Bad Debt Recovery

Guide to Tracking Down Customers with Unpaid Bills

A vital but less than desirable task for many businesses is chasing up unpaid accounts and embarking on processes of debt collection .Australia, like many other parts of the world, sees a range of businesses offer credit to their customers for products or services previously delivered. Unfortunately, however, it is a reality that some customers fail to pay their bills, resulting in businesses needing to allocate resources to chasing up these customers and their outstanding debts.

Effective debt recovery solutions…

Debt collection can of course be a sensitive and difficult subject, and many Australian businesses are reluctant to embark on debt collection processes through fear of damaging relationships with clients. However, if effective debt recovery solutions are employed and recommended processes followed, tracking down customers with unpaid bills and negotiations to recoup outstanding monies need not be unpleasant or collapse into conflict and will be the best chance you have of recovering the funds owed.

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3 Ways to Limit the Impact of Bad Debts

The term ‘bad debts’ of course carries many negative connotations and for some time, many businesses have accepted the fact that writing off bad debts is part and parcel of being in business. While businesses that extend credit to their customers will always run the risk of customers failing to pay, there are ways to reduce and even eliminate the number of bad debts that you are forced to write off. Working with a debt recovery service is certainly one of the most highly recommended ways of limiting the impact of bad debts on your business.

1:  Explicit terms of trade

If you do provide credit to customers, it is absolutely essential that you have clearly specified terms of trade and that you discuss these with your customers when transactions and agreements occur. It is both foolish and risky for a business to enter into exchanges with customers unless clear terms are in place and they are discussed and agreed with the customer.

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Three Tips for Preventing Bad Debts

Unfortunately, bad debts are a reality for many businesses. While it can be difficult to see a bad debt coming, it is important for businesses that offer credit to their customers to have strategies in place so that bad debts can quickly be acted upon.

Having said this, prevention of bad debts is always preferable to trying to track down and chase up when bills are not paid. Thankfully, the services and expertise of a debt collection agency can be accessed for this purpose, but in terms of bad debt prevention, there a number of things that businesses can do to reduce the negative effects.

#1: Identify and understand your customer
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7 Top Strategies for Recovering Bad Debt

Deciding when it is time to get serious about recovering bad debts may be as simple as reviewing current procedures and systems for debt collection. There are proven strategies to make the job less tedious and more efficient. Following these strategies will help you to make great strides in producing more positive results for controlling your bad debts and save you time as well.

  1. Have a written policy on how to deal with bad debt Having a plan or policy about how best to deal with bad debt is an important aspect of debt control and can be incorporated as part of the regular operations for the business. A written policy could include step by step instructions including –
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