Billing is driving me crazy

JohnB

JohnB

JohnB
Sending out a sales letter to preimer foods today ( WENDY's ) I hope to get this one ... Believe it or not the very guy I trained to clean hoods over 8 years ago has got this account..But after taking a closer look at his work I am not to impressed... So I must do what I must do..;)

Sending out the letter today..

As far as billing goes >>> Some Folks need to pay me.... ( Dang with all this Hurricane Mess I may not see a check from south Mississippi for 2 or 3 monhs.)
I think I may have to go into the collection business..
 
The squeeky wheel gets the grease. I don't care how big a company or how stable they appear financially don't let anyone get too far ahead of you. We've had several big trucking companies file around here. If they get over 30 days I'm on the phone every Friday like we need it to make payroll. We don't but it gives me an excuse to call. If they aren't paying it's not business, it's charity.

I had a friend that did a lot of residential electrical work for me in the construction business. He told me one day at lunch he had over $80K in receivables over 120 days out and didn't know what to do. I told him to set a date and offer a one time 25% discount to clear their account completely and they could start over. He did and he collected almost all of the 75% in one month. Somehow they found the money for a deal. Then I told him to drop every one of the SOB that stretched him and keep the current ones. He did. Within the next 3-5 years most of them were out of business. These big companies can get ahead of you and put you under their thumb. Don't wait until you really need the money.
 
I put most of my accounts on 30 day. When day 33 pops up I am on the phone right away. Just think if you didnt make your mortage or truck payments on time, thr bank would be all over you, same thing.
 
Ron Musgraves said:
I remember the days, 2k
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I was wondering when you were going to chime in :D I am chasing a large sum of money every month, normally for me it's more like 40 to 50 days on a 30 net billing ?:eek:
 
The Cleaner said:
I was wondering when you were going to chime in :D I am chasing a large sum of money every month, normally for me it's more like 40 to 50 days on a 30 net billing ?:eek:
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I have a few hundred out about 90 constant. I like the electric, did walgreens get you set up like this yet Nick.

They are clearing all my past this way in two weeks, then its going to be once a month by charge card.

Expect to wait in this world for the money.
 
Ron Musgraves said:
I have a few hundred out about 90 constant. I like the electric, did walgreens get you set up like this yet Nick.

They are clearing all my past this way in two weeks, then its going to be once a month by charge card.

Expect to wait in this world for the money.
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No i am still doing it the same way. Call me and fill me in and i will contact them and see whats up..:D
 
I start calling about 10 days BEFORE the 30 days with a friendly reminder. Sometimes they have just lost an invoice or something so I am super friendly and I'm just looking out for them to not have a late charge ;)

I just recently started implementing some of these tactics and it seems to be working pretty good.
 
HotShot_Anthony said:
I start calling about 10 days BEFORE the 30 days with a friendly reminder. Sometimes they have just lost an invoice or something so I am super friendly and I'm just looking out for them to not have a late charge ;)

I just recently started implementing some of these tactics and it seems to be working pretty good.
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Anthony, thats great advice for a couple account or people you can get a hold of.

Most of my vendors provide web based accounting. We cn see if they have it and when the checks going to cut.

I couldnt call all mine in a day, we just send the late notice and it works for some.

I have had very few not pay over the years.

I have had bounced checks and things like that.

Its all part of business
 
A few hundred thousand 90 days out? I'd have turned them over to collections at 60 days. I run all my accounts at net 30 and I'm usually running about 50k in recievables. I hired a collections company a couple years ago and they've been working out really well for us, but we only turn people over at 60 days.

I miss the old days when we got paid when we were done packing up our equipment.
 
Henry Bockman said:
A few hundred thousand 90 days out? I'd have turned them over to collections at 60 days. I run all my accounts at net 30 and I'm usually running about 50k in recievables. I hired a collections company a couple years ago and they've been working out really well for us, but we only turn people over at 60 days.

I miss the old days when we got paid when we were done packing up our equipment.
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Henry, I have seldom not collected. like I said, sending a late notice usally works.
 
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