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"When another business owes you money, it is important to consider the relationship at stake as well as collecting the debt."
HOUSTON, TX, September 27, 2022 /24-7PressRelease/ -- Most of the time, clients pay their bills on time. However, occasionally, you may have a few clients or accounts that do not pay on time, wreaking havoc on your business operations. Luckily, there are a few things you can do to help collect the debts owed to your business.
Get Paid for Your Work
If you own or run a small business, getting paid on time is crucial. You are likely to rely on accounts receivable to pay bills and payroll. When clients don't pay, your business suffers. Debt collection can quickly cause your business to fail. However, there are strategies that you can employ that may help collect debts owed before you have to resort to litigation. Attorney Andrew Weisblatt explains, "When another business owes you money, it is important to consider the relationship at stake as well as collecting the debt."
One of the most important things to remember in business is how important customer service is. If you are trying to collect a debt, ensure you avoid harassing the people who owe you money. Keep calls short and formal, and try to stay calm while insisting that the debt be paid in a timely fashion.
Documenting the debt is vital in the event of future litigation. Write letters in addition to making phone calls, saving a copy of each letter you send. This documentation will be important if the debt is not paid.
You want your business to succeed. Letting debt owed to your business slip through the cracks is not a way for your business to remain successful. Keep good accounting records and know how much clients or other businesses owe you at all times.
If you have tried without success to collect a debt owed to your business, litigation may be the next step. You deserve to get the money you are owed. Don't let complicated civil lawsuit processes and procedures get in your way; work with a qualified attorney to ensure you keep your business running successfully by limiting your outstanding accounts receivable.
The Weisblatt Law Firm is focused on providing businesses with the expertise needed to maintain operations through effective management of past-due payments and collection of business debts. Owner and primary attorney Andrew Weisblatt is a Houston business attorney who has been practicing continuously since 1992.
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