Tag Archives: accounting

Ep. 32. It’s payback time! And we mean cash.

You shouldn’t be running after your sales if you set the collections straight ahead.
You shouldn’t be running after your sales if you set the collections straight ahead.

You’ve set up your business and rendered your goods and services on time but your cash register doesn’t seem to be receiving any? Well you are no bank to extend payment dates and you are not getting interest either for delayed collections. In this episode, David and David discuss different ways on how to guarantee that collection.

Afraid that you’re not gonna get return customers? You are not giving them a favor anyway. Have a listen to the podcast to sum up your courage to collect and sum up their debts.

00:00 Introduction
01:08 Greetings from Paradise in Hobart
01:49 Greetings from Paradise North in UK
02:12 Let’s talk about getting paid
02:23 How not to be a bank?
02:38 Being a bank to your clients is not only bad but van be dangerous
02:48 David P talks about his business and hoe he gets collections
02:57 What is affiliate Marketing?
03:48 With affiliate marketing, intermediary companies will ensure that commissions are deposited with them to provide the right payment to their clients
04:30 David P shares his experiences with providing services to his clients
04:38 Doing work in advance and will only get paid by completion, clients can just actually disappear
05:01 In other scenarios, you provide them the goods but slowly string out the option of paying you
05:25 Thee are a number of things how to avoid such scenarios
05:55 Getting paid on the date is really important
06:00 We’ve heard several excuses from people to avoid paying
06:04 Some says that they decided to stop the project when you have rendered 75% of your services
06:15 Or their marketing personnel has changed and can only review your work at the end of the year
06:21 Or simply they changed their minds
06:27 At the end of the day, you have still done some work and they owe you the money
06:52 How does one motorcycle company in Adelaide collects for mortgaged bikes?
07:50 the company uses intimidation to collect money from clients
08:27 Don’t be desperate for the money
08:52 Ensure getting paid in advance for goods
09:26 Be firm when setting collection dates
10:00 Amazon does not ship the item unless you paid
10:15 For services, you may ask for downpayment
10:32 You can shorten the payment period
11:14 The more you focus them on the short term, the more they feel the need to deal with it
11:57 Cashflow is king
12:01 You don’t have a cashflow, you don’t have a business.
12:10 Bank makes money out of charges more than the interest
12:49 Have a written contract’
13:46 Purchases n supermarkets are clear and you should do the same
15:03 Get a person who chases the debt
16:52 How to make collections with speculative works?
18:37 Don’t undervalue what your talent s worth
20:31 David C talks about a speculative work he is currently doing
22:22 Reduce the danger of not getting paid
22:47 We always hear people say that the check is already at the post
23:06 So, how do you actually get paid?
23:15 Don’t let your emotions get involved
23:37 The 3-letter process
25:20 There are times when you yourself have to ring clients that are not paying
26;16 If all else fail, put them in the collection
27:01 At the end of the day, business is business
27:52 Charge a premium price if clients pay longer
28:30 Use accounting software
28:48 You can select from Xero, MYOB, Quickbooks, Attache or Sage Accounting.
29:41 Do yourself a favor and get an accountant
31:00 Talk to the right people that will help you with your business
31:21 Wrapping up
32:03 Shout out to the people that liked our facebook page
32:22 We also like it when people give us 5-star reviews on iTunes
33:15 We’re excited to get ideas for our next topic
33:52 Visit our website at www.davidversusdavid.com
33:54 Like us at facebook.com/davidversusdavid
34:14 Goodbyes!