With the global pandemic in our rearview mirror and an upcoming election here in the United States, 2024 should be an opportunity to post record numbers for businesses of all shapes and sizes across the country. However, things aren’t as positive as we might like to see closing out 2023. Regardless of the shape your business is in right now, or whatever may lie ahead in the coming year, there is nothing wrong with being cautiously optimistic and attempting to cut costs while hoping for monster revenues in 2024. To help you plan for the worst-case scenario on a just-in-case basis, here are seve ..read more

Operating a small business can be overwhelming, even on the best days. Unfortunately, the best days have been few and far between for most businesses across the country over these past few years. Between economic fears limiting consumer spending and rising costs leading to shrinking margins, almost everyone feels the pinch today. That means every little thing you might do to save money, time, and effort could be significant, and removing the task of managing your collections accounts from your plate can go a long way toward making things easier. Let’s jump in and take a closer look at five rea ..read more

Rising interest rates are putting a strain on consumer finances across the country, and no one is sure whether inflation has finally calmed down or not. Whatever you think about economic policy, there is no denying that we’re all struggling to adjust right now. While conditions are certainly not ideal, getting ahead is still possible, and that is especially true if you are willing to trim your personal budget. Let’s look at six minor adjustments you can make today to help yourself get out of debt over the winter! Stop Shopping Online It’s a proven fact that spending money is much easier when y ..read more

Once an outstanding debt reaches time-barred status and is no longer collectible, there is little that a creditor can do to recover the amount owed, so the best approach to handling time-barred debt is to avoid getting to that point in the first place. If you want to ensure that your outstanding balance doesn’t fall into time-barred territory, here are six tips to help you stay on top of your collections. Maintain an Accurate Database The first step in stopping debts from becoming time-barred is to ensure that you have an accurate database including all the details of your open accounts, amoun ..read more

Cash flow is commonly said to be the lifeblood of any good business, so it only makes sense that the best companies would want to do everything in their power to increase cash flow. Improving the debt collection rate is one of the easiest ways to increase cash flow for any company extending credit to its customers. These debt collection rate improvements can impact a business’s cash flow in four different ways, which means there are four good reasons you should be thinking about upgrading your collection effort right now. Reason 1: Boosts Financial Health The primary reason that increasing you ..read more

An emergency fund is typically defined as a cash reserve set aside for unforeseen expenses or financial emergencies, and having one in place can help even the most substantial companies survive the tough times that inevitably come for all of us. Emergency funds are especially important for small businesses that operate with the additional risk of outstanding collections, which can throw a wrench into expected cash flow at any moment. If you are running one of these companies, there is no time like the present to assess and plan for the risk those collection accounts can pose to your business ..read more

As one of the most popular shows of 2023, The Bear has been streaming in millions of homes nationwide, giving regular people an inside look at the tortured souls in the restaurant industry. While the show has been getting critical acclaim for its accurate portrayal of the sometimes ups but mostly downs of running a restaurant in a post-COVID world, quite a few general business lessons are coming through the screen simultaneously. In addition to laying down lessons for aspiring restauranteurs, there is also plenty of wisdom for general businesses, including the commercial debt collection indust ..read more

Overwhelming student debt has quickly become one of the most significant problems plaguing the next generation of young people and simultaneously holding back the overall economy. The pandemic pause has given many American struggling with student loan debt a reprieve. Still, with those breaks set to expire in August, things could get difficult once regular student loan payments resume. One of the most common solutions presented by political leaders has been some form of student loan forgiveness. The United States Supreme Court is set to rule on whether that is legal within the next few months ..read more

Taking on debt is one of the most common ways to fuel a rapidly growing small business. But that debt can quickly become an anchor weighing down the entire company if growth sputters, and the resulting collections can be even more problematic than the debt in the first place. If your business regularly offers credit terms on B2B sales, it is essential to ensure clients stay current on their payment plans. Should things go south, you could have a claim on everything from real estate and equipment to inventory and accounts. Of course, there is also the fact that you’re probably more concerned w ..read more

If you’re drowning in debt, you might feel like you are all alone with no way out. However, the exact opposite is actually true. California has one of the highest bankruptcy rates in the country, but the majority of consumers here still need to learn more about the process involved to make informed decisions on whether it might be a good option for them. What debts will be eliminated? What obligations would NOT be eliminated? How long will bankruptcy impact your credit? In this complete guide to bankruptcy in California, we’ll break down everything you need to know to decide on the best path ..read more