Commercial Collections Blog

As credit/finance executives, we know that sometimes it may be necessary to contract with a collection agency to help collect past due accounts. While in general it is useful to resort to a collection agency when a debt falls 90 or 120 days past due, some companies may want to consider an outside agency as early as 60 days past due. It is essential to use an agency that is effective and that uses professional collection techniques. You should not only consider a collection agency’s references and experience but you should also request a “hold harmless” agreement from the agency that will release your company from liability in the collection process. You should also make certain that the agency is sufficiently bonded. There are things to consider when talking about commercial collections, like knowing how the accounts receivables aging schedule or the interactive business debt recovery chart

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There are six main factors that contribute to successful leadership, including vision, motivation, strategy, faith, values and responsibilities. Vision is a picture of the future that a leader wants to achieve, while motivation involves getting commitments from others to share that vision. Leaders must outline a strategy to achieve their visions and have a firm faith that they can overcome obstacles in reaching their goals. Values, with moral values coming ahead of economic ones, are important to make clear to employees, Finally, leaders must take responsibility for any mistakes that occur on the way to achieving a vision.

Technorati Tags commercial collection strategy