The traditional finance firm is facing a lot of competitive challenges today.
The small finance practice has a lot of challenges today. They compete with larger enterprise organizations and Mom and Pop shops just emerging in the market. Not to mention the rising tide of self-service automation tools for companies and individuals to manage their finances. There’s even artificial intelligence like H&R Block’s paring with IBM’s Watson. These trends are changing a field that has relied on the traditional best practices of profit, loss, and calculation for decades.
With overall debt rising, the challenges of competing against technology and other trends in a volatile competitive market are daunting. One of the struggles inherent in any small business is managing past due accounts receivables. When a small finance practice has past due accounts, how will they even find the time to pursue payment? How will they maintain the delicate customer relationship when a bill is seriously past due?
Fighting Fire with Fire – Debt Recovery Solutions Technology
The irony is that Business.com suggests that cash flow and past due A/R are some of the biggest challenges for any small business. When you’re a small financial services firm, you are keenly aware of accounts that run in the red. It’s expensive to carry these accounts past 90 to 120-days; a time when it is correspondingly harder to conduct debt recovery.
Is it time to leverage the technology that’s threatening your practice?
Hinge Marketing recently surveyed more than 250 financial and accounting firms and found that the top five market challenges include:
- A talent shortage.
- The pressure to reduce prices.
- The commoditization of accounting services.
- Automation and artificial intelligence.
- Increasing competition from larger firms.
All of these trends speak to how time-pressed small finance firms are, which makes it harder to expend internal resources toward past due accounts. The downward pressure to lower prices and competitive technology require tighter cash flow metrics, making debt collection even more important to the survival of a firm.
The answer, of course, is to fight fire with fire by leveraging self-service automation tools as debt recovery solutions for your small business.
Is it Time to Hire Debt Collection Services?
But what is the point when the small finance firm should consider debt collection services? Debt recovery solutions should be considered when:
- Accounts reach 90 days past due.
- You simply don’t have time to pursue debt recovery.
- A/R is piling up to unmanageable levels, and you’re failing to collect.
- You’re not certain that debt collections are compliant with federal rules.
- Payment arrangements you’ve made are falling through.
- Your past due accounts have skipped town.
There is now an easy, lower cost alternative to traditional collection methods. Rocket Receivables is an online debt recovery solutions tool designed specifically for the small business owner. Our debt collection services offer a convenient self-service portal that let you manage your customized debt recovery solutions in your own time.
We offer a secure, proven method that is guaranteed to provide you with ROI. Our rate of return is higher than the national average, and our fees can be both contingent and fixed, depending upon the package you select.
Debt collection services have changed right along with your finance practice. Why not make use of debt recovery solutions that make use of these tools while assuring your cash flow? Click here to buy now.