”Where you find order, there is character”, said Doménico Cieri Estrada. You need both in order to recover your past due accounts..
Having a Past Due Accounts Checklist in your Accounts Receivables Department will bring the following benefits to you:
– It provides clear and strong support to define your internal collections strategy.
– It provides basis and foundation to evaluate the results of your collection agency or legal team hired by your Company.
– It provides ground to establish policies and procedures.
In particular I suggest you follow these aspects with regard to your past due accounts or those that are just due: balance, collection communications sent, number of communications sent, alert signals, date assigned to the collections agency or legal team, recovered amount and/or deductible. Remember that which you can measure can always be improved..
In the following checklist of accounts in collections, you will find the most common alert signals. I suggest you take the measures most convenient to address those accounts showing these alert signals by immediately assigning them to a collections agency or your legal team.
You may request this Past Due Accounts in Collections Checklist at no cost to you at https://freightcollections.com/collects/freechecklist/
As Thomas Mann once said, “order and simplification are the first steps towards the mastery of a subject, the real enemy is that which we do not know”.
I wish you all the success in your past due accounts recovery!
