We Need to Talk About auto-text. It’s a Game Changer. At one of our clients, for example, when we type "audaud" it produces THIS wording ...Dear Taina, During a recent audit of our accounts it was pointed out that Invoice 1234 ($352.00) appears to remain outstanding.As we are not aware of any queries and [...]
THE FACTS: * Most legal and accounting firms have 14-day trading terms. And it’s not uncommon for Accounting firms to have an average of 65-90 debtor days of days and for Law firms to be 100 debtor days! * Research shows that just 38% of business invoices are paid on time. * Over [...]
They said they'd pay. They didn't. They're a valuable client. Try the wording below - it plays on their conscience.Dear SALUTATION,I refer to our last phone conversation where you advised that you would PUT 'PROMISE' HERE.Records indicate that no payment has yet been received. The arrangement made was made to provide you with some assistance and [...]
Background:* Dec 2018 - Invoice raised.* Partners very reluctant to follow up debt. “I will not pay for any work done for Matthew (debtors ex-business partner)”.* 16 Oct 2019 - Finally released for follow up.* 18 Oct 2019 - Debtors ex-business partner agreed to pay one-third of debt before the email was sent.* 22 Oct 2019 [...]
A simple but very effective “Demand Email/Letter” format. Dear Mr Jones, Records show that * The balance on your account is $4,047.74. * An arrangement was made for you to pay the remainder of your account by way of fortnightly reductions of $1,000.00. * That arrangement has not been maintained and you have not responded [...]
VERY RECENT CASE STUDY - Wednesday, 18 September 2019 - 1.45pm1 The debt had been factored. About $35,000. (Factoring is where a third party pays the creditor on behalf of the debtor. The debtor can then 'pay off' the debt monthly to the Factoring Company. BUT, if a debtor stops paying, the Factoring Company can [...]
Debtor not replying? 'Small' debt?Too small and expensive to take to court? What to do? Try this ... Dear Mr Smith,Records indicate that we have now tried every reasonable way to have this account settled without having to resort to policy. If/when this becomes necessary when next reviewing your account additional costs will be incurred [...]
Just in time for Christmas! *TIP #1 - Text Messages If you've got a mobile phone, your debtor probably has one too. Send a text msg to them from a service like SMS-IT. It's sent from your email, goes to their phone and their reply comes back to your email. You can send the same [...]
Our client, the creditor, is an accounting firm. * All "standard" reminders had been ignored. * Phone promises to pay not kept. * Even a final "Letter of Demand" went unheeded. The accountant who knew the client advised "He's got a serious cash-flow problem”. We suggested we offer them a payment plan that the debtor [...]
If YOU had an overdue account you probably WOULDN'T want to talk to your creditor about it would you? So, a face-to-face discussion or phone call would be your least preferred options. From the Creditors point of view though, there are several ways to follow up an overdue account. The graph here looks at the [...]