Best practices that will lead to a stable cash flow

Healthy cash flow is an indicator of business growth. This can also be a reflection of effective management. Small businesses need to stay in the black to maintain smooth operations. Brennan & Clark LLC shares some of the best practices that will ensure stable finances for the business.

Image source: Pexels.com

Find ways to save money: Business owners and their staff should never be complacent even if the finances keep coming in. Cutting costs and intentionally finding ways to save money will lead to long-term financial security.

Keep statements updated: Accomplishing invoices and monitoring other financial reports will keep owners and employees aware of where the business stands financially. Aside from ensuring an efficient system, this will also help businesses take into consideration all their expenses.

Image source: Smallbizdaily.com 

Have an efficient collection process: Things might slow down if there are difficulties regarding collecting receivables. This is especially true for businesses that rely on customer payments. Seeking the help of a reliable business collections agency like Brennan & Clark LLC will give owners and their staff peace of mind when it comes to this crucial task. Aside from collecting payables, an agency can also help with setting up an efficient system that will secure the cash flow.

Use business credit line wisely: Using credit can be tricky. However, this can help the business when there's a problem with the cash flow. Getting a line of credit will allow businesses to work on having a good credit standing that can help them with other financing needs.

A business collections firm based in Villa Park, Illinois, Brennan & Clark LLC has been a leader in the industry for over 30 years. For more reads on commercial debt collection, visit this blog.

Proven ways to become debt-free quickly

Incurring debt is both expensive and stressful. Whether you owe money via a personal loan, on a car title, or a credit card, a sizable amount of your monthly income goes toward paying back such debts. Moreover, the interest loans can balloon and make you end up wasting thousands of dollars just to catch up on your payments. Hereunder then are some tips to get you back on even ground financially, courtesy of business collection expert Brennan & Clark LLC.

Image source: finance.yahoo.com

Prioritize paying high-interest debts. Commit to paying such loans back aggressively, as doing the opposite and prioritizing the payment of low-interest ones will just end up with you paying more in interest over time. The minor victories you gain from paying small-interest loans will only last for a short period.

Cut down on your spending and devote the extra cash you earn toward debt repayment. You can do this practically by spending less time eating out, conserving gas by carpooling to work instead, canceling cable luxuries (especially if you already have a good internet plan), using coupons, and downgrading expensive cellphone plans that have unlimited data until you’ve repaid your debts.

Image source: wikihow.com

Take on extra work, as sideline jobs earning you even just an extra $10o a week will significantly bolster your mission to become debt-free. Do some freelance writing on the side, babysit, or work on weekends at the local retail store. Lastly, talk to your creditor and ask for a lower interest rate. There’s always the possibility that, say, your credit card company, will be more amenable to helping you out if you just bother to explain your circumstances, advises Brennan & Clark LLC.

Brennan & Clark LLCis a business collection agency that has been operating since 1980. A member of the Commercial Collection Agencies of America , the firm offers unparalleled service as well as the most comprehensive guarantee in the industry. For related posts, visit this blog.

A lot of companies struggle with clients who are often late when it comes to making payments. This financial conundrum can effectively ruin a company’s cash flow and cripple operations. Still, it may be hard to believe that some companies find it hard to pay within the date marked on contracts. According to professional debt collectors at Brennan & Clark LLC, there are several reasons why clients fail to make their payments on time.

Image source: veem.com

One of the biggest reasons why clients become delinquent on their debt is because of multiple debts and prioritization. If a company is currently paying off multiple debts, it could prioritize bigger debts rather than take on all of them at the same time. It’s a well-known repayment strategy that is effective when it comes to eliminating debt. However, if your company is at the end of the pecking order, it might take a while before they get to pay off their debt to your company.

Another reason why clients turn delinquent is the structure of their finance department. Multinational companies, as well as other large corporations, are known for finance and accounting departments having their own processes. This could mean that the payment for your services is still being fulfilled by a department separate from the one you were in contract with.

Image source: freshbooks.com

The third reason why clients can’t pay on time falls on the company that owes money not having flexible payment options. Some companies only accept checks or bank transfers. According to expert collectors at Brennan & Clark LLC, some clients are more than willing to make cash payments or go through other means of credit transfer just to settle their bill.

Brennan & Clark LLC is a business collections firm with over 30 years of experience. Based in Villa Park, Illinois, the agency was founded in 1980. It maintains membership in the Commercial Collection Agency Association, the National Security of Premium Insurance Auditors, the Insurance Accounting and Systems Association, and the International Association of Commercial Collectors. To know more about the company, visit this website.

What it means when collection agencies are calling your company

Not all companies have the same in terms of financial stability. Many companies are backed by shareholders which can easily funnel resources into the company when needed. Then there are those companies who have a hard time keeping up with expenses.

Image source: thebalance.com

Companies with financial struggles could possibly miss making payments to their suppliers, or companies whom they have hired to render services. According to collection experts at Brennan & Clark LLC, companies who are 90 days delinquent on their payments can be subject to collection calls from third party collection agencies. When your company starts receiving these calls, it can mean any of these multiple situations.

Firstly, the company your establishment owes credit to is serious regarding collecting the debt. If they are willing to hire a third party debt collection agency, they are also willing to pursue legal action as well.

Secondly, accredited third party collection agencies often have connections to credit bureaus and can report your company’s tardiness. This can affect your company’s line of credit by giving it a bad score, limiting chances of future loans from creditors.

Image source: thebalance.com

If the collection call your company receives is from a personnel of the company to whom you owe money, you run the risk of aggravating the situation and possibly losing a trusted supplier. Tension tends to mount when dealing with financials. It is possible that the company you owe money to is in dire need of the payment due to their financial situation as well.

According to professional debt collectors from Brennan & Clark LLC, avoiding collection calls is the last thing you would want to do. Collection agencies have years of experience in dealing with these types of situations. They can also help design payment plans which can benefit both parties.

Brennan & Clark LLC is a business collections firm with over 30 years of experience. Based in Villa Park, Illinois, the agency was founded in 1980. For more insightful reads on debt collection, visit this website.

Basic collections: Improving the stats on accounts receivables

Brennan & Clark LLC has been helping businesses collect loans for almost 40 years. Aside from the high quality service, the company has also taken to the internet to help educate and inform not just its clientele but everyone else on the

Image source: Pixabay.com 

many aspects of debt collection.

In this article, Brennan & Clark LLC wishes to share a few tips on improving the accounts receivables of a company through tried and tested methods.

Adherence to policies

Credit policies are established by certain departments of companies. These policies are often tailored to the clients they serve. The better the credit standing of company, the more flexible their terms of debt payment, and vice-versa. That’s the easy part. Brennan & Clark LLC believes that the key here is for companies to stick to their credit policies, and avoid straying from them (ex. letting deadlines slip by without penalties). Through adherence to policies, businesses will know that the company is worth doing business with.

Constant communication

Constant communication is always a significant factor between two companies who are engaged in a credit deal, Brennan & Clark LLC explains. Unfortunately, many businesses that have lent money to other businesses tend to forget this fact and just go straight to asking for payment on due dates.

Between due dates, businesses that are owed accounts receivables should send emails on reminders or updates on accounts, or even just to share information on business industries. This communication fosters goodwill, and improved accounts receivables stats.

A leader in the industry, Brennan & Clark LLC is a business collections agency based in Villa Park, Illinois, and was founded in 1980. Visit this page for more information about the company.

Sound accounting advice for startups

Any owner of a startup understands his or her personal liability for the business. But even with so many operating details demanding attention, one of the most important considerations is financial health, advises business collections professional Brennan & Clark LLC.

Image source: business2community.com

With the following tips, an entrepreneur can develop smart accounting tactics to better navigate a small business’ initial stages.

Firstly, don’t be afraid to use an accounting software. You’ve to have a good idea of where you stand financially, at all times. And the best way to ensure such is by using a certified accounting software. We suggest going for a cloud-based one, so you can access your financial information even while in transit or remotely.

Go for payment incentives. You can mark up your goods and services, giving solid discounts to clients who pay early or opt for subscription plans. Remember that people will be more willing to spend if they feel that they are getting more for their money. Moreover, incentives and rewards boost consumer loyalty.

It would be wise to let someone else handle your finances. Hire an accounting firm or a contract money manager and pass on to them the money management duties. They will not only have the needed experience in handling finances but can offer likewise offer you advice on saving and warn you of potential financial hurdles. This will free up precious time which you should use to focus on the core business and growth your startup.

Finally, keep in mind that borrowing money is not necessarily a sign of weakness, Brennan & Clark adds. Consider financing options and avoid possible startup burnout as you try to raise too much too fast. Many startups forego key growth opportunities because they are too caught up in raising the money first. You don’t have to rely solely on incoming cash; there are smart financing choices out there, from crowdfunding to bank loans.

Brennan & Clark is a business collections agency that provides customized receivables support solutions that help businesses eliminate credit losses. The firm is a founding member of Commercial Collection Agencies of America. Visit this blog for related posts.

Common business collection mistakes to avoid

Commercial debt collection can be a tricky business. If creditors practice too much leniency, the debtor might not find the urgency to fulfill their financial obligations. Being too strict or aggressive can lead to loss of business clients or partners, or worse, litigation. Brennan & Clark LLC has had forty years of experience managing business collections, and is wary of certain mistakes that could ruin the chances of debt recovery.

Image source: securitek.gi

 Some of these mistakes are the following:

· Making false statements and threats: In debt collection, maintaining honesty is imperative. The creditors should avoid lying about the amount owed by the debtor, misrepresenting deadlines to purposely add more fees and interests, and pretending to be a lawyer or a government representative with the intent to intimidate. Making false threats on confiscation of property as collateral or about having the debtor arrested or imprisoned is also an offense.

· Ignorance of regulations: Depending on the state, several rules and regulations stipulate legitimate debt collection attempts. For example, there are statutes of limitations, or the length of time allowed to collect receivables.

Image source: pinterest.com

· Failure to consider the cost of debt recovery: Before starting a debt collection process, especially if it involves hiring a debt collection agency like Brennan & Clark LLC, an initial assessment of its expected costs to the company should be accomplished. If the expenses that would be incurred are significantly higher than the amount owed, taking another course of action would be wiser.

Brennan & Clark LLC provides its expertise to help businesses achieve well-defined goals for their collection process, evaluating all internal procedure, implementing improvements, and guaranteeing better results on collection. Subscribe to this blog for more articles about the industry.