The commercial collection and recovery experts at Alexander, Miller & Associates can provide you with lots of tips about how to do it in an efficient manner. As corporate entity you might have found it easy to provide credits to your clients during the commercial transactions. But when it came to debt collection you might have found it the most difficult task in the world to perform. If you have had such experience, you deserve the services of Alexander, Miller & Associates. They have vast experience and expertise in pushing the process of collection and recover onto the fast track. Some of their best tips can be summarized here.
Alexander, Miller & Associates – Debt Collection Techniques
- Keep Your Records: – Maintenance of the outstanding balances records needs to be supported with books of accounts, reports and financial statements. The listing of all the pending invoices with your debtor’s acknowledgement of each invoice is critically important. Whenever you send an invoice to your existing customers, ensure they send you an acknowledgement from their official email ID. This will ensure they cannot deny the transactions or the outstanding payments from their end. Keep sending periodical statements and reports for the transactions related to product/material/service, invoices and outstanding balances for that specific period. Ask your customers to acknowledge all your mailing correspondences without fail. You can consult Alexander, Miller & Associates for further details.
- Avoid Aging Debts: – Most of the high value debts get accumulated due to the negligence of the creditors in demanding regular payments when the debt values are low. They let the balances grow to an extent from where it becomes impossible for them to leave the debts alone or collect them. Stop making credit sales after a finite period of time. You can in fact lock the transactions with a particular customer when the debt value crosses a specific limit. This will help in preventing the excess accumulation of debts from the individual or group of customers.
- Reduce Debt Limits: – If your customers are used to buy on credit for $10,000 in a month you can think of reducing it by half or lesser. Make sure they clear the earlier debts before allocation of new ones for them. Initially this might be difficult to implement due to many business and financial constraints. But once you have established your brand identity in your business, you should be able to implement the rule without any hesitation. You can get additional information from Alexander, Miller & Associates.
- Provide Debt Sops: – This is one of the most commonly used techniques for increasing the debt collection rate. The debtors who make prompt repayments can be given some kind of discounts, gifts or other financial rewards. You can restrict your offer to regular customers taking your products/services on credit. Alexander, Miller & Associates suggest this to be one of the most lucrative tips.
- Contact Alexander, Miller & Associates: – Once you contact Alexander, Miller & Associates you don’t need to research any further for getting the best of commercial collection services in your region.