Accounts Receiveables are supposed to be considered assets. Ask your accountant, bookeeper, college professor, or business owner. When is this “asset no longer an asset? Company A sells a large ticket item to Company B. This item that Company B purchased is something that adds value to the existing property or business or maybe it was for resale. That is a factor we will determine later. Company B fails to pay for this item in the agreed amount of time that was set with Company A. Time passes. Company A calls, faxes, and emails requests for payment, which has fallen on Company B’s deaf ears. It is only a matter of time before beating this dead horse costs you more in employee time that going to court to sue them would cost. (Thus the “no longer an asset” assumption.)
What options does Company A have to get it’s money or material back? Depending on what state you reside in, or state that you sold your item out of, you have a few options.
Option A- You can keep with the old fashion collection process. Keep making phone calls, sending faxes of the past due invoice, and emailing polite but firm requests for payment.
Option B- File a lien. If you have installed something of value into a home, you can file a lien on the homeowners property. If you fixed something, even if it is not a car, you can file a mechanics lien. This is time consuming and you must follow an order of operations by state within a timeline. Even then, this action keeps the homeowner from obtaining a loan or selling their house. It maybe effective if they are trying to sell the house or get some type of financing, but otherwise, not the fastest way to get your money back.
Option C- Turn it into a law office for collection. Good luck with that. If you want to recover any resemblance to the original amount due on the original invoice, I would not recommmend this option.
Option D-Call PSS Enterprises.
Did you actually think that we were going to give away our secret for success? If you have exhausted all efforts to collect on your “company B”, we can help. We don’t charge you an arm and a leg to get what is rightfully yours. Even if you are not to the point of exhausting all resources, and just don’t feel like calling everyone all day long asking for money, we can help with that too.
We offer a customized collection plan for any sized company. With daily or weekly reports along with communication logs, we will stay in contact with you without being a bother to you. All documetation is done on the internet through secure web applications, so you can access your up to the minute report anytime you have internet access. We also offer on-site collections for those “uncomfortable” circumstances.
Give us a call today and let us turn the Accounts Receiveables back into an assets again.