Three Billing and Collection Tips
Second, your business should establish a regular billing policy and cycle. If you send bills to clients one time per month, then be disciplined and send out your bills on the same day each month. And, you need to timely and continually follow-up with clients when bills are not being timely paid. Staying in contact with your client is important to ensure that the client does not forget about your bill and that your business remains on the client’s account payable list.
Third, if your client pays with a check, write down in your files the name of your client’s bank. This will be helpful during the collection process. If your client does not pay and you obtain a judgment against your client, then you can attempt to garnish your client’s bank account. This garnishment procedure is simplified if you already know the name of your client’s bank.
These are just a few tips that may assist in your billing and collections process.
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