The average business person / manager often dread looking at the Debtor Ledger because it only seems to contain bad news. The constant list of non-paying customers with their problems and excuses drives them almost to despair at times.
Not only is the business person / manager burdened with cashflow issues, there are all the claims for incorrect invoicing, incorrectly raised invoices, incorrect pricing, the wrong goods and services supplied, and the list goes on.
At times, the task to fix all these issues, get the cash and actually get back to doing more business seems overwhelming. It is just not the financial cost which concerns your business owner / manager; it is all the emotional issues which are weighing them down.
It is this second cost which is often causes the greatest problems for business people / managers. The emotional costs can be crippling and often clouds the ability of these people to take positive action to rectify the situation.
Financial costs can be measured and managed so you see light at the end of the tunnel for any actions initiated. Emotional costs are less easily measured or managed.
The solution in all cases is to let go of the responsibility of managing the Debtor Ledger and employ a credit or accounts receivable professional to assist with this task. You cannot be good a everything in business. Therefore when you are struggling with tasks for which you are not suited, you are actually holding back the potential of your business.
As an example, sometime ago I tried to do everything in my business, including the bookkeeping. Whilst I could manage the bookkeeping to a point, it was emotionally draining, and I wasn't that good at it. The day I employed a bookkeeper, a great emotional burden was lifted off my shoulders.
Employing a professional credit or accounts receivable person to manage the Debtors Ledger, will assist in lifting the emotional burden of your shoulders. Furthermore, you will find that many of your former debtor problems will start to be fixed. In turn, with less problems and the emotional burden lifted, you can get back doing what you do best and grow your business.