Small Business Solution: Hire a Debt Arbitrator

Small businesses like CPA firms and other companies are famous for being negligent in collecting on past due accounts. Some past due receipts often go 30, 60 or even 90 days.

One solution for clients and companies alike is to hire a debt arbitrator - a person who can negotiate settlements based on experience and pay incentives. The process is similar to any other mediation service, but with a specialty or business acumen built in to the person who serves as the arbitrator.

A debt arbitrator works on a percentage of any outstanding balances collected; therefore, there is a motivation factor linked to his or her success. Unlike attorneys who often are contacted to serve as collection agencies, debt arbitrators come to the table with years of experience under their belts.

Small businesses also benefit from more immediate cash flow rather than wait for something to be settled in court. For more information, contact the International Association of Business Mediation Consultants or call (800) 549-2128.

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Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.