Just as any business has its slow and busy seasons, seasonality can also affect accounts receivable -- in workflow and cash flow. The best way to be ready for the highs and lows is to forecast properly and take action to help business ride out the dips and valleys. Rather than be caught unaware of possible payment lags, the best policy is to stay informed and proactive.
Developing strong vendor relationships is crucial to the health of your business and can have a big impact on its success. Vendors benefit businesses in many ways by providing knowledge and expertise, and by supplementing your business offerings. Partnering with vendors to fill in the gaps in the supply chain keeps costs down and business processes running more efficiently. This can be invaluable in the face of disruptions. Vendors also help companies remain on the cutting edge and improve overall quality. As such, it’s important to build and maintain strong vendor relationships.
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.