Accounts Receiveables are supposed to be considered assets. Ask your accountant, bookeeper, college professor, or business owner. When is this “asset no longer an asset? Company A sells a large ticket item to Company B. This item that Company B purchased is something that adds value to the existing property or business or maybe it was for resale. That is a factor we will determine later. Company B fails to pay for this item in the agreed amount of time that was set with Company A. Time passes. Company A calls, faxes, and emails requests for payment, which has fallen on Company B’s deaf ears. It is only a matter of time before beating this dead horse costs you more in employee time that going to court to sue them would cost. (Thus the “no longer an asset” assumption.)
What options does Company A have to get it’s money or material back? Depending on what state you reside in, or state that you sold your item out of, you have a few options.
Option A- You can keep with the old fashion collection process. Keep making phone calls, sending faxes of the past due invoice, and emailing polite but firm requests for payment.
Option B- File a lien. If you have installed something of value into a home, you can file a lien on the homeowners property. If you fixed something, even if it is not a car, you can file a mechanics lien. This is time consuming and you must follow an order of operations by state within a timeline. Even then, this action keeps the homeowner from obtaining a loan or selling their house. It maybe effective if they are trying to sell the house or get some type of financing, but otherwise, not the fastest way to get your money back.
Option C- Turn it into a law office for collection. Good luck with that. If you want to recover any resemblance to the original amount due on the original invoice, I would not recommmend this option.
Option D-Call PSS Enterprises.
Did you actually think that we were going to give away our secret for success? If you have exhausted all efforts to collect on your “company B”, we can help. We don’t charge you an arm and a leg to get what is rightfully yours. Even if you are not to the point of exhausting all resources, and just don’t feel like calling everyone all day long asking for money, we can help with that too.
We offer a customized collection plan for any sized company. With daily or weekly reports along with communication logs, we will stay in contact with you without being a bother to you. All documetation is done on the internet through secure web applications, so you can access your up to the minute report anytime you have internet access. We also offer on-site collections for those “uncomfortable” circumstances.
Give us a call today and let us turn the Accounts Receiveables back into an assets again.
Do you have an issue? Call us today at 1-800-285-2448.
It’s 6:15 a.m. on a Wednesday and you are checking your email while drinking your morning coffee. You see one titled “I won’t be in tomorrow :(“. As a business owner you can only guess from which of your stellar cast of employees you will have to suffer without today. It is from your Human Resource department, they have a child who began to become ill last night and their spouse is out of town and have no one else to stay with their sick child. Then it dawns on you that TODAY is the day that all the open enrollment benefits must be processed in order for your employees to continue or change coverage of their medical benefits. You skim through the rest of the email that reiterates the epiphany that you just had. Your HR manager suggests that you scan the employee paperwork, email it, and she will take care of the rest. You call, wincing because of the hour, but you have to know how your employee can work from home without you having to buy expensive software or hardware or whatever technical gadget that all your employees seem to hit you up for.
In these trying times, we are all looking for a way to save money, especially in business. Too often we have to cut personnel because their salary eats up so much of the bottom line. This spreads more responsiblity to those who are still left in the company and overburdens the already overworked employee. We are suggesting 5 reasons to outsource your IT or even use outsourcing to compliment your existing IT department.
1. Cut Costs at the Bottom Line- By outsourcing your IT department you can save in the following areas: salary, insurance, paid leave, sick time, and taxes per employee. Employees and their costs can eat away at the bottom line.
2. Benefit from Expanded Knowledge Base- Having an IT professional from an outside source brings a wealth of knowledge from many different backgrounds. These people handle IT from small companies to large Fortune companies, and bring all their experience with them at no extra cost to you.
3. Buying in Bulk Really Does Save- If you purchase your IT hours in packs, you will find savings through each increment. When you buy IT hours, it means you are pre-purchasing work from your outsourced IT department. If things are sailing smoothly, you don’t have to pay an IT employee to sit at a desk and watch ESPN until someone’s computer crashes. You use the hours as needed so you don’t have to overpay an underproductive employee.
4. Remote Technology Cuts Time and Expense- If your laptop starts acting up when you are not at the office, your local on site tech cannot help you. Using remote technology, our IT experts can log into their system from their location and help your employee on the road. It would cost you time and travel expense to send your local person to repair that system.
5. After-Hours Accessibility- When your business closes for the day, does your technology? What happens when something happens after hours? Do you call your employee? What if they cannot make it? Outsourcing offers a solution to this problem.
Bonus: Supplement your IT- So you are close with your IT person, or maybe they built the tech side from the ground up and letting go of them is not an option… If that person is spread too thin, we can help. Let the outsource take the tier 1 and 2 issues to help your staff focus on that important job that you have them on.
If you have any questions, or need to outsource your IT afterall, call 1-800-285-2448. PSS Enterprises offers a variety of IT solutions and will customize a solution to fit your need. Check us out at www.pssenterprises.com