9-13-22 – Get Your Money! (Accounts Receivable Best Practices)

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.---------- NEWS ROUNDUP1Small businesses are likely to feel the brunt of steep Obamacare premium increases next year.  Some health insurers are proposing median rate hikes by as much as 20%.https://www.wsj.com/articles/affordable-care-act-health-plan-premiums-set-to-rise-11662671934?mod=business_lead_pos1https://dailycaller.com/2022/09/09/obamacare-costs-hit-small-business/---------- 263% of small businesses can’t afford to add staff, and 10% are actually reducing their staff.Labor costs have increased by 50% or more for 58% of the businesses.https://www.alignable.com/forum/63-of-smb-employers-put-hiring-on-hold-10-start-layoffs---------- 3Inflation isn’t just impacting salaries.  According to another survey, this one from PNC, 63% of small business owners expect to raise their prices in the next six months.https://thepncfinancialservicesgroupinc.gcs-web.com/news-releases/news-release-details/pnc-survey-shows-small-business-owners-optimistic-despite---------- 4Amazon Business recently kicked off Small Business Month, which offers tools to small businesses to help enhance their buying capabilities and scale their businesses.https://www.eseller365.com/amazon-business-launches-small-business-month/ ---------- FEATURE – Get Your Money! (Accounts Receivable Best Practices)To have a healthy cash flow, your company must properly manage Accounts Receivable.  But a lot of small businesses only do a mediocre job at AR.Increase the chances of getting paid by customers in a timely manner by crafting a rock-solid credit policy, insisting on accurate and timely record keeping, applying payments to invoices quickly once you receive them, and creating a follow-up routine and sticking to it. You also need one or two KPIs (key performance indicators) to track AR.  These may include Days Sales Outstanding (DSO) and/or Bad Debt to Sales Ratio.---------- I would love to hear from you! Please email me at [email protected] me at [email protected] give me feedback on the podcast.Show web site:  www.smallbizflash.com