8 Do’s and Don’ts When Confronting a Customer about Delinquent Accounts

If you’re a small business owner who operates on credit, than you know all too well what it feels like when a payment date passes and you still haven’t received your check. To get paid, you have to confront the customer.

Confronting a Customer about Delinquent Accounts

However, this communication is crucial, so make sure when an account is first past due, you follow these 8 do’s and don’ts to reach out to the customer successfully.

“¢   Do send a letter first – When the payment date first passes, immediately respond with a reminder letter.

“¢   Don’t send a generic letter – Don’t send the same letter to all customers.…

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Is Your Business Aware of Carbon Accounting?

Carbon accounting is the accepted method for calculating how much, or little, your business contributes towards global warming. The concept of carbon accounting has been around for a while now and ERP software developer Epicor has conducted a global survey of businesses, ranging from start-ups to multi-national corporations, on the topic.

They have presented their findings in the above infographic.

Some of the results are astounding:

The fact that 58% of all businesses surveyed were not even aware of carbon accounting is the first shocking statistic, especially from the perspective of green campaigners, but it is maybe even more shocking that of the 48% who were aware of the process, less than 25% understood it correctly.…

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What Every Entrepreneur Should Know About Small Business Credit Cards

Any business owner can tell you that while getting a business started is difficult enough, it’s only the beginning of the battle. When it comes to keeping a business running, you’ll need to continue buying supplies and covering many other expenses that are associated with business operations.

credit cards for small businesses

Many business owners choose to cover these expenses through the use of small business credit cards. Still, other business owners are hesitant to get a credit card for their companies for a number of reasons. Let’s take a look at the advantages and disadvantages of small business credit cards and you can easily determine whether or not one is right for your business.…

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Five Surprising Health Insurance Tax Tips For Small Business Owners and The Self Employed

health insurance tax tips

Whether you’re self employed or a small business owner, preparing your taxes can be a daunting task – scrambling to find every little deduction within “hidden” tax codes to make the most of your return. And with Health Reform underway, there are new laws in effect that may translate into a bigger refund check.

Here are five health insurance-related tax tips to consider before you file your taxes this year:

1.   New this year! Take a one-time opportunity to reduce your self-employment taxes – In addition to the standard “˜above the line’ deduction described below, self-employed persons can also deduct the cost of their health insurance premiums from their self-employment taxes on Schedule SE.…

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5 Bad Habits That Keep You From Getting the Funding You Need

bad habits that won't get your business funding

It’s common for small businesses to slip into bad habits that limit their ability to get funding.   From unscreened customers to generous payment terms, here are some of the most common reasons lenders will not loan to small business owners.

1. Not putting profits back into the business

When you hear these pleasant words from your accountant, “You should take a draw before the end of the year,” think again.   Building equity in your business has a positive impact on your ability to get funding.   A lender always looks at your debt-to-equity ratio.   The more equity you have, the better your ratio.  …

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Financial Literacy Among Entrepreneurs

financial literacyAny person who is running their own enterprise and is accountable for it can be called an entrepreneur. But not all entrepreneurs can be called financially literate. Financial literacy goes beyond just knowing what goes on in the financial world, it is about understanding finance so that effective decisions about the business can be reached.

With the current economy, there is undoubtedly a need to improve financial literacy especially among those in the business sector. You may have the best business idea or the most innovative products in the market but if you do not have the essential financial knowledge in managing the money your business makes, you are in for a rough ride.…

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