Businesses Need to Collect Now More than Ever: Resolving 2020 Accounts Receivable in 2021
For many small and medium-sized businesses, 2020 was a tough year. It was a year of uncertainty, cautious consumers, and disrupted industries. In 2021, what can businesses do to recover? Of course, the economic impacts of 2020 are still being felt today. A full economic recovery still may be months or years ahead. However, that doesn’t mean businesses should sit around and wait for the economic tide to turn their way. By taking a few proactive steps, businesses can resolve their accounts receivable left over from 2020 before the end of 2021.
Take a Hard Look at Your Outstanding Invoices
Although it may be difficult to do, it is worth sitting down with your books and really taking a hard look at losses over the past year. Are there invoices outstanding? Bills unpaid? Contracts left unfinished or canceled? Tally those numbers up. Before you write your accounts receivable off as “uncollectible,” consider what collecting those amounts would mean for your business. Would you be able to get ahead on your bills? Hire new employees? Create a cushion in case anything like this happens again? If those amounts, even the smallest ones, would make a difference to you and your business, they are worth pursuing.
How is a Debt Collected?
Once you have your accounts receivable in front of you, you could just start going down the line and calling customers and clients. You could send letters, duplicate invoices, and text messages. You could spend your time committing yourself to pursuing these debts and getting them paid. Or, you could go about it a different way. An experienced collection attorney is a great resource that can help you get your invoices paid without wasting time or money. How does it work?
Contact an experienced collection attorney in your area. If your business is located in Northern Virginia, Wakefield Law can work with you. Give our office a call at (703) 771-9740.
At Wakefield Law, we do not charge a consultation fee, so you can feel free to explain your business’ circumstances without watching the clock.
If you choose to engage Wakefield Law, you would provide our experienced collection team with any contact information you have for your customer and a Statement of Account (basically, let us know how much you are owed and for what goods or services).
We typically ask for a cost fund to cover fees and expenses. These are generally very affordable. Again, we don’t charge hourly for work on collection matters, so there is no huge retainer up front.
Then, we get to work! We use our thirty years of experience to pursue your accounts receivable. We are a small business ourselves, and we know how important your customers and your reputation are to you. That’s why we approach every collection matter as if it was our own: with respect, compassion, attention to detail, dedication, and persistence.
We are able to use the court system and our ability to manage payment plans to get debts paid as quickly and fully as possible. For every dollar we collect on your behalf, we remit the majority back to you. We get paid on a “contingency basis,” which means that we earn a percentage of what we are able to collect for you, and we only make money when you do.
Are Debts Really Collectible Right Now?
There is some perception that the economic impacts of 2020 have made debts “uncollectible.” As a business in this industry, I can tell you that this is just not the case. Over the course of the last year, we have not seen a downturn in our ability to collect outstanding debts. There is a simple reason for this: respect. Our team approaches each and every collection matter with compassion and respect. We know that, not only was 2020 bad for businesses, it was bad for consumers, too. That’s why we always approach individuals and businesses that owe debts as humans, first. We work with them to create a payment plan or settlement that works for them. Of course, our primary commitment is to our client, and we are able to use the full extent of the legal system if need be. At Wakefield Law, we are very practiced at striking this balance to get debts paid.
Getting Started is Simple
If you have outstanding debts that you would like to pursue, give Wakefield Law a call. Consultations are always free, and we can take your accounts receivable off of your plate. Our office number is (703) 771-9740. You can also email us at law@wakefieldpllc.com.