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Be Financially Organised

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. Losing or simply forgetting about invoices on the other side is pretty expensive - overdue invoices that don’t get paid just because you can’t find them in your pile of documents, are bringing your small business one step closer to having to get a loan to pay your own bills. Being organised doesn’t mean you have to spend hours at your desk, in fact being organised leads...

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Artificial Intelligence in Accounting vs. The Personal Touch

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. Many of these services already use some level of artificial intelligence or at least automation to help DIY Bookkeeper managing their business finances. They prepare reports, remind you of due payments or even automatically send out reminder emails as soon as an outstanding debts is overdue. In the next 5-10 years these systems will become even leaner, more sophisticated, easier to use and with a generation of digital...

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How to create 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. However, in a world where you hear radio ads that offer “a personal loan from $100 to $5000” provided by startup companies rather than banks, why not use the Payment Plan in a similar fashion? After all, every outstanding debt is a loan to the debtor! There are some really simple rules to follow if you want to the set up a Payment Plan. Ask some...

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How to approach a debtor

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. Be professional! If necessary practice what you will say and how you want to say it before Have a goal in mind. You know your client best, maybe offering a payment plan is a more promising approach. Stay calm and focused. Dissociate yourself from the money and the debtor, this is business! If necessary, encourage the debtor to calm down as well and make clear that you want to work on a solution If the debtor doesn’t calm down, tell the debtor that you will call again and end the...

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