Collection Agency Hiring
Dawn S. • September 2, 2021
Collection Agency Hiring.
Owning your own business is a tough business. You’ve got so many things and tasks to think about and get your ahead around. Never mind you need cash flow to keep your business afloat. Employees, utilities and incidentals don’t pay themselves. Although you’re probably wishing they did. If you’ve got clients in severe arrears, it may be the time to outsource the collections of those accounts. The hours in your work day shouldn’t be wasted by calling severely past due clients by you and your accountant. That’s just time wasted.
A look at hiring a Collection Agency may be beneficial to bring cash back to you and clean up your Accounts Receivable.
Before you hire a Collection Agency, there are some things you need to be aware of as they are also a small cost to your business. Don’t reach out to just anyone. As a business owner, you probably have acquaintances that can recommend an Agency that can assist you and has proven results. There are questions you can ask fellow business owners and any Agency you are contacting to discuss their services. Find out what the Agency’s fees are before and after collection. The fee may be a factor if the account to be collected has been previously listed with an Agency to decide what the cost is to you to have them collect on your behalf.
When the account is collected, when should you expect your payment?
When will the Agency expect their payment?
Do you like their terms?
An Agency that services several different types of businesses and their accounts would be helpful to know.
That would prove that their staff is well-versed and flexible and would meet your needs. Don’t hesitate to ask for references. An Agency’s staff would know Ontario’s rules governing the collection of funds, so you need not ask about them, that’s their job. The people handling your clients need to be ethical and respectful. Ask how the Agency’s employees perform their tasks. After all, your name is attached with any dealings. You should be able to reach out to the Agency and ask for updates on your delinquent accounts at any time. After all, they’re contracted and working on your behalf.
Find a company you’re comfortable with, has a lot of experience covering your needs and will put you, the busy business owner first. The bottom line you need to figure out is if the outstanding amount/s are large enough to collect with an Agency or should they just be written off? You, your accountant and Collection Agency can make that decision if you have hired a Collection Agency. A Collection Agency will also be upfront about their success rate, if not, ask. You need to know that information.
Remember to make a well-thought decision. These tips and questions will help reduce your stress and increase your bank balance. And most importantly, save you time to let to take care of your business.
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