Accounts Receivable Management is an incredibly important part of your company. If your business is a creditor in any way, you need to have an Accounts Receivable Management section of your business so you can maintain policies that guide how to handle overdue and unpaid accounts. A well-run Accounts Receivable Management section can increase the number of your clients who pay their accounts in full with no prompting. Here are a few ways a public records search engine can make that collections process easier.
Maintain right-party contact with receivables management systems
“Right-party contact” refers to the process of being able to contact the person you’re trying to contact at any given point. If you have a phone number on file that matches the phone number of the person in that file, you’ll be able to maintain right-party contact. If that person changes their phone number, you’ll have a hard time contacting them. With a public records search engine, you’ll be more attuned to right-party contact.
- A business should always try to maintain right-party contact to contact customers with advertisements.
- However, a business that extends lines of credit has an even more vested interest in maintaining right-party contact.
- When you utilize a public records search engine in your Accounts Receivable Management, you can handle this problem.
Get an accounts receivable software and stay up to date with skip tracing
Sometimes, you may end up having issues with someone who intentionally “skips town” to try and avoid their debts. That’s when you need to take advantage of skip tracing tools. These tools help you find people who are otherwise difficult to find, whether on purpose or otherwise. A high-quality public records search engine can help you find these individuals more easily, so you can stay on top of all your accounts.
- Collection agencies need strong skip tracing tools, but Accounts Receivable Management agencies need tools that are just as strong.
- When you’re handling an account that you can no longer find, skip tracing tools can help you get back in touch.
- Whether it’s an intentional attempt to escape debts or just a lack of updated information, public records search engines can help you get back on track.
Know when to bring in collection agencies
Sometimes, it’s not enough to go after accounts on your own. In these situations, you may choose to turn certain accounts over to a third-party collection agency. These agencies typically have licensed investigators available and may even have legal recourse when it comes to certain accounts. However, this can also lead to your company losing money. With a public records search engine, you can pursue accounts further on your own.
- A collection agency often has more tools than a general company does, which means they can collect on a debt more effectively.
- However, sending an account to a collection agency too early may end in your company not receiving as much money.
- A public records search engine can help your company decide when to bring in a collection agency and when to keep pursuing the debt yourself.
Craft your company’s accounts receivable policies
Your company needs to have a set of policies that guide how you handle accounts. When you have a written set of policies, it makes it easier to handle credit accounts, because you just have to follow the policies for any potential situation. When you’re crafting your company’s policies, they need to be grounded in data, and that’s exactly why a public records search can be so helpful.
- Any company should have a well-thought-out policy for handling credit accounts, including overdue accounts.
- When you’re crafting policies, you need to make those policies based on solid evidence, not general thoughts.
- Pulling data from a public records search engine can help you craft useful and helpful company policies.
What can Tracers do to benefit your accounts receivable management?
Your company’s Accounts Receivable Management section should have a lot of resources behind it. With well-run Accounts Receivable Management, you can avoid needing to bring in third-party investigators or even law enforcement if someone refuses to pay a bill. With the information and structure available at Tracers, you can handle Accounts Receivable Management more easily.
Tracers gives you easy access to over 43 billion records from over 6,000 sources. Because you can utilize a variety of methods of information collection, including batch processing and API, it’s easy to customize your data to your needs. Tracers also offers a variety of pricing options to suit any company’s needs. No matter what you’re using this information for, Tracers can deliver whatever you need.