How to cut your losses when you extend credit

12/6/2009 | NYTimes.com

Most entrepreneurs have no experience with credit policies when they start their businesses and are focused on making sales, writes Jay Goltz, who personally makes a call after a bill owed to one of his companies goes unpaid for 90 days. From his personal experience, Goltz says he has learned these key things about accounts receivable: Always get a signed credit application, check credit, set credit limits, call when bills are late and assume there will be some losses.

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