News and Trends

Introduction

Credit and collections are two important aspects of any business. When done correctly, they can help boost sales and grow the company. But when they're not handled properly, they can have a detrimental effect on the bottom line.

In this article, we'll discuss the relationship between credit and collections and sales. We'll look at how credit affects buying decisions and how delinquent accounts can hurt your business. We'll also offer some tips for improving your credit and collections management.

You may have heard that the used truck market is slowing down. While this is true, there are still plenty of good deals to be had.

You're probably familiar with some of the common costs of running a truck parts business, such as inventory and labor. But some hidden costs can add up if you're not careful.

When it comes to getting paid on time, every time, you need to have a solid accounts receivable (AR) system in place.

There are all sorts of ways to take back control and get paid on your terms. In this post, we'll share some of the best AR practices that will help you do just that.

So, whether you're just starting in business or you've been around for a while, read on for some tips that will help you get paid on time, every time.

As a business owner, you know that managing your accounts receivable can be a time-consuming task. You also know that getting behind on your invoices can cause all sorts of problems, from cash-flow issues to bad credit scores.

Despite your best efforts, sometimes you’ll still have to deal with invoice disputes. Maybe the customer didn’t receive the invoice, or maybe they claim the wrong product was delivered. No matter the reason, disputes can be costly and time-consuming.

Receiving payments from customers is an important part of any business. But it can also be a hassle. Trying to keep track of who owes you money, chasing down payments, and dealing with late payments can all be time-consuming and frustrating. We'll walk you through the best ways to get paid quickly and easily.

The strength of your accounts receivable team depends on the strengths of the individual team members. Ideally a company would be able to hire multiple employees to handle the different areas of accounts receivable: billing, credit, and collections. But the reality is that many companies only have the bandwidth to hire one or two general A/R specialists.

As the recent events throughout the pandemic have all too clearly illustrated, businesses can never be too prepared for the unexpected — because the unexpected can and will happen. Natural disasters, municipal, state, or national emergencies, cyber attacks, and global pandemics are just a few examples of catastrophes that can result in a loss of product and revenue, induce layoffs, and in a worst case scenario, completely debilitate a business.

Whether you’re a natural extrovert or the thought of talking to strangers makes you break into a sweat, industry conferences can be advantageous to your career. Not only do they present great opportunities to learn cutting edge ideas in your industry, they help you meet more people in your field. Expanding your network leads to better business opportunities.