Connect with experienced collections attorneys
Accounts Receivable Collections
5 Easy Steps for AR Collections Process
Receivables and debt collection can quickly drain your business of valuable time and resources. At Retrievables, we’ll match you with experienced attorneys to protect your business interests, lend knowledgeable expertise, offer top-notch services, and improve your bottom line.
Connect with an attorney: After creating an account and uploading your documents, Retrievables will connect you with a collections attorney whom you may speak with and sign a retainer agreement.
Send a demand letter: Your attorney will send a demand letter informing the debtor that a lawsuit may be filed if they do not pay by a specific date.
File a lawsuit: If the debtor doesn’t pay, your attorney files a lawsuit on your behalf.
Get the money you deserve: Your lawyer will use their expertise and tools of the court system which may include: freezing bank accounts, seizing assets, or collect income so that the debt gets paid.
Reach a settlement: Throughout this process, a settlement may be reached between you and your debtor.
Retrievable is the easiest, fastest, and most cost-effective way in the to recover outstanding debts.
Utilize the power of our attorneys and the court system
No upfront fees.Legal fees are a percentage of what is collected
Common collection techniques for accounts receivables
Practices for AR collections typically include:
- Establishing payment terms and deadlines in invoices.
- Setting up an automated accounts receivable system.
- Sending payment reminders.
- Providing multiple payment options.
- Offering incentives to customers for timely payments.
- Providing flexible payment plans.
Businesses may also work with collections agencies to help manage their accounts receivables and ensure timely payment. By establishing consistent collection processes and management, companies can ensure that the collection of accounts receivable happens on time and that their cash flow remains healthy.
Collection accounts typically fall under accounts receivable, since the accounts receivable department is responsible for ensuring that customers pay their invoices on time.
Accounts receivable departments may also employ collections agencies to help with their collections process. Collections agencies and collections law firms will typically work on behalf of the company to recover unpaid funds through account collection, and may even use more aggressive tactics to ensure payment is received.
Your total assets will remain the same when a collection is made on accounts receivable. However, collecting an outstanding invoice will increase the cash you have on hand, ensuring that unpaid loans are repaid – a win for any business owner!