article thumbnail

What Triggers Your Collection Efforts?

Your Virtual Credit Manager

This is done by getting updated credit reports, updating credit references, sharing information with a credit industry group, and monitoring various information sources both internal and external. When you become aware of suits, liens, judgments, slowing payments or deteriorating credit scores it is time to take action.

article thumbnail

Is Your AR Generating All the Cash Flow It Should?

Your Virtual Credit Manager

To make matters worse, invoice errors also tend to generate payment deductions (partial payments). Correcting invoices and reconciling payment deductions are essentially rework: work that is not necessary if you got it right the first time. To make matters worse, most payment posting errors will involve deductions.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How To Organize Your Business Finances in 7 Steps

tillful

You can opt to automate some of the steps with tools, such as: Business credit score/ financial health tracking : Tillful’s free business credit score service lets you log in at any time to get a snapshot of your business’s financial health. It also gives you free access to your Experian business credit score.

article thumbnail

Medical Debt: An American Struggle

RevCycle

Another reason why Americans have so much medical debt is that many Americans have high-deductible health insurance plans. These plans have a low monthly premium, but they have a high deductible, which is the amount of money that the insured person must pay out-of-pocket before their insurance starts to pay.

article thumbnail

9 Benefits of Getting an EIN (Even If You Don’t Have To)

Fundera

If you file for bankruptcy. Plus, for certain types of tax deductions, such as home office deductions for business, your chances of an IRS audit decrease if you have an EIN. “If Personal office deductions have a tendency to bring on IRS audits. Corporations and any entity taxed as a corporation. Multi-member LLCs.

article thumbnail

Can You Pay Your Business Taxes with a Credit Card?

tillful

Credit Fee $50 $2.69 $2.50 $2.50 $100 $2.69 $2.50 $2.50 $250 $4.63 $4.68 $4.95 $1,000 $18.50 $18.70 $19.80 $2,500 $46.25 $46.75 $49.50 $10,000 $185.00 $187.00 $198.00 As a result, they are tax deductible for business owners. Scoring algorithms look at the total amount of credit you have available compared to the amount you’ve used.

article thumbnail

9 Benefits of Getting an EIN (Even If You Don’t Have To)

Fundera

If you file for bankruptcy. Plus, for certain types of tax deductions, such as home office deductions for business, your chances of an IRS audit decrease if you have an EIN. “If Personal office deductions have a tendency to bring on IRS audits. Corporations and any entity taxed as a corporation. Multi-member LLCs.