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Best practices for collecting outstanding debt

by The 100 Companies

As the global economy has slowed due to the coronavirus pandemic, uncollectible client fees, as well as the number of days that client balances are outstanding, have increased dramatically. 

Developing a clear communication strategy while addressing the outstanding debt is key for maintaining trust with your clients. A few best practices that you should consider while doing this are:

• Communicate frequently with your client on open accounts and receivable balances

• Work out payment plans, with an occasional reminder that clients need to stick to their promises

• Allow for installment payments

• Seek counsel in more dire situations

• Never split the difference

– Mike Belfer, Partner and Co-leader of the Public Relations and Advertising Group & Martin Arking, CPA/Tax Leader,  Anchin, Block & Anchin LLP

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