What should I consider when estimating and collecting receivables?

When estimating and collecting receivables in Tennessee, there are a few things to consider. Firstly, establish policies and procedures for how invoices are sent out and payment is received. This should include when payment is due, how payment should be made, and what will happen if payment is not received in a timely manner. Having clear expectations and policies in place from the beginning will make it easier to collect payment. Second, set up billing procedures and stick to them. Send out invoices as soon as possible, and follow up if payment is not made within the company’s policy. Regular follow-up on unpaid invoices can help to indicate to customers that payment is expected. Thirdly, consider setting up a system for tracking and monitoring receivables. Keeping a record of all customers who owe money can make it easier to stay on top of collecting payment. It is also advisable to know the legal implications of non-payment in Tennessee. Unpaid debts may be filed in court and the court may require the customer to pay. Having a basic understanding of the process can be helpful in case payment needs to be pursued legally. Overall, when estimating and collecting receivables it is important to make sure expectations are clear, billing is sent out on time, and a system is in place for tracking and monitoring customer payments. Knowing the legal implications of non-payment is also important.

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What should I consider when estimating and collecting receivables?

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