Outsourcing
In any expansion, accounts receivable outsourcing can bolster market penetration, while creating an additional debt collection stream.
Accounts receivable outsourcing services often eliminate costly headaches like a credit contract or agreement in one province that is void in another province. In some provinces a personal guarantee has to be notarized, while in others it only needs to be clearly identified as a personal guarantee. Depending on the creditor industry a whole spectrum of other accounts receivable factors can enter the picture.
Outsourcing your consumer or commercial accounts receivable to PCR who knows the terrain can be critical and the main reason companies outsource their Canadian account receivable portfolios.
The geographic area PCR covers for accounts receivable outsourcing services includes the following Canadian Provinces and Territories:
With headquarters in Edmonton, Alberta PCR has strategic debt collection agency alliances with the East Coast of Canada and Quebec to provide complete Canadian accounts receivable services when needed.
Instead of maintaining a physical Accounts Receivable management operation, outsourcing is often the most cost effective way to maintain margins while maintaining efficient sales and operations support. Proper accounts receivable outsourcing uses industry-specific methodologies and practices to streamline your credit approval initiatives while improving your cash flow and limiting bad debt exposure.
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Even though every outsourcing project is different the collection agency handling your accounts receivables should have expertise in the following areas:
- Setting a detailed credit approval system
- Credit adjudication of potential and existing customers
- Establishment of credit policies and terms
- Prompt Invoicing
- Account reconciliations
- Cash posting
- Development of reminder procedures for slow-payers
- Bad debt follow up
- Implementation of credit hold policies
- Hiring & termination of credit staff
- Management & ongoing training of credit staff
- Risk management
- Documented Policy & Procedure compliance manuals (ISO, Sarbanes Oxley)
- Training of sales staff on credit policy
- Fraud management protocols
- Shared Services Concept
The accounts receivable outsourcing information above merely scratches the surface. You are encouraged to take advantage of our free consultation with a professional collection expert. They can answer any questions or concerns about our accounts receivable outsourcing services you may have, while doing your due diligence.
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In Manitoba neither a collection agency nor a collector is permitted to state an intention to take any action for which it lacks lawful authority.
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