Personal visits, telephone calls, and letters are the three most common collection approaches that small business owners use to collect past due accounts. Since many small business owners simply don't have the time or opportunity for personal visits or telephone calls, a letter is often the method of choice.
The Sample Collection Letters contains three sample collection letters, each designed with a different purpose. Each succeeding letter is slightly more strongly worded than the previous one — ranging from a friendly reminder to notification that you are turning over the matter to a lawyer or collection agency.
You can easily modify any of these letters to fit your situation or your personal style.
The file contains three one-page documents in rich text format (RTF) that are suitable for use with most word processing programs used in the Windows environment.
Learn about business accounting methods.
While few entrepreneurs start their own businesses because they're fond of paperwork, recording your day-to-day sales, purchases and other transactions is a must. Learn where to record what, and how often to do so.
Keeping track of your cash, payables, and records can challenging. Find out the most efficient ways to keep your money and your records in line and updated appropriately.
An overview of the accounting principles and practices that small business owners need to be aware of when preparing financial statements and tax returns, whether done monthly or annually.
Establishing appropriate credit policies and collection procedures is vital to the success of any small business. You must decide what types of credit to offer, or even if offering credit is right for your business.
One of the most important uses of your financial records is to help you comply with federal and state tax laws and prepare your annual tax returns.
Financial statements, though often feared as a very intimidating portion of small business accounting, are just a matter of putting the trial balance amounts onto properly formatted statements. Learn how to prepare these documents you'll need for shareholders, potential financiers and your own insight.
With few exceptions, most businesses undergo a variety of changes that require adjustment entries. We'll show you how to rectify everything from bad debts to depreciation to keep your books organized.
States and the federal government hold billions of dollars in property deemed abandoned by its owners. You can make your claim to any unclaimed property listed in your name.
Because you can't know in advance the amount of bad debt you'll incur, learn how to make an allowance for potential debts.
Sometimes small business owners have to face a painful fact: You'll probably have some uncollectable debts. See which debts you're better off writing off.
Collecting overdue accounts is, for many small business owners, the most unpleasant task of all. Learn what you'll need to track delinquent payments and, if need, use an attorney or collection agency.
Once you've decided to accept credit cards, you'll need to jump through a few hoops before getting that fancy card swiper near your register. Learn what steps to take to start taking plastic.
Before you extend credit, you'll want to craft a policy that ensures you're making it easier for customers to pay you without making it a cakewalk for the unscrupulous to scam you.
The general ledger reflects a permanent summary of all your supporting journals, such as the sales and cash receipts journal and the cash disbursements journal. Closing your books and maintaining your general ledger should be one of your top priorities.
Accounting for the results of your business activities requires keeping your records in an organized and consistent fashion. While businesses differ tremendously, the basics of accounting critical to running any business remain the same.
Find your states rules for remitting unclaimed property and staying within any time limitations.
New smart-tech payment methods are being used more widely by customers and savvy business owners alike--know your options.
A little basic bookkeeping can go a long way in keeping your business organized and profitable. Learn what you'll need to know and how to find qualified professionals to help you.
The accounts receivable aging schedule is a useful tool for analyzing the makeup of your accounts receivable balance. Analyzing the schedule allows you to spot problems in accounts receivable early enough to protect your business from major cash flow problems.
Get what you need when you need it. ADP's small business expertise and easy-to-use tools simplify payroll and HR, so you can stay focused on growing your business.
Start your business with confidence. We offer various incorporation packages to get your business up and running. Starting from $99 and includes 6 months FREE Registered Agent services.