ReleaseWire Connect

Managing finances, cash flow, and account receivables are indubitably the most challenging areas of running a business. In fact, the majority of small businesses fail within the first five years due to poor or insufficient cash flow management. Therefore, it's important for business owners and entrepreneurs to closely manage accounts receivables to mitigate financial risks.

Acquiring sufficient startup capital is one of the biggest challenges to starting or launching a business. This is often because funding is often reserved for more established enterprises. In fact, the majority of small businesses fail within the first five years due to limited financial resources. This could be due to poor cash flow management or dealing with delinquent or past-due customer accounts.

There are many benefits of working as an entrepreneur, freelance or contract worker or even a "solo-preneur". However, one of the most challenging situations for entrepreneurs who want to focus on their own businesses is getting clients and customers to pay and collecting debts.

Most businesses would agree that one of the biggest challenges of owning, operating, and running a business is dealing with debt and getting customers to pay. Past-due or default accounts can push businesses deep into debt, compromising the survival of the business. In fact, according to the U.S. Small Business Administration (SBA), approximately 50 percent of small businesses fail within their first five years due to insufficient capital and an overwhelming amount of debt.

According to an article published by QuickBooks owner, Intuit, one of the top ten hardest things about running a business is managing finances. In the initial startup phase, many business owners and entrepreneurs struggle to find a steady income and many often experience fluctuations in income, which can have a direct impact on personal finances.

More than half of the citizens in America have more than $20,000 in debt. With significant amounts of debt, the chances of an individual or even a business falling behind or defaulting on payments are greater, making debt collection a growing business in the United States.

Financial challenges can be difficult for anyone to deal with. If businesses are struggling with getting clients to pay, and suffering financially as a result, then it will likely be beneficial to work with a reputable and professional debt collection agency.

Financial challenges can be emotionally damaging. In fact, the majority of consumers would agree that money is their number one worry. However, for those individuals and consumers who are dealing with massive amounts of debt, past-due or delinquent accounts, and/ or bankruptcy, then they are likely dealing with debt collectors who are less than compassionate about consumers' financial challenges.

Dealing with finances is difficult enough today; however, with the risks of identity theft, the confiscation of personal information, and even debt collection scams, individuals need to be more cautious and aware in order to protect their money and investments.

The top two biggest concerns among consumers today are identity theft and debt collection scams. The risks of identity theft, the theft or misuse of personal information, and even debt collection scams have left many consumers very leery about the security of their finances and even their online presence.