If it ain't broke, don't fix it. But do you know if your collections efforts are broken?
If your business has established in-house (first-party) collections, accounts receivable and/or debt collection agency partners, it is still a good idea to ensure you're leveraging the best resources, technology, and vendor pricing available.
Your accounts receivable team may be on "set it and forget it" and you don't realize it. It's very common to put a lot of effort into hiring the right people to create a great A/R and collections department. Then the department loses staff, hires more, and gets so far into the work that they never stop to evaluate if they're actually effective. Here are some steps to take to measure their effectiveness:
See also: How Effective is Your Accounts Receivable Department?
Just as likely, you may have settled into a comfortable relationship with a third-party collections agency. It can be a challenge to find the best collections agency for your business needs. Often, once an agreement is signed, the agency is kept on retainer without re-evaluating your need for them.
By evaluating the effectiveness of your collections efforts as a whole, you may be surprised to find that you could save your business more money.
As a B2B-specific collections agency, we'd be happy to help. Contact us to test Enterprise Recovery against your in-house collections or agency partners. Learn more by clicking the button below.