Simply said, Money Chasing is the personal act of following up on a business’s outstanding debt. However, there is a more elaborate explanation. Money Chasing is part of the duties of an Accounts Receivable Administrator or Credit Controller in larger organisations and corporations.
If you are still using printed invoices and an old shoebox as your most important accounting tool, you might want to rethink your approach. Small Business Owners often forget that being organised and structured is financially smart and sticking to those structures will, in the long run, guarantee that your business is flourishing.
Artificial Intelligence (AI) and automation in Accounting are changing the way Small Businesses and Freelancer are doing their bookkeeping. It has never been easier to do your books yourself. It takes 10 minutes to sign-up with cloud-based bookkeeping software (saas) and after another 10 minutes of set-up you are your own bookkeeper.
There are some really simple rules to follow if you want to the set up a Payment Plan.How to negotiate and create a payment plan with your debtor.Many business owners, contractor, freelancer or sole trader do not think of a Payment Plan as being a very handy tool to get outstanding debts recovered. Often Payment Plans are seen as something ”corporates” do and as something that does not work for small businesses.
Many business owner or freelancer never learned how to approach a debtor, how to communicate during a collection call, how to create urgency or how to properly document the process.