Collections Industry Insights That Could Impact Your Business
Here at Attorney's A.R.M., we are licensed in several states as a collections agency. We provide both first and third party collections to service-based businesses of all size. In fact, we are happy to announce that we have 99% collection rate on past due accounts. Our use of innovative technology coupled with our long standing commitment to the use of old fashioned customer service principles means that we are setting a new standard. We define collections performance.
We want you to know that you can consider us a friend to your business. Here are some collections industry insights that could impact your business.
Past Due Accounts Will Affect Your Bottom Line
You can’t write off every single past due account. Past due accounts affect your bottom line. How can you continue to business if you’re not getting paid? Other options, including small claims court, can be expensive when compared to the amount that is owed to you. However, it is important that you choose a solution that works to help you get the money that is owed to you.
Past Due Accounts Are Part of Your Capital
When you think of capital, what do you think of? Chances are, you’re not thinking about past due accounts. Most business owners, particularly those who are new to business, think of assets, their building, and their business bank accounts as capital.
If you’ve ever had to apply for a loan for your business, you know that lending institutions and investors look at more than your assets. They also look at your liabilities; and guess what? Past due accounts are liabilities. That’s why they are part of your capital.
To improve the capital in your business, you must have a plan to deal with your past due accounts.
You Have Limited Time to Collect
There are laws that determine how long you have to collect on a past due account. These laws are known as statutes of limitation. Each state has its own set depending on the type of debt (such as a revolving account, an account based upon the signing of a contract, etc.). It’s important that you know just how long you have to collect on a debt that is owed to you. Trying to collect a debt outside of the statute is prohibited and can get you into legal trouble.
To ensure that you are keeping in line with the applicable statutes of limitation, give us a call. Attorney's A.R.M. provides a free process review of your collections method.
Contact Attorney's A.R.M. to Improve Your Bottom Line
Collections can impact your business. Attorney's A.R.M. can help you minimize the impact by providing you with tools to help your business be successful. Call us today to book your free process review. This free consultation is risk free and has no obligation. Attorney's A.R.M. is serious about helping your bottom line.
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