(2005-12-29) David M. Brsnahan
One of the top resolutions for companies in the new year is collecting bad debts. Companies are preparing now for the inevitable bad debts they will encounter after excessive holiday spending by customers at the end of 2005.
WILMINGTON, Del. -- Companies are planning ahead in an effort to minimize bad debt losses in 2006 by evaluating collection agencies now.
Financial officers and business managers are putting their ducks in a row to be ready when collections problems start to hit in the months ahead. Bad debts brought on by excessive spending during the holiday shopping season will impact many businesses as early as the first quarter in 2006.
"The greatest loss from bad debts occurs by waiting too long before starting the collections process. That is why so many companies are comparing collection agencies now so they are prepared to use them just as soon as problems hit in the weeks ahead," explained Steve Austin, collections consultant.
A collections agency can help reduce the frustration of debt collection, by pursuing bad debts so managers can concentrate on running their business. Collection agencies can be objective in the collection process, which often results in faster and larger collections.
Austin provides free information at http://www.CollectionAgencyServices.net to enable owners and managers of businesses and medical practices to compare the rates and services of many different collection agencies.
"When a customer, client or patient fails to pay or falls behind on payments, the ability to collect your money decreases dramatically as time passes. Successful debt collections begin as early as possible. It is a good idea to have a collection agency lined up and ready to go, particularly if you can predict there will be a need in the weeks and months ahead," said Austin.
Not all debt collection agencies operate in the same manner. Every collections agency offers specific services at different rates. Austin offers free resources to find collection agencies and debt collection laws at his web site.
He says that accounts receivable depreciation is a silent destroyer of the profit margins of most businesses. The key to any type of successful collections is forwarding the account out to the collection agency as quickly as possible.
"A common mistake most businesses make is to wait over six months to use a collection agency. They do this because they don't want to pay a high percentage or damage their hard earned reputation. There are reputable collection agencies that specialize in early intervention to assure that you are maximizing your collections and not leaving money on the table," said Austin.
Press Contact:
STEVE AUSTIN
888 665-9658
cas@collectionagencyservices.net
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