Even though the National Bureau of Economic Research has not officially called a recession while they wait for the official GDP numbers, we are in one. There is no doubt about that; the only question is how long will it last? The answer to that is, no one knows. We have never in history had an economy come to a halt in a 30-day time frame. Our economists do not have any prior models to base a recovery plan from.
What Can You Do?
Companies that keep close tabs on their account receivables are less exposed to the outstanding debts of their customers. If you have not already done so, have your accounting team identify which customers have a pattern of paying their bills late and develop a plan to reduce risk immediately. Read more.