Commercial Collections Blog

A strong way to inform new and existing clients of your company’s billing process and follow up procedures. This method manages client expectations and lets them know how and when they will be billed and the time frame in which they are expected to pay. By communicating your company’s payment policies, you eliminate uncertainty and surprise when a bill is received and reduce the number of unpaid accounts. Burt and Associates can help you establish solid billing procedures and as well on accounts receivables aging schedule process

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It is always important for today’s credit executives to “look beyond the figures” when evaluating corporate financial statements. Following are some of the areas that credit managers should be aware of when assessing business credit risk. First, you should determine whether there are any off-balance-sheet transactions such as operating leases that should be capital leases or capital leases that should be operating leases. Next, determine if there are any hedging strategies in place that may not be actual hedges. Also, find out if derivatives being used are liquid and whether the company has what are called “naked” positions. Further, determine if any goodwill and intangible valuations are accurate and what assets are being valued and at what price. Try to see if any large write-offs are in the works. If possible, try to ascertain whether the company is booking future revenue from long-term contracts in current periods. Also make sure to determine if swap transactions overstate revenue but add no realized value. For any Debt consolidation on commercial collection, please contact us.

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The Fair and Accurate Credit Transaction Act, also known as FACTA, protects businesses and consumers from thieves that try to steal identity information. FACTA applies to all businesses that maintain, or in some way possess, consumer information for a business purpose. Failing to properly secure and maintain such consumer information can result in substantial fines and class-action litigation, with no statutory limitation, which can hold a company financially responsible for the actual losses to individuals involved , for more information regarding this act call Burt and Associates 877-740-7839

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As credit/finance executives, we know that sometimes it may be necessary to contract with a commercial collection agency to help collect past due accounts. While in general it is useful to resort to a commercial  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. But since collection agencies may charge a commission on delinquent debt, it is essential to use an agency that is effective You should not only consider a collection agency’s references and experience but you should also request a risk score like used by Burt and Associates in the collection process.

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Credit applications can become outdated quickly. Information on original credit applications ranging from trade experiences and credit line restrictions to management changes and financial information need to be reviewed at least every six months. Especially when conditions change within an industry or in the economy overall, the credit and finance professional needs to be diligent in updating the credit apps of their debtors. Personal and cross corporate guarantees need to be reviewed along with every aspect the original application contained. Being diligent with these reviews could save your firm from experiencing an unnecessary commercial collection  bad debt write-off down the road, call Burt and Associates today to get a new improved credit application.

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Business creditors begin an involuntary bankruptcy case by filing a petition and a summons with the clerk of the U.S. Bankruptcy Court. The debtor then has 20 days to file objections. If that happens, the case then goes to trial. If no objection is filed, the bankruptcy proceeds. Business creditors take a risk, however, filing such a petition because if the case does go to trial and if the court finds the petition was filed in bad faith, the court can then award monetary damages as well as attorney fees for the debtor.

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What happens when a company faces a weak economy, gets cut off by its bank, and faces the slippery slope toward bankruptcy? While prospects seem dim, there are a number of things that a company can do to avoid a bankruptcy filing, or at least get out as fast as possible if it’s unavoidable. For one, it’s important to plan early, especially during tough times when it’s more important than ever to manage cash and by using a commercial collection agency like Burt & associates before it is to late. If bankruptcy is necessary, early planning should come up with an exit strategy. It’s also important to consider debt. While creditors may prefer new debt to old equity, nagging debt is a problem and needs to be turned over to a commercial collection agency. Finally, good leadership and a strong and independent board of directors are essential to getting a company through its problems.

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Many times, slow payment by customers is a result of the way a company extends credit, so it’s important to be aware of ways that poor credit policy can end up exacerbating unpaid bad debt customer balances. Following are some internal company situations that can actually cause customers not to pay in a timely manner. The most important thing is the bad debt culture that accepts slow payments as a fact of business credit. Bad debt can result in late payments if managers are reluctant to ask for money and pass that attitude down to staff members. Also, everyone will suffer if there is a lack of clear and purposeful company policies. Finally, staff without the right commercial collection skills to build relationships will likely be unable to listen and empathize with a customer while at the same negotiate forcefully according to the rules of the game–that payment is due not let it become past due and become bad debt.

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To create a judgment lien against real property, the judgment creditor typically obtains an Abstract of Judgment from the court that issued the judgment. The Abstract of Judgment lists information about the judgment creditor, the judgment debtor and the amount of the judgment. The judgment creditor then records the Abstract of Judgment with the county recorder in the county where the judgment debtor owns real property. Usually the judgment lien is then satisfied from the sale proceeds when the judgment debtor sells the real property. In the meantime, the judgment creditor has a lien against the property (which in effects secures the payment of the judgment) and the outstanding balance of the judgment increases due to the addition of statutory interest on the amount of the judgment that remains unsatisfied. Most of this concepts are part of commercial collection, if you need more information, please go to Collection Agency by City to find local help.

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“Real gross domestic product — the output of goods and services produced by labor and property located in the United States – decreased at an annual rate of 6.1 percent in the first quarter of 2009,” according to a the Bureau of
Economic Analysis. A 6.3 percent drop was recorded in the final quarter of 2008.

“It was the third straight quarter of declines and capped the worst six months of economic activity since the late 1950′s,”.
If you have Accounts receivables, recover them with a Commercial Collection Agency, don’t let the economy crisis impact your business, act now.

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