Small Business Management: Open That Mail

by | Nov 16, 2017

Meet the team: Eileen Manaloto, Sr. Accountant

Despite a job market full of unique challenges, My Small Business Pro was incredibly fortunate to bring on a new team member last year, Eileen Manaloto. Like many small businesses, we got creative in finding the right resource to support our amazing clients and fit...

Back to the Financial Future! 

A new year is upon us! While there’s a tendency to charge into 2022 with new hopes, plans and goals; but you need to pump the brakes. One of the most prudent things you can do is slow down and take some time to do a serious review of your past. Last year is full of...

Why Your Accountant Hates You

Unless prompted, few business owners willingly gush about their accountants. I get it, accountants aren’t always the most affectionate bunch; sometimes referred to as boring or dry. Many consider them a necessary evil, number crunchers or even bean counters. Some...

Sharpen your Tax Ax

As the year winds down, most people start to slow down. People are looking forward to the holidays and start to bundle up as the days get shorter, maybe even start planning that holiday vacation. But if you’re a business owner, there’s something that starts to scare...

Show Me the Money: Best Collection Practices

If you are like most small business owners, chasing after the money is one of your least favorite financial tasks.  And I get it.  You are not a bounty hunter or a detective.  Your time has value and you probably did not include the cost of time spent...

Hopefully you’ve been heeding the advice we’ve been giving you in our posts about good habits small business owners should adopt—reconciling accounts, diligent bill paying, keeping current with receivables and always paying payroll and sales taxes. Here’s one more positive behavior to add to your roster: opening the mail your friendly neighborhood postal carrier brings you every week.

If your mail is like mine, there’s a lot of junk in your mailbox every day—pitches for credit cards you don’t need, coupons for restaurants you’ll never go to, catalogs you’ll never buy from, and the like. However, mixed in with all that unnecessary paper, there’s likely some very important items. If you ignore your mail, which is all too easy, you’ll risk missing bills, checks and other critical items—and overlooking those could be costly.

First, make a point of opening your business mail at least every other day. Then, you’ll be tackling just a few pieces in small, easy-to-manage batches. Wait longer than that, though, and that small pile of mail could become a mountain. What’s more, opening your mail regularly will reduce the likelihood you’ll miss customer payments, bills, contract notices, love letters from the IRS and more.

Additionally, make sure all of your business mail is sent to one place, even if you have multiple locations. You might be inclined to have correspondence sent to your home, for the sake of convenience. Unfortunately, that could backfire, because having more than one outpost for your mail means you have more batches of mail to keep track of. It increases the chances that you’ll be late in catching an important correspondence, or that you’ll lose it completely.

Don’t make the mistake of thinking that, in our age of increasingly digital communication streams, all your important messages will come via your email inbox. There are still entities that prefer to conduct some or all business communication through the mail. Banks and government agencies, for example, often choose to send certain notices only by mail—if you’re not regularly checking your mailbox, you will miss those overdraft notices, payroll tax deposits and returns, and other significant items. Years ago, a client learned this lesson the hard way, and their bank account had been frozen due the check fraud. I worked with them to address and correct the issue, but while we tackled the problem, payroll tax deposits were still hitting the frozen account. It’s a good thing we’d reconciled the account and opened the mail on a schedule, or our discovery that payments were missing the IRS would have been much later, the fix much more complicated, and the consequences costlier.

If you find yourself struggling to make time opening your mail regularly yourself, then definitely delegate the task to another staffer. This is a great way to ensure someone is accountable for monitoring your mail, bringing notable notices to your attention and making sure customer payments are received and deposited.

Any questions? Reach out to me at Daliah@MySmallBusinessPro.com; I’d love to talk to you.

Meet the team: Eileen Manaloto, Sr. Accountant

Despite a job market full of unique challenges, My Small Business Pro was incredibly fortunate to bring on a new team member last year, Eileen Manaloto. Like many small businesses, we got creative in finding the right resource to support our amazing clients and fit...

Back to the Financial Future! 

A new year is upon us! While there’s a tendency to charge into 2022 with new hopes, plans and goals; but you need to pump the brakes. One of the most prudent things you can do is slow down and take some time to do a serious review of your past. Last year is full of...

Why Your Accountant Hates You

Unless prompted, few business owners willingly gush about their accountants. I get it, accountants aren’t always the most affectionate bunch; sometimes referred to as boring or dry. Many consider them a necessary evil, number crunchers or even bean counters. Some...

Sharpen your Tax Ax

As the year winds down, most people start to slow down. People are looking forward to the holidays and start to bundle up as the days get shorter, maybe even start planning that holiday vacation. But if you’re a business owner, there’s something that starts to scare...

Show Me the Money: Best Collection Practices

If you are like most small business owners, chasing after the money is one of your least favorite financial tasks.  And I get it.  You are not a bounty hunter or a detective.  Your time has value and you probably did not include the cost of time spent...

What solution can Fritz Financial find for you?

Schedule a meeting with Daliah Fritz