Know where you're going in 2016!
January 19, 2016 at 8:25 PM
Now that the holidays are over and tax season is here, many businesses are reviewing 2015. It is important to know where you have been so you can decide where you want to go! At Professional Collection Service we continue to be dedicated to our mission – providing quality collection services and education regarding accounts receivable management.
As a partner in your accounts receivable management, PCS suggests you take a look at your AR policies regarding past dues and collection agency submissions. We are here to help you review past results and how to improve payments (and therefore your cash flow). On that note, we have made some changes to our systems to more effectively serve our clients.
- Reporting functions…We now offer statistical reports that give you month by month stats on the number of accounts submitted, average age of account, average dollar amount, payment history, etc. Why is this important? This data can start a discussion on the effectiveness of your procedures. We have repeated it many times…the older the debt…the less likely you will be paid. Use this report as a starting point to change your submission criteria. Then frequently review the results! The best way to run these reports is via our online portal. If you have not signed up for this service – now is the time! Review the features here….
- Pre-Collection Services…Now offered to ALL clients as a fee based service. We have offered pre-collection to high volume clients in the past, but now, for a very small fee, all clients can take advantage of this service and pay NO commission if the account is paid in pre-collection. More details here….
Additional services and features are planned for 2016, so check with us often! We would like to hear from you as to what topics you would like us to cover – either in our blog or newsletter. Let us know!