Business owners alike wonder if they have a higher rate of unpaid outstanding receivables than their competitors.
With everything available at our fingertips, a google search or request to SIRI should deliver the industry standards of unpaid receivables in every industry. Even if unpublished, seasoned lenders should have the information readily available.
Surprisingly a search and several phone calls to bankers did not help locate industry norms.
When applying for a loan, the banks look at your receivables: days out, concentration and dissolution rather than compare your receivables to a chart.
Given that “industry norms” are unavailable, how will you know if your receivables are in line?
Ask others in or who work in the industry; competitors, accountants and others.
If you need help with your receivables, contact Jocelyn Nager for a free consultation jnager@ffgnesqs.com or call 212-686-0100 ext 12
