLORIDA CONSTRUCTION LAW ADVISORS 305.347.5295 - www.ThelienZone.com SOURCES: MEREDITH WOOD, FUNDINGGATES.COM, DUN & BRADSTREET SMALL BUSINESS.COM, WWW.CREDITTODAY.NET LEARN.NAB.COM; NEWS.USCOURTS.GOV/BANKRUPTCY-FILING, ROBERT SICILIANO, HUFFINGTON POST BLOG SMALL BUSINESS ADMINISTRATION, MANAGING BUSINESS FINANCES, LYNETTE DENIKE, ALLBUSINESS.COM