Collections
Strategies for Recovering Overdue Payments
Accounts Receivables & Delinquent Account Management
- Track outstanding invoices and monitor payment schedules.
- Automate reminders to clients before payments to encourage timely payments.
- Proactive follow ups on overdue accounts to recover outstanding payments.
- Resolve payment issues amicably so as to not damage the business rapport.
- Negotiate with overdue accounts to facilitate payment recovery.
- Develop and offer payment plans or settlements to clients with financial distress to ensure maximum recovery.
Payment Negotiations & Settlements
Legal Support for Collections
- Escalation process with legal measures for serious delinquent accounts.
- Ensure escalation is compliant with all legal requirements.
- Work with legal professionals for appropriate actions including debt related lawsuits.
Customized Collection Strategies, Bad-debt Write-offs & Recovery
- Tailor collection strategies based on industry standards to adapt to client segments.
- Maintain professionalism while adhering to compliance and regulations.
- Assist with documentation and accounting for bad-debt write-offs and offer strategies to recover from previously written off accounts through professional collection options.
Bank Reconciliations
- Conduct thorough bank reconciliations to ensure that your company’s financial records align with bank statements, identify discrepancies and maintain accurate financial reporting.
