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How Can I Manage My Account Receivables Wisely?

Posted by Jonathan Krems | Nov 20, 2021 | 0 Comments

In this week's Freedom Friday blog and email newsletter, I want to talk about a topic that I frequently discuss with many clients, and that is how can you as a small business owner manage account receivables, or funds that you are owed by your clients and other third parties, wisely?  In other words, how do you make sure you get paid?  Of course, what I mean by “you” is your small business.  Its very important that your clients and others pay your small business for the goods and services you provide them.

In today's Freedom Friday blog and email newsletter, I want to give you some tips to help with your accounts receivable, and specifically talk about the documents you need to keep, especially if you decide to hire an attorney to help make sure you get paid.

1.  Contracts, Purchase Agreements, and Leases

First of all, if your customers are buying goods or services from you based on a contract, or with a credit agreement, you need to retain for your records the contract or purchase agreement for the goods or services you're selling your customers.  Also, if your customers are entering into a lease agreement, you need to keep the lease agreement, as well.  Some retailers use a credit agreement if the goods are of a higher retail value, and the customer opens an account with the retailer and purchases the item on credit with the seller.  If there is a credit agreement, purchase agreement, contract, or lease involved with the transaction, you need to keep the document in case  the customer doesn't pay, and it becomes a problem for your small business.

2.  Invoices

Most of the time, if your customers are purchasing goods or services without an actual contract, they are making those purchases on an open account, and you're invoicing your customers for the goods or services they are buying from your small business.  In this instance, its very important to retain copies of invoices in case the customer doesn't pay, and it becomes a problem for your small business.

3.  Account Statements

Lastly, if you generate any account statements for customers who perhaps are buying multiple products from you, and their “account” becomes past due, e.g. 30 or 60 days past due, then these account statements should be retained as well, along with the invoices and other items.  Also, if you send any letters or correspondence to your customers, then you need to keep copies of the letters or correspondence, as well.

If you are interested in starting a small business anywhere in Oklahoma, or you are interested in taking your small business to the next level, please contact me at [email protected] to schedule a FREE strategy session.

For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com/

About the Author

Jonathan Krems

Jonathan is the Founder and Managing Attorney of Liberty Legal Solutions, LLC, a law firm dedicated to building, protecting, and defending the business and personal interests of our clients in Oklahoma.  Jonathan's primary practice areas are business law, contracts and agreements, business liti...

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