Skip to main content

Blog

Welcome to Numetrica's Blog — your hub for expert insights on accounting, bookkeeping, finance, and business strategies.
3 minutes reading time (534 words)

Tips for Successful Debt Collection

 Almost every business has to deal with debt collection. It’s just part of the business landscape. Customers can have more problems in today’s difficult economy than usual with loan payment. If invoices are not charged, it may be time to appoint a recovery officer to help settle the debts. Commercial collection firms are private debt collection specialists. There are good ways and poor ways to collect debt, as with any sector. Here are few ways to boost your accomplishment.

Be prepared.

Make sure you know all about the client when you initially reach out to the delinquent customer. Create copies of all invoices, contracts and other material that allows you to communicate with the client knowingly, professionally and individually.

Document Everything.

When negotiating the unpaid debt with the client, take particular note of all addressed and the customer’s remarks if any potential debt issue arises. If you have monitoring tools for your business, enter everything in your system as the conversation is new. Over time, keep the file as up to date as possible with any additional material.

Don’t Assume Anything.

Do not assume something. Be sure that you didn’t really receive the loan when you call for debt collection. Don’t alienate the client. Note the possible business with the client in the future will occur. The debt in question could be a misunderstanding and no matter of collection. Be alert at this stage about your tone and words. Listen carefully to the client quietly and calmly about what he/she has to say in his/her defense.

Control yourself and be nice.

Your choice of tone will affect your speech. The consumer will react more calmly if you launch the conversation with a polite and non-confrontational tone. Having checked that you are communicating about the unpaid invoice with the right party, inquire if you can do anything to help. Ask if any more detail is needed. You could be in a position to deter a defensive person from behaving when you care or appreciate the debtors’ side of the story. But the case remains separate. Ultimately, the task in debt collections is to raise the entire debt as quickly as possible.

Stop dispute and tempering.

Try to figure out if it is valid for the debtor’s reason not to pay. For instance, if someone else is guilty of not paying, check that this is right or incorrect by calling the other party. Listen closely about what the person says, and see if the person is honest with you. Your guts might not be true all the time.

Avoid vengeance or harassment.

Still strive to remain cool, even though the debtor becomes violent or start harassing. Whatever happens speak constructively, try to listen carefully and try as best as you can, to what the customer tells you. The debtor should know that he is progressing.

Send choices or offer options.

If a consumer considers it tough to pay off interest, he could pay in due course. Try to build a solution that fits with the client and the customer alike. The aim is to get the client settle the debt completely as soon as possible. Listen closely and propose solutions before you identify something workable.

×
Stay Informed

When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.

What Does a Forensic Accountant Do?
Accounting Ratios- A beginner’s Guide
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Thursday, 28 March 2024

One-Stop Shop for Accounting
and Bookkeeping in Ottawa

Frequently Asked Questions - FAQs

Does Numetrica offer tax services for small businesses in Ottawa?

Absolutely! Numetrica is your expert small business accountant in Ottawa, dedicated to providing exceptional tax services tailored for the unique needs of small businesses. We are committed to delivering expert tax preparation, accurate filing, and insightful strategic planning. Our tax services are designed to efficiently minimize tax liabilities and enhance deductions, ensuring that your small business not only adheres to the latest tax regulations but also optimizes financial opportunities.

What makes Numetrica different from other accounting firms in Ottawa?

Numetrica stands out as a leader among accounting firms in Ottawa for our personalized approach & comprehensive expertise in accounting & bookkeeping services. We focus on building long-term relationships with our clients, offering customized solutions that evolve with your business.

What accounting services does Numetrica offer in Ottawa?

Numetrica provides a comprehensive range of bookkeeping and accounting services in Ottawa, including financial statement preparation, tax planning, payroll services, and business coaching.

Our Ottawa accounting firm specializes in both personal tax and corporate tax services, providing tailored solutions to meet the specific needs of your business or personal finances. Whether you're a growing business seeking robust corporate tax strategies or an individual in need of personalized tax guidance, Numetrica is equipped to deliver excellence.

How can Numetrica's bookkeeping services benefit my business in Ottawa?

Our bookkeeping services in Ottawa offer meticulous record-keeping and financial analysis, helping you make informed decisions, maintain cash flow, and streamline your financial processes. We use the latest software and practices to ensure your finances are managed efficiently.

How much does bookkeeping cost in Ottawa?

The cost of bookkeeping services in Ottawa can vary widely depending on several factors such as the size of your business, the volume of transactions, the complexity of your financial needs, and the level of expertise required.

Contact us detailed quote based on your specific business needs. Remember, investing in professional bookkeeping can save you time and money in the long run by ensuring accurate financial records and compliance with tax laws.

Numetrica Accounting

Awards / Featured On

Reviews

Check what some of our clients are saying about our services.
  • Samantha Biron

    I highly recommend Moe Tabesh. His service is phenomenal, to say the least. His tax knowledge is extensive and he’s been able to save me a substantial amount of money by following his recommendations. In addition, he is warm, kind, understanding, positive, and flexible, which are qualities I find rare in most accountants I’ve worked with. You’re in good hands with Moe, I can’t recommend him enough.

    Samantha Biron

    President and Founder, Find Your Tribe
  • Jeremy Prudhomme

    Moe and everyone at Numetrica have been incredible at helping with my new corporation and corporate and personal tax returns and my other small business. Their accounting skills are out of this world and the technology they use makes everything so simple and fast. The time you will save will be worth every penny. Thanks again Moe for all your help!

    Jeremy Prudhomme

    CEO, Jeeman TV
  • Farshid Dehnavi

    Mr Tabesh (Captain Number Cruncher) and his perfect team are not only professional in their fields, they are extremely passionate about their clients! Numetrica City continues to support us with corporate and personal tax returns, bookkeeping (thank you so much Sherry ) and We are so happy and appreciative for you and your responsible team, Moe!!!
    I really recommend these guys to everybody.

    Farshid Dehnavi

    President and CEO, Ink Plus
  • Keddy Declan

    I did my first Corporate tax return and cloud accounting with Numetrica City and I am very satisfied with the work they did. The team was very responsive and answered all my questions. I 1000% recommend their services.

    Keddy Declan

    CEO , IT Referrals
  • Sibeso Kehinde

    I would highly recommend Numetrica City-Accountants, Tax and Bookkeepers. Exceptional customer service. I am assured that all my company tax services and payroll are taken care of because of the great team that Moe has. I like the fact that I do not have to worry about driving to a physical location for my accounting services, my company's accounting tax preparations are done online due to the excellent cloud service Numetrica City has. Definitely score a10/10. Thank you for all the good work that you guys do. Greatly appreciated!

    Sibeso Kehinde

    OUR PROCESS

    Discovery

    Discovery

    We’d love to hear about your goals and aspirations. After understanding the big picture, we’ll dig into the details of your bookkeeping process so we can assess your needs.
    Proposal

    Proposal

    Once we understand your needs, we’ll send over a proposal that outlines our plan for tackling your challenges and a fixed monthly price for those bookkeeping services.
    Set-up

    Set-up

    Once you accept our proposal, we’ll get your bookkeeping tidied and up to date and begin implementing cloud accounting tools that will ensure proper bookkeeping going forward.
    Get Connected

    Get Connected

    Once the set-up is done, the hard part is over. You’ll be connected to your CPA-level bookkeeper and they will become your main point of contact.
    Reviews

    Reviews

    Once the clean up is done, the hard part is over. You’ll get connected to your bookkeeper and he/she will become your main point of contact. Don’t worry, we only select the best CPA or CPA students.

    Your Unfair Advantage

    Stay up-to-date on the latest accounting news, tax updates, and financial tips. Stay ahead of the game and make informed financial decisions with our expert insights and analysis. Sign up now to start receiving our newsletter!

    Join our family

    Clients

    Carling Dental
    David Pratt
    Vitallab Solutions
    iHotWeb
    Loon Kambucha
    Jeeman
    Samuel Associates
    Downtown Dental
    Numetrica

    Trust in the superhero accountants of Numetrica to keep your numbers in order and for expert advice on growing your business. Numetrica specializes in providing clients with in-depth accounting and bookkeeping services in Canada and the United States as well as financial advice to assist you in making the right decisions for your business.