Owning your own business is a tough business. You’ve got so many things and tasks to think about and get your ahead around. Never mind you need cash flow to keep your business afloat. Employees, utilities and incidentals don’t pay themselves. Although you’re probably wishing they did. If you’ve got clients in severe arrears, it may be the time to outsource the collections of those accounts. The hours in your work day shouldn’t be wasted by calling severely past due clients by you and your accountant. That’s just time wasted. A look at hiring a Collection Agency may be beneficial to bring cash back to you and clean up your Accounts Receivable. Before you hire a Collection Agency, there are some things you need to be aware of as they are also a small cost to your business. Don’t reach out to just anyone. As a business owner, you probably have acquaintances that can recommend an Agency that can assist you and has proven results. There are questions you can ask fellow business owners and any Agency you are contacting to discuss their services. Find out what the Agency’s fees are before and after collection. The fee may be a factor if the account to be collected has been previously listed with an Agency to decide what the cost is to you to have them collect on your behalf. When the account is collected, when should you expect your payment? When will the Agency expect their payment? Do you like their terms? An Agency that services several different types of businesses and their accounts would be helpful to know. That would prove that their staff is well-versed and flexible and would meet your needs. Don’t hesitate to ask for references. An Agency’s staff would know Ontario’s rules governing the collection of funds, so you need not ask about them, that’s their job. The people handling your clients need to be ethical and respectful. Ask how the Agency’s employees perform their tasks. After all, your name is attached with any dealings. You should be able to reach out to the Agency and ask for updates on your delinquent accounts at any time. After all, they’re contracted and working on your behalf. Find a company you’re comfortable with, has a lot of experience covering your needs and will put you, the busy business owner first. The bottom line you need to figure out is if the outstanding amount/s are large enough to collect with an Agency or should they just be written off? You, your accountant and Collection Agency can make that decision if you have hired a Collection Agency. A Collection Agency will also be upfront about their success rate, if not, ask. You need to know that information. Remember to make a well-thought decision. These tips and questions will help reduce your stress and increase your bank balance. And most importantly, save you time to let to take care of your business.

Sometimes it’s not so much about ‘the Money’, as the lack of it. Which leads to stresses, sometimes desperate decisions, and unfortunately past-due notices (and maybe even a collection agency). Here are the five major reasons people find themselves in debt, and what they can do to resolve it. They Have No Experience or training with Money Money management is not something people are born with. Think of life-skills like an app getting loaded onto your cellphone: if you’ve never had the concept of looking after your own personal finances introduced to you, how will you have any concept of taking responsibility for it? The ‘downloading’ of any skill comes via observing or being directly taught by parents…so if the parents themselves have no experience in managing a budget, then it’s an intergenerational challenge. And, just like any other challenge, the biggest step is in admitting that there is a problem. If someone finds themselves in financial arrears, credit counseling is available through a variety of sources. Reversing lifelong financial patterns is difficult…but it’s NOT terminal. And it could potentially a lifelong game-changer, for the good. Life Comes with Surprises, and Not Always Good Ones Nobody (hopefully) plans on a medical emergency or accident…but they are bound to occur at some point. Depending on your career, household income could be severely reduced, or diminish to nothing. As well, not everyone is lucky enough to have benefits, so the cost of prescriptions and treatment is a further body blow to the bank account. (And shortly after that, also to your credit rating, if you have any kind of payments due.) While no-one likes to think about these kinds of outcomes, disability and life insurance are a prudent step to take, for you and your loved ones. And, yes, making out a will as well. Perhaps a Career Surprise…Also Not Good Much like we just said, there are the ‘shoulds’ that we need to observe,(if we are aware enough, and have the financial ability). One of those Shoulds is the idea of having three to six months of savings always on hand, in case of an interruption in cash-flow. Realistically, too many people tap into those savings to cover unexpected expenses, or to indulge in a lifestyle that may be more than is financially doable. If the cause of that interruption is your job disappearing, these are not easy times to find a new one with a comparable income. When that kind of a shock occurs in a household where you’ve been playing Russian Roulette living pay cheque-to-pay cheque and praying nothing goes wrong, then one of the first warning signs is the overdue bills, and the credit collectors that follow them. In Debt Before You’ve Even Started Imagine having the bills we just mentioned coming in, before you have a pay cheque with which to pay them. Students gamble on themselves, betting that the education they’re borrowing to cover will result in a good-paying job that lets them cover that cost. But the average post-secondary tuition takes between nine and fifteen years to pay off. Once again, prudent planning is the only answer. Before attending, take advantage of a student budget calculator to see exactly what you will require, and save putting yourself too far into debt as you embark on your career. If making regular debt payments after graduation is unworkable , then make a minimum-payment plan, either negotiated with the lender of through a credit counselor acting on your behalf. Personal Surprises Another reason a financial education pays off…roughly four in ten marriages end in divorce, and arguing over money is one of the primary causes. The result? One household barely staying afloat financially turns into two households stretched even tighter. As cliché as it sounds, marriage is a partnership, just like a business. And just a commercial partnership has budgets and specific financial goals, you and your spouse need to be on the same page of your own ledger. For any business, to succeed you need to focus on your Business. If there are Accounts overdue, contact Go Beyond Collection Agency. Because that’s OUR business.

Hamilton, September 25, 2018 – Go Beyond ® Collection Agency is launching its new revenue consultancy offering. The service is aimed at assisting REIT-s, PM-s and landlords with in-house revenue generation, healthy A/R maintenance practices and agency tested recovery efforts. Increasing tenants’ rights are rendering the landlord-tenant space more and more hostile to landlords. This […]

FOR IMMEDIATE RELEASE Hamilton, November 1, 2017 – Go Beyond ® Collection Agency is partnering with Groundworks Realty Services Firm to bring Landlords, PM-s and REIT-s an uninterrupted collection solution all the way from issuing N4-s through the eviction process and collections to Small Claims Court executions. The key to maximizing financial returns on delinquent […]

FOR IMMEDIATE RELEASE Hamilton, August 18, 2017 – At Go Beyond ® Collection Agency we truly try to go beyond in everything that we do. In this spirit our CEO, Greg Maitinsky completed one of the longest distance swim races in the world, the Sri Chimnoy Marathon Swim. After years of rigorous training, Greg swam […]

FOR IMMEDIATE RELEASE Hamilton, July 11, 2017 – Go Beyond ® Collection Agency offers in-house collection calls to PMs and Landlords. The TenantCall+ service had its debut with three pilot clients in January, March and May and is now part of the standard Go Beyond package suite. With the new Rental Fairness Act it is […]

FOR IMMEDIATE RELEASE Hamilton, April 26, 2017 – Go Beyond ® Collection Agency and Dan Lawrie Insurance Brokers have finalized an agreement to fulfill Go Beyond’s comprehensive insurance needs. Effective as of May 2017 Dan Lawrie Insurance Brokers is maintaining Go Beyond’s insurance portfolio, including Collection Agency Bonds, Errors and Omissions Insurance, Cyber Insurance and […]

FOR IMMEDIATE RELEASE HAMILTON, July 13, 2016 – Go Beyond ® Collection Agency is introducing a unique Paid Time-Off Menses Policy for its female work-force. Effective late June 2016 staff members at Go Beyond are entitled to a PTO day off on a monthly basis. Go Beyond is following in the footsteps of UK based […]