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Making Sure You Get Paid

Posted by Jonathan Krems | Oct 25, 2021 | 0 Comments

In this week's Freedom Friday blog and email newsletter, I want to talk about a topic again that I talked about a few weeks ago.  I continue to get more inquiries about this issue than any other issue.  I have been assisting some of my clients in this area, and some of these clients have given me additional business for the same issue.  Today's topic is once again, making sure you get paid, and what I mean by “you” is your small business.  It's very important that your clients 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 some additional tips to help you with your accounts receivable, and specifically talk about the documents you need to keep, especially if you decide to hire an attorney to help with making sure you get paid.

1.  Contracts and Purchase Agreements

First of all, if your clients 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 to your clients.  Some retailers sell goods that are of a higher retail value on a credit agreement where the customer opens an account and purchases the item on credit with the seller.  If there is a credit agreement, purchase agreement, or any contract involved with the transaction, you need to retain this document in case the customer doesn't pay and it becomes a problem for you as the small business owner.

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 are invoicing your customers for the goods or services they are buying from you.  In this instance, it is very important to retain copies of invoices in case the customer doesn't pay, and it becomes an issue for you as the small business owner.

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 days past due, 60 days past due, 90 days past due, etc., then these account statements need to be retained as well, along with the invoices and other items.  Also, if you send any letters or correspondence to your customers, those should be retained as well.

If you're having issues in your small business with accounts receivable or collections, or you are experiencing other roadblocks that are stopping your growth, 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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