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Best Ways to Prevent Overdue Accounts Essay

Words: 509, Paragraphs: 5, Pages: 2

Paper type: Essay

The best ways to prevent overdue accounts set up a firm policy which you can make sure you don’t go over by knowing what will happen if you don’t. Also make sure you know what it is for each bank or place that you go overdue. You should make sure you are always keeping up with your books and stick to it. You could monitor your credit score to know when something has changed. If you overspend set up a cap. You could give yourself rewards for remembering and not overdue accounts set it up so you will want to keep it up and it isn’t a chore.

If you are a big spender make sure to take out cash and use only your cash to spend. You must make sure you know how much each expense is so you know how much you must save by the time you need to. You must know the due dates as well. This way you know you still have money you your account for you expenses. You must make sure to deposit all your checks or make sure the direct deposit went in right. Easiest is to keep meticulous track of bills and payments. Pay early or at least on time, avoid late fees and interest penalties.

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You can set up automatic payments coming directly out of your accounts. You don’t have to worry if when it’s due and if you paid it. Avoids an excuse you have of whether losing the invoice, thought paid it already, thought it was due later, etc. If you have large bills pay a little at a time, frequently, before the due date that makes the bill much smaller and easier to handle. This makes you eliminate the need to split a bill into smaller late payments, which avoids late fees and other penalties. They even have now several different computer software programs that can help do this.

If it were my business I would do these things to prevent overdue accounts. I would track customers with bad credit histories because customers with bad credit histories are more likely than others to make payments late or not at all. I could also limit the amount or give less credit. I could write a reminder note on the receipt or invoice when they are due makes them more likely to see it and remember. I could offer your customers discounts for early payments too. I could call my customers to remind them when payment is due.

I could either call them before or after they miss the payment depending on the customer. If after a couple times would have to ask the customer to pay upfront or deposit. In conclusion, both individual consumers and businesses large and small can benefit from keeping overdue accounts to a minimum. This keeps your credit scores excellent and allows peace of mind in financial matters. The above outlined options, practiced over time, can only build confidence. With confidence, comes a solid financial background and it bodes well for future endeavors.

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