Outsourcing Collections: What’s Right for Your Business

$149.00

SKU: 411132

Description

Gain a better understanding of outsourcing collection of your accounts receivable and if its the right decision for you.
Many businesses struggle with the collection of their accounts receivable. Businesses sometimes grow quickly and struggle to appropriately staff and train their employees to effectively collect on past due accounts or face obstacles that are beyond the abilities of their credit and collection professionals for various reasons. Sometimes business trends send you into a new area of focus that makes your collection practices stale and unable to produce positive results. This information will give you insight into whether outsourcing the collection of your accounts receivable is right for you, and how you can outsource the collection of your accounts receivable, and will help you set expectations for the outsourcing process. When you have reached the point where recovery of your past due accounts is a struggle, it is time to consider outsourcing to free up your credit and collection professionals to focus on highvalue accounts and maximize the potential recovery you can obtain on your AR balances.

Date: 2024-01-23 Start Time: 1:00 PM ET End Time: 2:05 PM ET

Learning Objectives

* You will be able to explain to your peers how outsourcing the collection of accounts receivable can potentially benefit your business.

* You will be able to identify when outsourcing collection of your accounts receivable makes sense for your business.

* You will be able to recognize the right entity to pursue the collection of your accounts receivable and what method of doing so works best for you.

* You will be able to review your current collection processes to determine whether a change is needed.

Reasons to Outsource
• Specialization: Unique Debts, Collateral Recovery, Consumer Debts, and More.
• Staffing Concerns: Large Volume and the Size of Your Business,
• Maximizing Recovery and Minimizing Effort

Collections: Third Party vs. First Party Outsourcing
• Pros and Cons of Each Option
• Fit for Your Business

Outsourcing for Legal Action
• Working With Lawyers and Collection Agencies
• Preparing Accounts for Suit
• Reviewing Your Policies for Effective Legal Action

Reviewing Your Results
• Tracking Results Over Time
• Implementing Quality Control Mechanisms
• Reconfiguring as Needed

CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Raymond P. Wendolowski Jr., Esq.-Bernstein-Burkley, P.C.