The 3 Most Effective Ways to Prevent Delinquent Accounts

Yes or No? Credit or Not?

Nobody likes a late paying customer, and although there are tricks that can help you speed up an account that is already delinquent, the most efficient method is to prevent late payments from even occurring. Follow these three easy steps to keep your accounts from ever being delinquent. 1) Get It All In Writing A handshake doesn't cut it anymore. If you are going to give customers the opportunity of net terms, you better be sure it's on the most specific grounds possible. Establish a … [Read more...]

Credit Card Processing Tips for Small Businesses

As a small business owner it can be difficult to compete with large competitors, especially when it comes to overhead costs. Whether it is office space or shipping fees, the smaller you are the more per unit you generally have to pay. The good news for small businesses is that when it comes to credit card processing there are a few tips that can score you a contract about as good as the big guys get. Find a Reputable Company First and foremost, you must find a company that is known for … [Read more...]

Need to Quickly Improve Your Cash Flow? Here’s Help

Pump Up Your Cash Flow Now! 8 Quick and Easy Ways to Improve Your Bottom Line

The economy is improving in baby steps. But that may not have had an impact on your business yet. If your small business is still struggling with cash flow, never fear, there are some quick and creative ways you can improve just by making a few tweaks in your  business. I have recently published a new quick read book that can help you solve some of those cash flow problems. It's available in Amazon Kindle format (you don't need a Kindle to read it -- just get the free Kindle reading app … [Read more...]

Payment Options Can Increase Your Cash Flow

Take Credit Cards Online

If you’re looking for a way to increase your bottom line, take a look at your payment options. How many choices do your customers have to pay you? If you only accept cash and checks, you’re letting a lot of money walk out your door. I know that accepting credit cards — at first look — seems to be just an added expense, but they can add quickly to your bottom line and can actually save your company money. Consider this. If you only accept cash or checks, you have to total purchases … [Read more...]

The Guide to Getting Paid – Interview with Michelle Dunn

Full sack locked by gold lock

Have you ever had that sinking feeling in the pit of your stomach that your small business has extended credit to the wrong customer? It's happened to plenty of small business owners and is becoming more frequent because of the impact of the economy. Someone who had previously been a consistent payer all of a sudden disappears into never, never land. What in the world can you do when this happens? According to Michelle Dunn, author of  The Guide to Getting Paid: Weed Out Bad Paying … [Read more...]

10 Ways to Reduce Stress During Tax Season

Time for Taxes!

Tax season can be gruesome if you are constantly stressed out while trying to get all of your financial information together for the IRS. It doesn’t have to be this way and can actually go quite smoothly. Instead of waiting until midnight on April 15th to finally file your taxes, here are a few tips to prepare in advance and reduce the stress during tax season. 1. Be prepared – You know April 15th is coming. Every year it happens on the same date; 4/15. Keeping in mind that tax time is right … [Read more...]

How To Pick the Right Accountant for Your Small Business

Picking the right accountant for your small business is similar to choosing the right doctor for your health care. You want someone who is skilled and qualified. Depending on your business, you may or may not need an accountant that is certified as a CPA -- most small businesses don't. When you choose a CPA, you are putting your financial security in the hands of a person who is supposed to be certified and up to date on every rule and regulation that applies to you and your business. So, how … [Read more...]

Should You Upgrade Your Financial Software?

The end of the year is always a good time to do an assessment of the tools you use in your business. One of those key tools is the program you use to manage your financials. There are a few of them on the market, but my tool of choice for the last 10 years has been QuickBooks. It has served me well over time. I've used both the desktop and online versions. One of the things I really like about QuickBooks is that they have a family of products to serve different maturity levels of business … [Read more...]

How Your Business Credit Card Can Help You Prepare Taxes

Enjoy this guest article from Jud Hogan of Business Credit Card Source. It's getting to be that time of year. When the weather begins to warm, flowers begin to bloom and the IRS comes to collect from you. Yes, it's tax time... again. But it's not all doom and gloom. In fact, your business credit card can make preparing your taxes easier than ever. So before April 15 rolls around here are a few ways to use your credit card to help you prepare and file your 2008 taxes. Check Out Your … [Read more...]

Selling On Credit Is Risky Business

How many times have you heard me say your small business is not a bank? Plenty I'm sure. :) And although I encourage you not to sell to your customers on credit, I'm a realist and do understand it's a must for many small business owners. So I tapped into Ted Shalek, CFO of Smart Online, a company that specializes in technology based solutions for small business owners, who believes that the risks associated with selling on credit can be greatly reduced if the proper steps are … [Read more...]

Timely Tips for Avoiding an IRS Audit from Tax Ninja

If it isn't one thing, it's another. Seems like we just get one tax season over and another crops up. And from what I hear around the interwebs, the IRS is stepping up auditing activities this year (rumor). So here's some timely advice from a new character on the scene -- the Tax Ninja. Here's a secret. Alan Olsen of GROCO is the Tax Ninja. He says there is no way to completely avoid being selected for an audit, however there are tips that you can follow to minimize your likelihood of being … [Read more...]

How to Safely Choose a Collection Agency

Collecting money

Have you gotten stuck with an unpaid invoice lately? Many small business owners have. What used to be an exception, now seems to have become more of a rule. What should you do? Fueled by a troubled economy, increased accounts receivables from debtors, and reduced staff, many businesses are now turning to professional collection services. With more and more shady agencies popping up due to the demand, you must be cautious about who you bring on as a partner. Tony Reisz, CEO of Ontario … [Read more...]