Smart Practices for Small Businesses

Giddens & Gatton Law, P.C. has represented various types of businesses in Albuquerque, Santa Fe, Farmington, Roswell, and many other areas of New Mexico. Often our attorneys address certain matters once a problem has begun to impact our clients. We suggest that businesses engage in practices that will maximize their ability to collect their revenue from their customers and clients.

Make sure your regular customers understand when they should pay their fees

If you have customers or clients for whom you provide goods and/or services on a regular basis, make sure that they know when you will be sending them invoices. Make sure they understand your fee structure particularly any special features such as “weekend charges” or “overtime fees.”

Follow up by invoicing clients on the same date every month

It is advisable to send invoices at the same time every month or at a predictable time each invoice period. While the failure to do this probably would not cause you to waive any right to collect in the future, if your client is delinquent, it does prepare your client or customer to expect and pay your company at regular intervals. This improves your chances for predicting and maximizing accounts receivables and enhances your company’s professionalism.

If you assess late fees or interest for unpaid invoices, make sure your clients know this and make sure the explanation is conspicuous on your invoicing document

One thing you want to avoid in collecting your compensation from customers is confusion and conflict. Make sure from the beginning of your relationship with your customers that they understand that late payments will trigger late fees and/or interest. While they may not particularly like that, it is better to make sure they know this at the beginning of your relationship rather than later when problems arise.

These are just a few simple suggestions that should not be overlooked in collecting your company’s accounts receivables. The attorneys at the Law Office of George “Dave” Giddens, P.C. offer expert, dependable advice on collection matters and represent many creditors in Albuquerque, Santa Fe, Taos, Raton, Farmington, Gallup, Grants, Roswell, Los Lunas, Placitas, Belen and the rest of New Mexico. They can remove the burden of worrying about unpaid invoices and ensure you maximize your compensation from your receivables.

Our conveniently located office has ample free parking and is easily accessible by public transportation. We offer flexible office hours upon request. To make an appointment for a consultation about your real estate matter, contact us online or call us at (505) 633-6298. See more at giddenslaw.com.