Aging receivables and bad debts can strain the liquidity of any business and even push it towards to cash flow crunch. Recovering such debts is an arduous (and sometimes very costly process).
However, many businesses often do not have a system or methodology in its debt recovery process. Often businesses resort to engaging lawyers or third party debt recovery service providers to recover their bad debts. Before doing this, businesses could consider putting in place their own debt recovery processes.
Here is a step by step guide on DIY debt recovery or collection options.Continue Reading