Professor Elam

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Are some of your firm’s customers about to   become bad debt? If so, which ones?

Here are red flags that signal no-pays in   time for you to discontinued shipping or performing services, provided to our   members by Attorney Donald B. Kramer, J.D., President, Kramer & Frank,   P.C., St. Louis, MO:

Customer orders:

•   Does the order form show a new company name?
•   Is the customer suddenly asking for extended terms?
•   Is the order size materially different from prior ones?
•   Is a different person signing the order form?

Customer payments:

•   Is the customer paying later than it did before?
•   Did a check not clear the first time it was deposited?
•   Is the current check drawn on a different bank?
•   Does a check show a change in company name?
•   Is a different person signing the checks?

Customer contact procedures that have   changed:

•   Are your phone calls returned?
•   Are your letters answered?
•   Are excuses for nonpayment flimsy?

Actions filed against customers (watch   public records):

•   Are UCC filings being made on your customer (i.e., is   someone going after the customer’s personal property for unpaid debt)?
•   Is a customer on a list of newly filed lawsuits or tax   liens?
•   Are suits being filed against your customer for unpaid   bills?

Miscellaneous:

•   Is your customer dependent on a major company or   industry experiencing financial problems or scandals?
•   If your customer is on the stock exchange, has its   stock recently dropped materially in   value?
•   Does a new product/service endanger a customer’s   business?

Why risk   falling behind?

Try a   no-risk membership and see what it can do for you. If not completely   satisfied, cancel for a refund. Join now and   get: 

•      The   General Ledger   newsletter every month.

•   Free use of our member   telephone AnswerLine, where experienced accountants answer your everyday   bookkeeping and payroll questions.

• Discounts on convenient continuing   education for bookkeepers, and other professional discounts.

Join now and you also get 3 special   reports, free:

Free   Report #1: “21   Key Bookkeeping Changes in Current Tax Laws.” Discover:

• Change #7: How to prepare for the new credit-card sales   audits.
• Change #11: IRS coming after your ICs: what   to do.
• Change #14: How workers who quit can   qualify for UI benefits.
• Change #18: New regs on 50% v. 100% T&E   deductions.

Plus: 17 other key   changes you should know about.

Free Report #2: “Better   Bookkeeping in 15 Minutes: The 25 Best Bookkeeping Tips of 2013.” Find out how to:

• Post returned checks.
• Withhold from car allowances.
• Know when to take, or refuse, a prompt-payment   discount.
• Record checks made out to cash.
• Prove expenses if canceled checks are lost.
• Correct W-2 errors the easy way.
• Prepare internal income statements.
• Set up successful collection calls.

Plus:   A special section on what is (and is not) overtime pay, and how to compute   it.

Free Report #3:   “The Bookkeeper’s Guide to Internal Controls.” Protect your company or   client. And, make sure you are not held personally liable. Includes:

• How to protect yourself if you sign company checks.
• Self-protection if you withhold taxes on paychecks.
• How to make sure you are not liable for company loans   or notes.
• Steps you can take to avoid inadvertent disclosure.
• And more.

Offer your company or clients protection,   including:

• 9 ways to prevent bad-check losses.
• 5 ways to protect company bank accounts and other   cash.
• 12 policies that prevent fraud.
• 15 signs that employees are stealing.
• And more.

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•   Free use of our telephone Member AnswerLine, where experienced   accountants answer your everyday bookkeeping and payroll questions

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Get the recognition you deserve, and stay up to date.   Join 30,000 bookkeepers as a member of The American Institute of Professional   Bookkeepers.  Join now.

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