To stay on top of delinquent accounts is tough and demanding. Accounts receivable is an asset to the company till it is received and accounted. Otherwise it gets under the debts or delinquent payments head. Because of lack of management, attention or concern, this important area of the company’s financial strength is often allowed to deteriorate.
The more the delay on an overdue invoice for repayment, chances of the amount being collected in full becomes remote.
Therefore, the importance of acting quickly has to be prioritized. This means having good, quick, internal procedures and processes in place and then outsourcing to a reputable collections agency sooner, rather than later.
When receivables age without a consistent and disciplined approach to collection, they begin to lose value. The longer a debt is uncollected, the more unlikely it is to receive full value from it.
An accounts department of a company with a credit manager have their own responsibilities and tasks to manage. They can concentrate on what they do best and strategizing on risk management to reduce delays in future accounts receivables. However to closely monitor , negotiate and to diligently follow up with the debtors there are experts in the field.
This is why it is important to outsource and assign the task to a collector as soon as you can. Aspira One has profound experience in dealing with challenging clients and in securing payments amicably.