Commercial Collections Blog

Focus on Commercial Accounts

Capital Spending

The frequency of reported capital outlays over the past six months rose two points to 47 percent of all firms, three points above the 35 year record low. Of those making expenditures, 32 percent reported spending on new equipment (up two points), 16 percent acquired vehicles (up one point),and 12 percent improved or expanded facilities (up two points). Three percent acquired new buildings or land for expansion (down one point) and nine percent spent money for new fixtures and furniture (down one point). Not great, but showing some strengthening tendencies. The percent of owners planning capital outlays in the future fell one point to 18 percent because the environment for capital spending is not good.

Debt Financing

Perhaps you’re not especially enamored of your banker right now. About 70 percent of banks recently tightened their standards on loans to companies with less than $50 million in annual sales, according to a survey by the Federal Reserve, and more than 40 percent of the banks reported reducing credit lines for their small-business customers making Bankers out of small business and having to collect commercial accounts. Unfortunately, no business can afford a rift with its banker — especially in tough times like these. In fact, this is precisely the time to give your lender some special attention. “If you work on building a relationship, then, in the event that there is a bump in the road, you can approach it from a position of familiarity and understanding.

Tips to focus on commercial accounts

  1. Focus on accomplishing the vital few rather than the important many
  2. limit interruptions
  3. Make your requests specific
  4. Set due dates
  5. Delegate don’t abdicate
  6. Insist on less talk and more action
  7. Hire smart or work hard
  8. Ask for help
  9. Adopt a low tolerance for missed commitments
  10. Never give up!

Debt Collection News

  • Grifton looks to collect on overdue accounts

    March 19, 2018
    The debts already included the $150 water deposit activation fee charged by the town. Every year, the town writes off its 10-year-old unpaid accounts. Grifton attempts to collect these debts by using Tekcollect, a debt collection agency, to track down account owners and retrieve the funds for unpaid bills.
  • IRS releases its 'Dirty Dozen' tax scams

    March 19, 2018
    The scam artists then pose as the IRS, debt collection agency officials, or law enforcement, to call attention to the error and ask taxpayers to return the money to them. Phone Scams: Since October 2013, the Treasury Inspector General for Tax Administration (TIGTA) reports over 12,716 victims have ...
  • Financial Focus: Tax Season Equals Tax Scammers

    March 19, 2018
    Financial Focus: Tax Season Equals Tax Scammers ... Then the scammers call you, posing as a debt collection agency to tell you the money was deposited in error and tell you to forward the money to their “collection ... As an identity theft sidenote, you should have your credit card report checked.