When I ask business owners about their AR, they normally respond with either, “We invoice our customers.” or “We collect payments on a regular basis.” I’m always glad to hear those responses. However, when I ask, “What is your accounts receivable turnover?” or “How many days does it take for you to collect?”, the business … Read more
Are your customers frequently late in paying their bills? If so, you may have considered charging late fees to encourage timely payments. While this strategy can be effective, weighing the pros and cons and ensuring your approach aligns with your business values and customer relationships is essential. The Pros of Charging Late Fees: Encourages Timely Payments: Late … Read more