When Should You Use a Collection Agency?
Your small or medium sized business can suffer quickly, with long-lasting repercussions, if even one payment is missed. Your cash flow depends on a steady stream of reliable payments from your clients. How do you know when it’s time to hire a collection agency to deal with your outstanding invoices, and what sorts of things should you be doing before that step is even considered? You have legitimate receivables that need to be collected for the sake of your company’s financial health, and a collection agency is a great option when you can no longer do it yourself. (more…)
- Published in Business Growth, Cash Flow Management, Invoice Payments, Invoice Reminders, Invoice Tracking
Experiencing a Cash Flow Crunch? Here’s What You Can Do
Whether it’s the seasonal ebb of low cash flow, or a more pressing problem that is weighing on your business, money crunches are tough for everyone involved. Your debts may be too high to correct, or your margins too low. Perhaps it’s your current sales volume. More than a need to simply chase invoices and offer incentives to entice prompt payments, these times of negative cash flow are more complicated and more detrimental to the health of your company. And cash flow management is as important as liquidity. (more…)
- Published in Cash Flow Management, Invoice Payments, Invoice Reminders, Invoice Tracking
Cryptocurrency: What Is It And Why Should You Care?
Cryptocurrency has gained an awful lot of traction (and press) in the past few years. Many people are excited about what it means for the financial industry, others are uninterested, and a lot of us are just plain confused! So what is it, and what makes it something that you should keep on your radar? Is it simply the newest craze, sure to die out quickly? Or is cryptocurrency the wave of the future? (more…)
- Published in Business Growth, Invoice Payments, Invoice Tracking
50% of Businesses Fail Within the First Five Years. Here Are The Top Reasons Why.
Starting a new business is exciting. You have a passion for your product or service, you think you’ve identified the market for it, and you dive in after doing your research. But the statistics are harsh: a full 50% of small businesses fail within the first five years of operation. By year ten, this number skyrockets to a full 70%! And according to the US Small Business Administration, this number can vary so much that the failure rate can be as high as 95% by year five. (more…)
- Published in Business Growth, Invoice Payments, Invoice Tracking
When Cash Flow is an Issue, Use Fundbox
Small and medium-sized businesses across the United States often struggle with cash flow issues. Such financial problems can affect their companies to such an extent that it leads to failure: 82% of businesses fail due to cash flow problems, according to a US Bank study, making it the leading cause of collapse. Late payments by customers and variable frequencies in retaining clients are factors you often can’t predict, and can quickly lead to issues with profit that mean you need assistance. (more…)
- Published in Business Growth, Invoice Payments
Improve Your Cash Flow With These Simple Steps
Cash flow is a fundamental indicator of financial health. It is crucial to have a solid understanding of where your money is going, and how much is coming in so that your business can stay afloat. Debt management and consistent cash flow are keys to growth, so it is vital to understand the steps to improving and retaining capital. (more…)
- Published in Business Growth, Invoice Reminders, Invoice Tracking
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