New York Debt Collection: Staffing Your Collection Department
How do you determine how many people are needed to staff your collection department in order to achieve maximum recovery on receivables? Some may use the number of receivables as a guide, others, concentration using the 80/20 rule.
We suggest considering the following when staffing your collection department:
- The types of controls in place,
- The average balances owed,
- The number of accounts,
- Days out,
- Internal process for collections,
- Credit terms
- The billing process,
- Cost per collection staff,
- Expected/Actual return from collectors/staff,
- Cost to outsource and
- Cost benefit analysis.
If you need help collecting your receivables, streamlining your collection process or are thinking of outsourcing your collection department contact Frank, Frank, Goldstein & Nager, P.C.
FFGN, is a New York law firm devoted to the prevention and collection of bad debt. To learn more about our practice, contact firstname.lastname@example.org.