It’s not easy being a small business owner. Things that are minor bumps in the road for big companies can be major hurdles for the small business. An inventory shipment delay, for example, is no big deal if you’re a major retailer or e-tailer. That same delay, though, can negatively impact a small company’s relationships with its customers and ultimately cost that business money. If a small company provides goods or services to other businesses, the loss of one or two customers can mean the difference between making a profit and taking a loss. Such is not the case for major players in the business-to-business marketplace.
Possibly the biggest factor in whether or not a small company survives and thrives is whether or not it collects business payments in a timely manner. A small business is often at the mercy of its customers or clients to make timely payments. When the checks don’t arrive in the mail, the company can experience a cash flow crunch – or even a crisis – that can leave it unable to make payroll or meet its other financial obligations.
Even when a system is in place to generate a timely invoice, finance personnel...
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