THANK YOU FOR SUBSCRIBING
The Quintessential Technology Source for Corporate Financial Professionals
CFO Tech Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CFO Tech Outlook
Joe Noland, President Selling products and services to other businesses on credit is necessary for gaining a competitive edge in today’s highly dynamic market. But when customers are not credit-worthy, it could result in payment defaults and uncollected receivables, placing a business at risk. And when companies push too hard with their collection processes, it can strain their B2B relationships and even force their customers out of business. More than half of all B2B trade suffers from bad debt. Joe Noland, a thought leader in the domain, believes that the mindset of businesses is the primary cause of the bad debt predicament. “Companies often tread a thin line between protecting their accounts receivables from the risk of payment defaults and maintaining good rapport with their customers,” states Noland, President of DRR. He adds, “Organizations must realize that there is a distinction between an accounts receivable process and a debt collection process. Without a credit policy that differentiates the accounting and collection processes, it is difficult for companies to implement an effective system that reduces days sales outstanding (DSO) and raises rates of recovery.”
It is on this front that Noland and his firm, Debt Recovery Resources (DRR) are breaking new ground for businesses, with their exceptional end-to-end recovery services.
DRR provides companies with a whole spectrum of services, ranging from accounts receivable management and commercial debt recovery to asset and liability investigations and legal forwarding. What makes the company stand out is its two-pronged approach. DRR aids in streamlining and strengthening in-house financial policies and control systems with its comprehensive accounts receivable management services. This equips organizations with a proactive game plan to help them better manage their receivables and prevent problematic accounts from becoming bad debt. Vendors recover funds that their customers owe and salvage their relationship. Additionally, DRR extends a fine-tuned collection process with an experienced collection team, achieving recovery rates far exceeding the industry standards.
ACCOUNT RECEIVABLE MANAGEMENT IN THE NEW NORMAL
In the post-COVID-19 normal, it has become imperative for businesses to manage and expedite their accounts receivables efficiently. As the vendors and buyers strive to maintain their cash f low, the vendors need to focus on customer-specific payment performance, identify buyers that are changing their payment practices, improve the rigor of collection processes, and, most importantly, get the basics right, such as timely and accurate invoicing, contracts, and credit applications. The accounts receivable management services that DRR offers can be a game-changer for organizations in navigating these troubled waters of debt recovery. DRR’s services offer the optimal way for companies to recover debts without straining the relationship with their customers.
DRR’s wide range of accounts receivable services begin with gaining the client’s trust. Noland says that open and honest conversation is the key to making the whole process seamless.
For instance, appropriately updating clients on the status of files placed for recovery would make them divulge more information about their in-house controls and procedures. That trust forms the basis for the expertise that DRR wields with its client-centric accounts receivable services.
It tailors a step-by-step plan specific to the client’s industry. All accounts receivable requirements, from rewording contracts and credit documentation to training new hires, are met. At the same time, clients that do not want to outsource their accounts receivable activities completely can use DRR’s Early Out programs. The DRR team works with the client’s staff on functions such as invoicing and follow up. It helps clients decipher the difference between accounting and collection efforts. An Early Out program is recommended for claims that are not more than 30 days delinquent.
The DRR team adjusts its accounts receivable approach to correspond to the client’s industry. The team is well-versed in comprehending situations in different sectors and is proficient enough to know when to draw a line in the sand. For example, if the client is in the marketing industry, they would suggest a more proactive approach because marketing is generally the lowest priority for companies in financial distress.
ONE-STOP SHOP FOR COLLECTION SERVICES
DRR has the competency to initiate a full-scale collection process for companies when their accounts go beyond the 90-day delinquency. DRR is a top-tier collection agency with a highly experienced collection team. Most staff members have decades of experience in the field. All of their collectors have International Association of Commercial Collectors (IACC) certification. Combining rigorous training with continued education and constant feedback, DRR has built a team that has perfected the complete commercial debt recovery process.
If such efforts are unsuccessful, DRR has a legal forwarding team that works with an extensive network of attorneys. The team finds an attorney located within the debtor’s county and starts the legal process toward resolution.
A PROVEN TRACK RECORD OF DELIVERING SUCCESS
DRR is proficient in recovering balances that would otherwise be written off and provides one of the highest recovery rates in the industry. The team complements this efficiency with peerless client support, staying in accord with the client’s requirements and regularly updating them throughout the process. The difference it brings to its clients can best be ref lected in a recent success story.
Drr Equips Organizations With A Proactive Game Plan To Help Them Better Manage Their Receivables And Prevent Problematic Accounts From Becoming Bad Debt, Keeping In Mind The Importance Of Client Retention
EXPANDING THE FRONTIER OF COMMERCIAL DEBT RECOVERY
A collection process that has performed exceptionally well over the years has allowed DRR to help many businesses, across diverse industries, navigate the choppy waters of debt recovery. Adding to its proven techniques and tenured staff is the state-of-the-art training and continuing education the company offers its employees, keeping DRR at the leading edge of the domain.
The company is continuing its pursuit of developing highly trained sales and collections professionals. Concurrently, DRR is also creating a customized collection software that integrates state-of-the-art payment automations with advanced communication tools. This innovation will help DRR broaden its pioneering stature in commercial debt recovery.
| Share this Article: Tweet |
Company
Debt Recovery Resources
Management
Joe Noland, President
Description
Debt Recovery Resources (DRR) provides companies with a whole spectrum of commercial debt recovery services, ranging from accounts receivable management and commercial debt recovery to asset and liability investigations and legal forwarding
