In previous posts, we covered various ways that switching to industry-specific ERP software, such as the automation solutions offered by Oneir Solutions, can make it easier to manage accounts receivable and streamline payments. However, there will always be the occasional customer who cannot or will not pay, who must be sent to collections for more direct action.
It is crucial to have a well-defined policy on handling collections, to help create a beneficial balance between encouraging payment while avoiding harassment. Some key factors to consider include:
How many days should pass after a due date, before collections activity begins?
How often should collections calls be placed?
How many days should pass between each level of escalation in collections activity?
How much time needs to pass before legal action is threatened, then taken?
As with other aspects of accounts receivable, the solutions provided by Onier Solutions offer ways to streamline this process, as […]