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If your business has a good amount customer accounts that are stalled in accounts receivable, you may need to consider stepping up your debt recovery efforts. There are ways in which you can increase the efficiency of your collection efforts and even find hard-to-locate debtors. Be aware, though, that there are federal and state laws regarding debt collection–do not cross these legal limits or your company could be liable for statutory damages to the debtor along with the debtor's legal fees.
You may want to work with a recovery firm, one which specializes in working on recovering debt for other companies. To determine if this is a cost effective measure for your business, calculate the amount of your accounts receivable and compare it to the cost of a debt specialist. Depending upon the cost comparison, you may decide that it is best to hire an expert firm or you might end up choosing to work in-house on recovering your debt.
If you intend to work on your own debt collection, consider using one of the many credit collection products that are available in order to make the process easier. There are several software suites and programs that can aid in recovering your debt.
Want to learn more? Click on the links on the left to find information from Business.com about debt recovery and how to collect on your accounts receivable.
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