In House Receivable Services or IRS offers a wide range of debt management services for small and large businesses. We are a fully licensed BC collection agency, or company, that manages and collects consumer and commercial accounts receivable debt. There are many reasons why Law Firms and businesses rely on IRS for accounts receivable debt management.
IRS debt collection services span from contingency debt collection on a single account to complete accounts receivable management. Some of our Clients outsource their entire accounts receivable portfolio; including invoicing and follow up to ensure consistent cash flow for their business. Another advantage of outsourcing the management of accounts receivable is substantial savings for their business.
Consumer and Commercial Business Debt
We manage consumer and commercial accounts receivable portfolios. Every business and industry can have unique terms, regulations and processes that affect credit management. This includes the approval process, terms of credit and the credit limit for the customer. These are just some of the factors that have to be considered for efficient debt management.
While the majority of businesses offer 30 days terms for payment, there are numerous industries that provide shorter or longer terms. Seven day terms are the norm in the food industry for example. In mining and some sectors of the lumber industry, it is common to offer bi-monthly, quarterly, bi-annual and annual payment terms. As a general rule, the longer the payment terms being granted, the greater the need for proper credit and debt management.
Another major factor in business debt is whether the debt is consumer, commercial or a combination of both. With commercial debt the balances are higher and in a lot of cases, so is the risk. There are ways to reduce the risk to your business. There are also ways to increase efficiency, while reducing costs with common sense credit flow management.
Debt Management Consulting
IRS also offers credit management consulting for credit departments. There are some big advantages to having a properly trained in house credit department. Over the last 20 years we have streamlined a lot of credit departments, increasing their efficiency while lowering their costs.
Whatever shape your accounts receivable may be in, we have decades of experience in collecting and debt management. Give us a call and one of our seasoned professionals will be able to answer any questions or concerns you may have about collecting debt.
We also offer a free no obligation business consultation on debt management.