What are the benefits of conducting a collections audit?
Conducting a collections audit can help identify inefficiencies, reduce costs, and improve cash flow.
Can you explain how it improves cash flow?
By identifying overdue accounts and streamlining collection processes, businesses can recover more funds faster.
Are there any specific metrics I should look at during the audit?
Yes, focus on metrics like days sales outstanding (DSO), collection effectiveness index (CEI), and aging reports.
How often should I perform a collections audit?
It's recommended to conduct a collections audit at least annually, or quarterly for high-volume businesses.
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