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Written by Reed Tinsley | December 10, 2007
No matter how efficiently you collect, you’ll always have some accounts that slip into delinquency and need special attention. When approaching these accounts, teach your staff to do more than simply go down the list of overdue accounts by name. Similarly, don’t do it chronologically, pursuing the oldest accounts first.
Begin the process with the accounts involving the most dollars. Work down the list to the smallest accounts. This approach ensures that your collection efforts will concentrate first on the accounts most important to your bottom line. You need a precise routine for pursuing all the delinquents, but this “biggest first” priority makes the soundest fiscal sense.
