Let’s face it, the key to every successful business is – you guessed it…money. No one is running a profitable business on smiles and barter agreements. The catch here, is the other critical part to running a successful business – you guessed it…relationships. That being said, in order for a company to grow, establish meaningful business relationships, and become even more profitable, there’s little room for pay-up-front or due-upon-receipt payments, hence credit term agreements. This, of course is where it gets tricky. Because even while the executives, the sales force, and the accounting department are trying to keep good relations, if your customer stops paying the bills, it can put the company at serious financial risk. Multiply that by several customers, and the company is in real trouble.
Consistency is key. Depending on how the terms are set – whether it’s an array of Net 10, Net 15, Net 30, whatever – you’re AR department and your AP department need to work hand in hand. Meaning, the money has to come in before it can go out. But of course, you already know this.
So what do you do to recover debts when all polite collection efforts have gone out the window? You call a commercial debt collection attorney who immediately uses aggressive, strategic tactics to collect money from debtors so that your company doesn’t have to operate in the red.
If you are in the Boston, Springfield, and Worcester, and greater Massachusetts area and are in need of a debt collection attorney, please call our office at (508) 620-6900 or email firstname.lastname@example.org for more information or to schedule a consultation.