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Making Collections Better Since 1938.

IC System is a nationally recognized debt recovery agency with over 85 years of national experience. IC System's debt collection solutions have helped thousands of clients recapture the revenue they’re owed while maintaining working relationships with debtors.

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Effective Debt Management Holds the Keys to Small Business Cash Flow and Growth

December 8, 2023
collecting outstanding debt
debt collection
effective debt management
IC System
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Mfon Akpan

 

Effective debt management through a robust accounts receivable system is essential for small business cash flow and growth, necessitating automated payment schedules and strategic policy adjustments. Collaborating with a collection agency as a strategic partner can enhance revenue recovery while preserving positive customer relationships.

How critical is effective debt management for the financial health of small businesses, particularly in maintaining cash flow?

Mfon Akpan, CGMA, Assistant Professor of Accounting at Methodist University, stresses the importance of collecting outstanding debts to avoid unnecessary borrowing and strengthen a business’s financial position. “It’s very important to collect outstanding debts that carries over to the financial health of the business. You don’t want to increase any borrowing, which can damage or weaken the financial position of the business,” Akpan says.

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