|
Outstanding
Debtors Accounts
Debtors
are people or other firms who owe money to the
firm.
Do
you like chasing money from your clients? This
will be required every week. If you are starting
a 1 person business - this can be a real headache.
You
will have to chase money constantly and keep
up with your paper work. This is tedious, annoying
and often confronting.
"This
process will not stop. Think about this - if
your business is 5 years old - you would have
chased money from your clients for 5 years."
You
need to think realistically about this. Your
clients may not pay for 60 days or they may
not pay at all. If so - these are all things
you will have to deal with.
Obviously
- this will depend on the type of business you
are running. A service based business will have
the headaches above. A retail based business
will have the headaches of cash flow. That is
not having sufficient cash to buy more stock.
This can choke your business pretty quickly.
Getting
an administration assistant will reduce the
task of chasing accounts dramatically.
You
can offload this task to them and this will
relieve you so you can spend your precious time
on important tasks such as delivering the work
to your clients.
|
