Collection Agency, commercial Debt recovery agency, debt management, Debt Recovery, Debt Recovery Services, private debt collectors

Tools For Collection – Collection Agency

Practices adopted for Accounts Receivable

  1. Credit worthiness of customers to be investigated to assess the financial health of the company to decipher payment terms and to ensure payment returns.
  2. Credit management to find out which payment option works so payments can be done on time. strict time frames to be followed and adhered to. Theoretically it may all seem hunky dory but practically  a chase.
  3. Assess Accounts Receivable Regularly – Establish a specific schedule for monitoring and assessing the state of  accounts receivable. Ideally, it should be done at least once a week. The sooner you find errors, the sooner you can correct them–and the less likely they are to cause major problems for your business.
  4. Shortening Payment Terms – different options and turn around time for repayment can be offered to vendors for a smoother flow.
  5. Documentation check – It is wise to have paper work in order to avoid arbitration and legal disputes.
  6. Create a Billing Dispute Resolution Process – Establish a specific process for handling billing disputes. This will not only streamline the process, but it will improve overall customer satisfaction because your team will know precisely what to do when a dispute arises.
  7. Use of technology– Investigate different types of software and other forms of technology for automating as many accounts receivables processes as possible. The more superior the technology  the more accurate and reliable the entire process will be. Many programs are expensive, but the ROI is considerable as there are fewer errors and, in many cases, employee productivity gets a boost too. Billing electronically also aids the go green initiative.
  8. Establish a Proactive Collections Process – Make collections a top priority and enforce it by establishing a clear, concise collections strategy. Ideally, reminders to start early in case of defaulters.. monitoring closely helps to avoid overdue payments.
  9. Efficient and trained staff – employees trained in the field of collection and client relations to be recruited as it is important to handle this relationship with prowess and diplomacy. 

Most companies do not have the man power or the knowledge base for accounts receivables. An accounts department however can have their paper work in order about the dues and over dues but may not have the know how pursuing the payments and ensuring the payments are done on time.

Agencies like ASPIRA ONE  step in as outsourcing agents for accounts receivables and debt recovery with their expertise of legal matters and skilled staff..

Website: http://debtrecoveryservices.co/commercial-debt-collection.html