Money Saving Trick: Past Due Accounts

I would like to stress the importance of taking a close look at your past-due accounts these last couple months of the year so that you can get paid before your customers spend the money they owe you on holiday shopping for their families and holiday bonuses for their employees and before they are faced with the resulting credit card bills in December and January.

I speak to business owners and CFOs every day in all different industries, of all different sizes, and at all different levels of the supply chain and I am consistently hearing that it's never been harder to get paid than it is now. Receivables are coming in slower than ever and as credit lines have been cut off, companies need every dollar to maintain their operations and are having difficulty paying their suppliers. Consumers have lost jobs, lost money in the stock market, had their homes devalued, etc and are taking longer to pay the businesses they owe money to as well.

So, whether you provide goods and services to businesses or to consumers, if you're not already feeling the pinch, you will shortly.

Transworld Systems is here to help. Getting paid has become a competition of sorts and using GreenFlag Accelerator and Profit Recovery early gives you the competitive edge you need. It prioritizes your bills to the top of the pile so that as soon as your debtors have some money, they will pay you ahead of whomever else they owe money to.

You are not the only company that your customer owes money to. At this time of year the other companies that you are competing against are ramping up their own collection efforts. And make no mistake; it is a competition. If there isn’t enough money to pay every bill it becomes a game of musical chairs. Don’t let your bill be the one caught standing when the music (and the money) stops.

Brian A. White
Senior Cash Flow Consultant
Transworld Systems NGA WDDA