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Entrepreneur helps companies take action on unpaid invoices

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One of the greatest cash flow challenges facing solopreneurs and businesses with employees is collecting accounts receivables from customers.

Wolfgang Kovacek is a profit recovery specialist who provides a system to business owners that makes collecting outstanding payments an automatic task. He understands the pain of collecting invoices. He owned a web design company and was owed enough money that he had to lay off employees .

"I wasn't good in following up clients and when you let that go month after month, the problem builds and affects your business."

He says once a debt goes past six months due then it likely won't be collected.

The businesses that Wolfgang provides account receivable systems for include electricians, plumbers, medical offices, and membership-based organizations like gyms and private schools.

He offers these tips for company owners:

Tip 1 Get Additional Information for New Clients

He says get alternate phone numbers like a number for a spouse and home addresses to make follow-up as easy as possible.

Tip 2 Add the Cost of Collecting into the Original Agreement

Write in a sentence saying the cost of collecting will be added into the invoice.

Tip 3 Count on Collecting for more than 10 Invoices Sent Monthly

Wolfgang says companies that send 10 to 20 invoices per month need to count on 1 to 2 invoices, or 10 percent, being late and to plan on collecting those.

Tip 4 Send Notice Immediately

If your business has a net 30 day policy, then send a notice on Day 31 and don't wait.

He says a company with about $ 2,500 in accounts receivables will benefit from an automatic system with a small per account cost.

Business owners with questions on collecting can click here for Wolfgang's website and cash flow management topics.

His financial background includes being a specialist on the floor of the Vienna Stock Exchange, heading up the seven most heavily traded stocks of Austria for over seven years.

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