At Interstate Billing Service, we take the security of clients and customers seriously. Fraud prevention is an industry-wide concern impacting businesses worldwide. There are many areas of vulnerability which require extra vigilance. Here are just a few items of concern and suggestions for best practice worth passing along.
Fraud is all too common, and it should come as no surprise that small businesses are at risk. It’s also not surprising that the biggest area of fraud in small businesses occurs in accounts receivable departments. Because of the high number of opportunities for fraud in accounting, small businesses must put measures in place to prevent fraud. Being proactive against fraud is not just vigilant, it’s absolutely necessary to protect your business, profits, and reputation.
Establishing yourself or your company as an industry leader can benefit both your business and your industry. In addition to increasing your professional value, establishing thought leadership can expand your business network, positively influence brand recognition, generate quality leads, and attract valuable business opportunities.
Decatur, Ala. (October, 19, 2021) – Interstate Billing Service (IBS) is pleased to announce a corporate partnership with Doosan Bobcat North America, a global leader in compact equipment. As a shared service provider and industry leader managing commercial accounts receivable, IBS offers a seamless onboarding process and special, pre-negotiated pricing for new Bobcat dealer clients.
Following best practices when handling accounts receivable in-house is crucial to accurate, ethical bookkeeping, positive customer relations, and thriving business operations. There are several reasons why a business might handle accounts receivable themselves, from saving money on staff and resources, to wanting to keep financial information in-house and confidential.
Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to accounting mistakes that derail future growth.
Protect your business and reduce your stress by avoiding these five costly accounting errors.
Attending trade shows and industry conferences, whether online or on site, can accomplish a lot at once: learning, networking, sharing, and getting leads. However, most trade shows aren’t cheap, and the bigger and better they are, the more expensive they run. Pricing shouldn’t be the only deciding factor, however, and many events offer early bird or group discounts.
All business owners eventually discover that dealing with late payments goes with the territory of running your own business. While in a perfect world all customers would pay on time, every time, the reality is: situations happen beyond our control. Employee absences, lost checks, and miscommunication can all contribute to late payments, delinquent accounts, and the subsequent lag in cash flow.
When you’re thinking about boosting your business’ bottom line, here’s the real bottom line: without adequate cash flow, business will fail. Cash flow is more than just keeping enough cash in the coffers, it’s about how much foresight and control you practice over your company’s finances over the long-term, even when business is hard to predict.
It’s common knowledge that the longer a business waits to get paid, the less likely they are to get the payment in full, with each day late translating into less money recovered. While successfully managing accounts receivable is about more than getting paid on time — it’s the art of handling customer credit, optimizing cash flow, and minimizing loss in order to maintain and grow a healthy business — it also means successfully handling late payments.