Skill #1 Drive Compliance


An insightful summary of the essential skills required to steer your accounts receivable in the right direction while climbing your career ladder at the same time!

Contents

Chapter 01

Preamble

Chapter 02

Defining the 5 Essential Skills

Chapter 03

Skill #1 Drive Compliance

Chapter 04

Skill #2 Standardize Collections

Chapter 05

Skill #3 Minimize Credit Risk

Chapter 06

Skill #4 Process Improvement

Chapter 07

Skill #5 Transform A/R Operations

Chapter 08

Summary

Chapter 09

About HighRadius
Chapter 03

Skill #1 Drive Compliance


Understanding Credit and Collections Laws

Bad debt is inevitable regardless of the industry or size of an enterprise. According to the ?Financial Accounts of the United States,? September 21, 2017, Federal Reserve Statistical Release, the amount of debt is approximate:

  • US Consumer Debt = $14.9 Trillion (Including Mortgages)
  • US Commercial Debt = 13.9 Trillion

This certified data is enough to torture faint-hearted executives and drive the credit and collections team into a frenzy. However, the credit and collections team could alleviate this problem by understanding the various credit and collections laws that govern debt collection practices. Incorporating fair debt collection practices into collection processes is the first step to recover past due. Understanding Credit and Collections Laws

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HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.