The Accounting Side of Restoration
When it comes to working in the restoration industry, the most important thing is ensuring the continuity of your customer’s life and business. At Guarantee Restoration Services, we strive to always put ours first.
Besides that, some may argue that the Accounts Receivable portion of the work is also vital. Some may also say that the accounts receivables part of the job is the toughest. Regardless of the project or job, your customer has more than likely been through an unforeseen experience. As a business, you always want to outline to a customer a specific pay period or payment expectation, so that it does not instill a “pay whenever you are able to” type mindset in them.
Receiving payments in any business starts with hiring the right team member. It is no different in the restoration industry. It is important to hire someone who can relate to your customers in a personal, understanding manner. You should find someone who can balance out the aggressive and softer side needed to collect the timely payments. Some of the best qualities to look for to make more effective collections employees are:
- Personable
- Emotion-controlled
- Professional
- Good Listener
On the accounting side of any business, the first “payment needed” call can stressful. Without disrupting your day-to-day operations, you should have one person designated to make the first call. Your conversations with customers should begin when the invoice is created. You should follow up with them regularly during the pay period, ensuring they understand their invoice and payment dates. Often, payment conversations can get heated, and it is important to remain calm and understand each customer’s situation.
No matter the industry or type of business, overdue payments will always be an issue. There are a few ways to receive these payments. One includes filing a property lien and conversing with your attorney. Many times, it depends on where you are in the payment process and how you can proceed. When you file a property lien, you will want to keep the customer informed and updated the entire time during this process. Explain to them how it works and your reasoning behind it. Involving an attorney can be expensive, but it may be more effective solution than coming directly from your business.
Our team at Guarantee Restoration understands that property damage emergencies happen when we least expect them. We work with your insurance company to get you through the claims and payment process. With five offices along the Gulf Coast, we are conveniently located and ready to serve you if a loss occurs. 24/7 is not just a number, it’s a GUARANTEE!
