Summer is officially over, and days are starting to get shorter as we enter the final four months of 2021. Collecting on your over 90 aged receivables is becoming more and more crucial as your organization is looking to meet year end cash collection goals. Global Hawk Resources is here to help. As a vendor, we are strictly measured on how much we collect and pass back to our customers minus cents on the dollar.
Critical Data to Help Collect Your Companies Delinquent Receivables
Current Accounts: $1.00
3-months Overdue: $.70
6-months Overdue: $.50
1-year Overdue: $.23
2-years Overdue: $.10
** Survey Results provided by the Commercial Collection Agency Association (CCAA)
Past due receivables can severely impact the trajectory of a business. To fight this uphill battle a company must instate a strict policy when dealing with delinquencies. Creating an escalation process from both an internal and external standpoint cannot be overstated. Utilizing collection tools and analyzing weekly aging reports will highlight problem areas in your AR that need to be addressed and resolved. Businesses must draw a line in the sand when dealing with aged balances and be aware that as these debts age they will become harder and harder to collect.
Closing the Gap Between Failure and Success