A bill and account collector does the noble work of collecting money owed on due accounts for a past period of time. Habitually, customers who are in arrears with their invoices are branded as debtors. Thus, it is upon the bill collector to trace the debtors, contact them and recover finances owed irrespective of their nature. There are innumerable options on what channels to utilize in reaching debtors. For instance, a bill collector or rather an account collector may opt to use the telephone, electronic mail or an objective visit to make contact with the debtor. In case of a succesful search, the bill collector ought to collect the finances overdue and put in place a plan for repayment. In addition, the bill and account collector must update the payment inventory and give directions to the customer on what actions to take. In case, the finances overdue are tangible good, like is the case with my debtors, the bill and accounts collector are mandated to initiate repossession of goods where applicable or take measure of officiating service termination wherein the debtor has amounts overdue for a particular service.
This mainly serves the purpose of encouraging debtors to pay up or explain their position regarding the overdue accounts. The bill and account collector do inform the debtors of interest charges as well, which are added to their overdue accounts.. Some debtors may not respond in an appropriate manner as expected hence the bill collector ought to prepare an attorney demand letter to serve the debtor. Some overdue accounts pertaining huge amounts of funds call for legal action whereby the debtors assets are seized to recover overdue accounts. Nevertheless, this happens only in case the debtor declines to settle the overdue account.
In this scenario, each debtor has distinct case hence they ought to be addressed separately in accordance with what their account status pertain. First, I would issue a friendly reminder letter for accounts overdue to Bargain Bikes. In case, the letter does not accomplish the expected result after a reasonable period of time, I will embark on contacting Edna Box over the phone to request repayment of the overdue finances. Likewise, I would approach the Bartons Ltd conglomerate the same way, send a reminder letter regarding the overdue account. In case, the debtor does no act accordingly, I will reach Rio Martins on phone to request settlement of the finances overdue. given the extensive period in which the account has been overdue, I will not only request for repayment, but also alert the debtor of the debt recovery costs which they are required to pay as well due to the period the account has been overdue.
Equally, I will serve The Cyclestore business with a friendly letter on the accounts overdue. In case, the debtors fails to respond in due time, I will make a phone call to Guilia Marcosi to politely ask fro repayment within the least period of time possible. In addition, I will inform the debtor of debt upturn charges which I am incurring during this inevitable process due to their failure to settle the accounts on time. Similarly, I will send Speedway Cycles business a letter to remind them of the accounts overdue. If there is no constructive action by them in a reasonable time, I will go ahead and reach Roy Branch requesting repayment of the amounts overdue and inform them of the debt recovery charges as well. In a similar approach, I will send a friendly reminder letter to Trent Bridge Tandems group requesting for repayment of the amounts overdue. As with the other debtors, failure to act in a timely manner will trigger phone calls to remind the debtor of the accounts over and request for repayment as well as informing them of debt resurgence charges which are an additional to their overdue account. I will approach Gemini cycles group in similar manner to Trent Bridge Tandems group. This is solely to keep the credit maximum value on check and avoid having cash deficit in each stock category. Additionally, this a precautionary measure to avoid capital loss which might lead the business into liquidation . Furthermore, this will reinforce the business policies which are its core pillars in ensuring smooth running of operations such as restocking and paying creditors, utility bills and employees as well.
For Purchase RefGSW500 I would execute a reorder from Glasgow Sports to keep the stock quantity in check. As for Purchase RefHCS500 I would implement a reorder for the following products, WJK27, JAR27 and MGO21 from Halifax cycle supplies to maintain a workable amount of products quantity in stock. However, I would leave product MGT29 as it is. In the case of Purchase Ref TTN500, I would carry on to restock product CTY56 and leave product TTY32 as it. This would keep an outstanding balance of the stock and overheads on stocking.
The sage accounting system is definitely an outstanding software package that encompasses a variety of tools that facilitate accounts management in a painstaking way. For instance, the Sage Instant Accounts provides a way of creating quotations and receiving payments quite easily in the most user friendly manner. In addition, the software allows the user to impeccably share information with other system that are electronically integrated. The Sage accounting system compares quite high-handedly to other accounting systems in terms of integration with other systems such Microsoft office and electronic diaries. However, some users complain of its overall control in that it does not allow the user plenty control of data. For instance, a correction of typos in data entry demands a fresh reload of the data. Nevertheless, the sage accounting system has advanced capability that handle complex tasks such as stock control, which it handles hassle-free although the product is quite expensive.