Wednesday, April 27, 2011
Friday, April 22, 2011
Check This Out...
I just released Accounts Receivable/Collections Tips Part II. Check it out: http://heyoverbey.tumblr.com/
Sunday, April 17, 2011
Frequently Asked Questions
I cannot seem to post an entry from my journal from May 2000. Check out this link for the entry: http://heyoverbey.tumblr.com/
It is entitled: Frequently Asked Questions. It starts out with these quotes...
It is entitled: Frequently Asked Questions. It starts out with these quotes...
Judge a man by his questions rather than his answers. (Voltaire)
Live your questions now, and perhaps even without knowing it, you will live along some distant day into your answers. (Rainer Maria Rilke)
Who questions much, shall learn much… (Francis Bacon)
The only questions that really matter are the ones you ask yourself. (Ursula K. LeGuin)
Wednesday, April 13, 2011
Why Aren't You Charging Late Fees?
I had a large client - combined volume in millions - who was not charging late fees!
“What!” I belched.
“We don’t wanna lose customers. A lot of our customers are mom and pop. We have never charged a fee for being late,” was the finance guy’s argument.
“What else?” I was incredulous.
He was a little shocked at how I glossed over that. “And, how would we measure it, collect them, begin it - are their legalities?”
Listen to me closely…
I cannot find a good argument for your business to not charge late fees. You will not lose customers. Trust me. Your service and your product is the best, right? So you should be paid ON TIME!
If you have an account, NET 30 let’s say, and it is now late - not only are you out the money you expected by a certain time, you now have to pay someone to call on the account and collect. Lose, lose. How can you mitigate this? Late fees.
No one will be shocked that your outfit charges this fee. We are all used to paying them: credit cards, utilities, rent, even the library. Why are you different?
In fact, in some instances charging late fees will decrease DSO.
Remember: Our payment policies and billing policies teach our customers how to pay us.
Tracking, reporting, trending late fees? No big deal. Any accounting software worth its spreadsheets will have these abilities - and more.
The amount? Of course here you need consultation and discussion (hint - call me). I have seen as little as $10 up to $100 or more.
The trick is if you have not been charging a late fee to announce in advance that you will be. 30+ days at least, and not in the middle of a billing cycle. Post it on statements, to the sales staff, brochures, order forms. Then stick with it.
Crunch this: 1,000 accounts in 2010 paid late (past their Net 30 or 60). Between the 2nd and 10th day late (you decide “grace period” if any - they just generously had NET 30/60 after all) they were assessed a $20 late fee. 600 accounts ended up paying before the end of that cycle. By then end of 2010 you received $12,000 in collected late fees. You just paid almost half of your A/R clerk’s salary. And you taught clients that your product is worth paying for on time - or early!
JLOverbey@gmail.com
Twitter: @HeyOverbey
“What!” I belched.
“We don’t wanna lose customers. A lot of our customers are mom and pop. We have never charged a fee for being late,” was the finance guy’s argument.
“What else?” I was incredulous.
He was a little shocked at how I glossed over that. “And, how would we measure it, collect them, begin it - are their legalities?”
Listen to me closely…
I cannot find a good argument for your business to not charge late fees. You will not lose customers. Trust me. Your service and your product is the best, right? So you should be paid ON TIME!
If you have an account, NET 30 let’s say, and it is now late - not only are you out the money you expected by a certain time, you now have to pay someone to call on the account and collect. Lose, lose. How can you mitigate this? Late fees.
No one will be shocked that your outfit charges this fee. We are all used to paying them: credit cards, utilities, rent, even the library. Why are you different?
In fact, in some instances charging late fees will decrease DSO.
Remember: Our payment policies and billing policies teach our customers how to pay us.
Tracking, reporting, trending late fees? No big deal. Any accounting software worth its spreadsheets will have these abilities - and more.
The amount? Of course here you need consultation and discussion (hint - call me). I have seen as little as $10 up to $100 or more.
The trick is if you have not been charging a late fee to announce in advance that you will be. 30+ days at least, and not in the middle of a billing cycle. Post it on statements, to the sales staff, brochures, order forms. Then stick with it.
Crunch this: 1,000 accounts in 2010 paid late (past their Net 30 or 60). Between the 2nd and 10th day late (you decide “grace period” if any - they just generously had NET 30/60 after all) they were assessed a $20 late fee. 600 accounts ended up paying before the end of that cycle. By then end of 2010 you received $12,000 in collected late fees. You just paid almost half of your A/R clerk’s salary. And you taught clients that your product is worth paying for on time - or early!
JLOverbey@gmail.com
Twitter: @HeyOverbey
Sunday, April 10, 2011
I've Met Them On My Way...
I was reading and writing and tweeting and facebooking today and I thought about all the different people on my path who are helping me right now. Such a rich representation! I am wealthy beyond measure. Take a look…
+ A former evangelist now running for city council
+ A lady tired of working for the man so she works for the woman
+ A 12 year old who only wants a friend… and maybe the new xbox
+ A new mother changed dramatically
+ A homeschooled kid entering college with high scores
+ Former stripper trying beauty school instead of the stage
+ A 5ft 2in woman catching thieves in stores
+ A former preacher turned artist and seeker
+ A recovering alcoholic working with other men to help them get sober
+ A sought after hairdresser who is ready with an answer when asked how her calling helps change the world
+ A little boy who only wants to laugh and rub yellow icing in his hair
+ A musician who gets her song stuck in my head
+ A social worker who runs a halfway house for men in transition - for no pay
+ A waitress getting over heartbreak
+ A truck driver turned facebook comedian
+ A teacher, mother, guide who makes a mean cabbage salad
+ An unemployed, almost vagabond, who refuses to give up hope
+ A man fighting the God issue but won’t give up trying to figure it all out
+ A woman who paints nature but I really think it’s her heart
+ An old lady in a nursing home who quickly corrected me when I thought it might be sad for her
+ A former homeless woman turned homeowner - she texts me her gratitude list every single day
+ A young man traveling the world if only through the written word and excited to share every bit of it
+ A former worrier turned “meditator”
+ A guy wearing silly hats turning me on to music I have never heard before
+ A chef just becoming known who loves a woman I love, too
+ A gardener refusing to take a shower today before the party cause it’s okay
+ A passed mother who still speaks to me through her love for her son
+ A Higher Power becoming ever more real to my spirit and my mind
+ A former evangelist now running for city council
+ A lady tired of working for the man so she works for the woman
+ A 12 year old who only wants a friend… and maybe the new xbox
+ A new mother changed dramatically
+ A homeschooled kid entering college with high scores
+ Former stripper trying beauty school instead of the stage
+ A 5ft 2in woman catching thieves in stores
+ A former preacher turned artist and seeker
+ A recovering alcoholic working with other men to help them get sober
+ A sought after hairdresser who is ready with an answer when asked how her calling helps change the world
+ A little boy who only wants to laugh and rub yellow icing in his hair
+ A musician who gets her song stuck in my head
+ A social worker who runs a halfway house for men in transition - for no pay
+ A waitress getting over heartbreak
+ A truck driver turned facebook comedian
+ A teacher, mother, guide who makes a mean cabbage salad
+ An unemployed, almost vagabond, who refuses to give up hope
+ A man fighting the God issue but won’t give up trying to figure it all out
+ A woman who paints nature but I really think it’s her heart
+ An old lady in a nursing home who quickly corrected me when I thought it might be sad for her
+ A former homeless woman turned homeowner - she texts me her gratitude list every single day
+ A young man traveling the world if only through the written word and excited to share every bit of it
+ A former worrier turned “meditator”
+ A guy wearing silly hats turning me on to music I have never heard before
+ A chef just becoming known who loves a woman I love, too
+ A gardener refusing to take a shower today before the party cause it’s okay
+ A passed mother who still speaks to me through her love for her son
+ A Higher Power becoming ever more real to my spirit and my mind
Tuesday, April 5, 2011
Thoughts On Writing...
"The things that make you a functional citizen in society - manners, discretion, cordiality - don’t necessarily make you a good writer. Writing needs raw truth, wants your suffering and darkness on the table, revels in a cutting mind that takes no prisoners…"
Natalie Goldberg: Old Friend from Far Away: The Practice of Writing Memoir
Monday, April 4, 2011
A Meditation Among the Trees
I just settled in from a meditation retreat this weekend, "Sacred Spaces". One of the ideas was to meet with like-minded people to meditate over the weekend and increase conscious awareness. We covered six principles and did a lot of meditating in various form to facilitate this. Amazing.
One part of my weekend was following a trail on the land that we retreated on. Getting away from the busy city life was challenging at first. Once I quieted inside and focused on the woods and all of nature around me I forgot about work and duties and frenetic things and acknowledged quite a lot. Someone wise advised me to write out short bursts of what that was. Here they are:
+ At first, my mind and my chest pined for the confusion of the hectic city. How comfortable that chaos can be. I'm surprised how easy I let it go and walked on.
+ Wind just stirred up a bit of ways behind me. Catching up to me now. I'm gonna stand still. It is here with me right now. Loud - but quiet. Moves past me. It's like a wave. It's alive like me.
+ Some brush is a light, hazy purple. I thank it out loud for being purple. Felt odd and right all at once.
+ The Earth is wet and sloppy. My shoes are bright white. They mingle. Who cares today? It is okay. It is good even.
+ I see a Jack Rabbit. Whoa. Hey, there! He didn't say hi back. But he didn't ignore me like the city ignores me. Oh, look! He has a trail he is on, too. He's gone.
+ I can hear the gang behind me. I speak then walk off to the side. They pass. I stay out with this field that is open and wide and I stand with intermittent sun.
+ Walking + Breathing + Pausing + Walking
+ Breathing + Pausing + Stretching
+ I stopped and "sent" some of this stillness and wholeness to the inner city and to twitter and to Wall Street and to the Middle East. Hope I bring some back in me.
+ I see some dew on a thorny branch. I touched it. I tasted it. I rubbed some on my face and neck.
+ The birds are having a choir practice up top. A lot of 'em showed up for rehearsal. I can pick out the sopranos and the altos. The woodpecker is on percussion. I nod my head a bit to the beat.
+ The air is so clean at first it burns.
+ I thought of work. That's none of my business now. I let it go.
+ Twigs crunch and snap from my weight.
+ I have no sense of time out here. Huh.
+ I am home now. I still smell the woods on me. I hope I smell it for a long time.
One part of my weekend was following a trail on the land that we retreated on. Getting away from the busy city life was challenging at first. Once I quieted inside and focused on the woods and all of nature around me I forgot about work and duties and frenetic things and acknowledged quite a lot. Someone wise advised me to write out short bursts of what that was. Here they are:
+ At first, my mind and my chest pined for the confusion of the hectic city. How comfortable that chaos can be. I'm surprised how easy I let it go and walked on.
+ Wind just stirred up a bit of ways behind me. Catching up to me now. I'm gonna stand still. It is here with me right now. Loud - but quiet. Moves past me. It's like a wave. It's alive like me.
+ Some brush is a light, hazy purple. I thank it out loud for being purple. Felt odd and right all at once.
+ The Earth is wet and sloppy. My shoes are bright white. They mingle. Who cares today? It is okay. It is good even.
+ I see a Jack Rabbit. Whoa. Hey, there! He didn't say hi back. But he didn't ignore me like the city ignores me. Oh, look! He has a trail he is on, too. He's gone.
+ I can hear the gang behind me. I speak then walk off to the side. They pass. I stay out with this field that is open and wide and I stand with intermittent sun.
+ Walking + Breathing + Pausing + Walking
+ Breathing + Pausing + Stretching
+ I stopped and "sent" some of this stillness and wholeness to the inner city and to twitter and to Wall Street and to the Middle East. Hope I bring some back in me.
+ I see some dew on a thorny branch. I touched it. I tasted it. I rubbed some on my face and neck.
+ The birds are having a choir practice up top. A lot of 'em showed up for rehearsal. I can pick out the sopranos and the altos. The woodpecker is on percussion. I nod my head a bit to the beat.
+ The air is so clean at first it burns.
+ I thought of work. That's none of my business now. I let it go.
+ Twigs crunch and snap from my weight.
+ I have no sense of time out here. Huh.
+ I am home now. I still smell the woods on me. I hope I smell it for a long time.
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