Eliminate the A/R Tug of War...Stress-free Cash Flow

Eliminate the A / R Tug of War

Nobody wants to go to collections. Not the business owner and certainly not the customer or patient.

When you own a business or medical practice, there are times when bills will go unpaid longer than 30 or 60 days. These delinquent payments can have a negative impact on your account receivables process and could result in your business to have financial setbacks. After all, if your customers or patients are not paying, how do you expect to pay your bills?

Depending on your type of business, the time frame you decide when a payment is late could vary. Most businesses extend 30 day terms. As a business owner or medical practitioner, how do you handle payments that are past due?

• Calling the customer or patient
• Sending out notices and multiple statements
• How much time are you spending out of your day attempting to recover the past due payments?

Many business owners and practice administrators feel they can recover the money while working to build their business and maintain a good relationship with their customers or patients. The moment you stop trying to remind a customer or patient of a late payment and start trying to collect on a debt is when you need to hire a professional collection agency.

The benefit of a professional collection service is that their team understands how to successfully collect the money that is owed to you. Recovery rates are higher than tackling the collection process yourself. Professional collection agencies should also understand the laws and regulations that govern the collection industry.

The thought of turning a customer or patient over to collections can be difficult, especially if, like most business owners, you feel it is important to maintain a healthy and professional relationship with your customer or patient. Make sure your collection agency values your client or patient relationship as much as you do.

Try a professional agency if you want to free up time to work on your business, reduce your account receivables and maintain your relationships. The next step is just a phone call or email away to a Cash Flow and Delinquency Management Specialist for a no-obligation analysis of your Accounts Receivable needs:

Lin Engie, specialized in positively impacting cash flow for businesses and medical practices everyday

Transworld Systems on the Gulf Coast

lin.engie@transworldsystems.com

850.266.7791

Happy Fourth of July!

"Our greatest happiness does not depend on the condition of life in which chance has placed us, but is always the result of a good conscience, good health, occupation and freedom in all just pursuits."
- Thomas Jefferson

As we celebrate the independence of our nation, I reflect on how fortunate I am to enjoy the freedom and liberty here in the United States that so many citizens in other countries around the world can only envy!  I especially value my freedom to choose my government, where I live, how I worship, and who I do business with. Add to that, opportunities to learn and grow personally, academically, and spiritually. Of course, we owe it to all the men and women in uniform who fought for our freedom, and allow us to live in peace.  Aren't we blessed?

What does freedom mean to you?  Please share your thoughts, if you wish.

Here are some of my favorite inspiring quotes relating to freedom and liberty:

“Freedom is never dear at any price. It is the breath of life. What would a man not pay for living?"
- Mahatma Gandhi

“Liberty, taking the word in its concrete sense, consists in the ability to choose."
- Simone Weil

"On life's journey
Faith is nourishment,
Virtuous deeds are a shelter,
Wisdom is the light by day and
Right mindfulness is the protection by night.
If a man lives a pure life nothing can destroy him;
If he has conquered greed nothing can limit his freedom."
- Buddha

"Freedom is the oxygen of the soul."
- Moshe Dayan

"Everything that is really great and inspiring is created by the individual who can labor in freedom."
- Albert Einstein

"Those who won our independence believed liberty to be the secret of happiness and courage to be the secret of liberty."
- Louis D. Brandeis

“Life without liberty is like a body without spirit.”
- Kahlil Gibran

"Only our individual faith in freedom can keep us free."
- Dwight D. Eisenhower


Now that we've just passed the half year mark, or the 2nd Quarter, it is a great time to review your financials, and see if your cash flow is where you want it to be.  If not, you can look at ways to either increase sales, or improve on collection of past due accounts. If you consistently have accounts over 60 days (or older) in aging, review if you have resources in-house to follow-up more consistently on these past due accounts.  If not, consider outsourcing your collection efforts to a reputable collection service, one which offers a diplomatic, early intervention option, which will greatly enhance your chance of a higher recovery.  

My clients have in-house tools which allow them to systematically and consistently follow-up on all past due accounts, either in their own business name, or in our name, as their national collection service. If you are not a client yet, and would like to schedule a short exploratory meeting to see how I can help you quickly increase your cash flow (without increasing sales), and reduce your internal workload and costs, call or e-mail me at my contact information below,

If you received this directly from me, it means that somewhere our paths crossed, and I chose to either do business with you, or more importantly, I value my relationship with you.  Thank you for enriching my life! To my clients, as always, I thank you for your business, your referrals, and the opportunity to positively impact your cash flow!

Here's wishing you a Fun and Safe Fourth of July!

Lin Engie
Cash Flow & Delinquency Management Specialist
lin.engie@transworldsystems.com
850.266.7791