Managing Account Receivables | Ramblings of an e-trader

Saturday, 10 January 2009

Managing Account Receivables

In view of the current economic climate, it is not surprising that many companies are in debt and they are finding it even more difficult to repay their debt on schedule. Working in the family company, I find it very difficult to collect debt because our business partners have been with us for a long time now.

The fact that they defaulted on settlements, hence turning them into debt, shows that they do not have enough cash to turn. How could I go and chase after them to pay up? If I do not, then how could we continue with our business, ensuring that we turn a profit as well? I once read that part of a successful company is in their ability to collect debt, which is something I am not good in!

My sister told me that there are Debt Collection agencies in the United States which specializes in collecting debt for their clients. Well, I do know of such companies but did not think of engaging their services because their cut is too deep.

However, I just read that American Profit Recovery has a low-cost fee structure, unlike what I came across so far. This means that it is even more viable for companies to hire American Profit Recovery to manage their account receivables.


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