Commercial Collections Blog

A workout is an arrangement by a debtor and its creditors for payment or re-scheduling of payment of the debtor’s obligations. A workout usually applies to an informal agreement between a business and its creditors, although it can be a formal agreement and it can apply to consumer debtors as well. For Commercial Collections in Miami and laws that apply to Florida.
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An intangible-asset valuation report should have a number of essential characteristics. First, the report should be thorough and contain relevant data, analysis and a disclosure of the method of valuation. In addition, such a valuation should be objective, pointing out not only the positive but also negative factors that can affect the value of intangible assets. Such a report should make it easy to follow the data under analysis and which kinds of analysis were performed and the valuation conclusions. Technical jargon should be avoided, but when it is used it should be adequately defined. As in any business writing, an intangible-asset valuation report should logically flow from the data to the analysis and its conclusions and be written clearly, simply and with an adequate number of visual aids. Burt and Associates is been a Miami Commercial Collection Agency for more than 30 years

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Turnaround situations often are delicate ones. While good communication is essential between the turnaround person  and its vendors, proper communication with and evaluation of service providers can not be down played. Problems can be created when service providers are awarded projects based on the lowest bid rather than on giving the project to firms that can create or recover the highest asset value for a project. It is also important to choose the right appraisers, who have a good grasp of all the variables in the appraisal process and who can use that knowledge to create “best-value” situations. This being said, finding the right service providers in a turnaround situation becomes an integral part of the turnaround process. We are proud to present you, some of our credentials and certifications for our collection agency

Technorati Tags commercial collections, risk management

The most important relationships in a business is the one between credit professionals and their sales counterparts. Among the principles involved in such a relationship are trust, understanding, shared objectives and shared responsibility. While business organizations are replete with policies, procedures and rules, in the end a business relationship comes down to one between human beings, who must judge the trustworthiness of their partners. When trust is missing it may be easy to misinterpret comments or attribute wrong motives to others. Understanding is also important between sales and credit. It’s essential that sales and credit understand each other’s agendas: keeping and expanding accounts for sales and minimizing past-due receivables and bad debt for credit. The shared objectives are to maintain both the strength and contribution of both the credit side and the sales side, since without the extension of credit there would be fewer sales and without sales there won’t be a credit department. Finally, it’s essential to develop clear policies and procedures to avoid potential disagreements between credit and sales and for sales and credit to inform each other about any change. To increase cash flow and reduce the stress of commercial collections or business to business, contact us for more details

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Late payment charges have always been an issue among corporate credit and finance executives. Charging customers a penalty for paying their invoices late and the effectiveness of doing so have been topics. Should your company assess a charge to customers that pay late, and what should you call that charge?

In one survey of more than 300 credit and finance executives nearly 40% of those surveyed reported that their company does assess a charge to customers who pay late. While more than 20% of those classify it as an interest charge, nearly 45% call it a service charge. In addition, of those that do charge some sort of fee for late payment on past due accounts, more than 85% reported that they stipulate the late payment fee on their credit applications they have their customers complete. Unfortunately, of those respondents claiming they assess a late fee, nearly 50% reported that they do not strictly adhere to the policy.Accounts that are more than 50% do assess late charges when a customer becomes 30 days past due. Nearly 25% begin to assess the charges when they are less than 10 days past due. For more Commercial Collection information please check out our site, with useful resources and tools.

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According to a report by the Association of Certified Fraud Examiners, most fraud is uncovered through tips (34% of cases) and by chance (25%). The fact that the discovery of fraud is largely unpredictable indicates that organizations that want to uncover fraud need “to do a better job of designing controls and audits to identify fraud”, according to the report. In another study, it is suggested that there may be changes taking place in how fraud is uncovered. The National Bureau of Economic Research found that since SAS 70 took effect in 2005, employee reports of fraud have declined as a source for discovering fraud, while during the same period the percentage of corporate fraud and commercial collections that was uncovered by audit companies has jumped fourfold–to nearly 30%. Apparently employees are less inclined to blow the whistle and perhaps with good reason. It was found that in nearly 80% of the cases where the identity of the whistleblowers is known, they either got fired, quit or experienced changes in the nature of their jobs.

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When assessing risk in dealing with a business , it’s important to know as much as possible about both the customer and the industry the business  operates in. For example, in today’s economic climate, any business that’s even remotely connected to the real estate sector should be viewed with caution. That includes a wide range of companies from carpet manufacturers to home builders. Likewise, any company that sells to the auto industry is likely being squeezed because of the downturn in that sector. Therefore, unless there are convincing reasons to sell extensively to companies in such industries or extend credit facilities, it might be advisable to limit exposure to them or make certain your terms of sale reflect both the client and industry.
When dealing with companies in depressed industries you should have as much information as possible about the firm’s finances and review, on a regular basis, cash flow and all important ratios. During this analysis, review their payment history in comparison to industry standards and note any changes to their payment habits. Understanding the importance of keeping a watchful eye on your debtors and the industries they are in could save you time, and most important of all, money

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What to Do When the Customer Can’t Pay

It’s a common theme these days: Your company mails an invoice to a customer and 30 days pass with no payment. Another invoice goes out and another 30 days pass. Now what? At most organizations, the next step often involves a strongly worded letter, but that’s the wrong approach, especially if you want to preserve the relationship with your customer, says  Curtis, CEO of Commercial Collection Agency Burt & Associates,  Instead of taking a tough stance when an account goes unpaid through two billing cycles, get the sales rep to pick up the phone. It’s a simple act that can have some surprising results.

“It’s almost becoming normal to be past due “When you pick up the telephone and say nicely, ‘We haven’t been paid and I wanted to find out what’s going on,’ [customers will] often send the check right out. In my experience, all you have to do is ask, and in most cases you’ll get paid.”

The reason: These days when cash is tight, many organizations have internal policies of holding bills for a certain number of days – say, 90 or 120 – but include a caveat to pay those bills if the vendor calls. “I’ve had very few clients with a cash flow problem that’s so bad they can’t pay at all,” says Curtis
Still, those clients are out there – and in those cases, again, Curtis urges you to talk it through and work something out. “If they’re truly strapped, come up with a way for them to pay over time,” he says. “They’ll be so grateful.”

Curtis  recently ran into this very situation. A client needed a  collection  project done quickly. Curtis did it and sent the $10,000 bill but was not paid. About 30 days later, he sent a second bill. When still no payment arrived,  Curtis says he picked up the phone and put “a nice squeeze” on the owner of the company.

“I said, ‘Look, I don’t need to know all the details of your situation; I just need to know I’ll be taken care of “. The customer was so grateful for  Curtis willingness to communicate and come up with a payback plan that worked for both of them that he now recommends Curtis to others.

So why doesn’t a letter cut it when a customer’s payment falls behind? It feels impersonal. It puts the customer on the defensive, and the tone can be misunderstood.

“You have a higher likelihood of being understood and perceived as empathetic over the phone or in person,” says  Curtis And that’s important, both in maintaining your relationship and getting someone to write a check.

Here are some final points to consider:

For more ideas, visit Commercial Collection Blog

Technorati Tags commercial accounts don"t pay on time, commercial collections

The economy is so bad that I got a pre-declined credit card in the mail.

It’s so bad, I ordered a burger at McDonalds and the kid behind the counter asked, “Can you afford fries with that?”

The economy is so bad that CEO’s are now playing miniature golf.

The economy is so bad if the bank returns your check marked “Insufficient funds” you call them and ask if they meant you or them.

The economy is so bad Hot Wheels and Matchbox stocks are trading higher than GM.

The economy is so bad McDonalds is selling the 1/4 ouncer.

The economy is so bad parents in Beverly Hills fired their nannies and learned their children’s names.

The economy is so bad a truckload of Americans was caught sneaking into Mexico .

The economy is so bad Motel Six won’t leave the light on anymore.

The economy is so bad the Mafia is laying off judges.

The economy is so bad Exxon-Mobil laid off 25 Congressmen.

And finally…

Congress says they are looking into this Bernard Madoff scandal. Oh Great!! The guy who made $50 Billion disappear is being investigated by the people who made $1.5 Trillion disappear!

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We have just finished writing six business forms that will save your company money and time when it comes to setting up a business relationship with your customers.

These six forms walk you through the most common problems encountered when setting up a new business relationship, shows you what to look for and gives you shortcuts for easy use. The forms are set up so that you simply fill in your own company’s information.

Again, these are Free, all you have to do is click here and fill in your contact information. You will receive a confirmation e-mail so that we may send you the free information. Just click the link in the e-mail to confirm your request and you will receive your free download within 1-2 minutes via e-mail.

Best of Success with your Collections,

Jerry Curtis
President & CEO
www.burtcollect.com/
469-368-6410
jerrycurtis@burtcollect.com

PS: ALSO UNLIMITED COLLECTION QUESTIONS TO:
MARY FISSELL
469-368-6400 EXT 220
MANAGEMENT ANALYST
mfissell@burtcollect.com

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