What are the best practices for conducting collections audits?

What are the best practices for conducting collections audits?

Best practices for collections audits include regular reviews, accurate record-keeping, and compliance checks.

How often should I conduct these audits?

It's recommended to conduct collections audits at least annually, but quarterly reviews can be beneficial.

What tools can help with collections audits?

Tools like accounting software, data analytics platforms, and compliance management systems can be very helpful.

What common mistakes should I avoid during audits?

Common mistakes include inadequate documentation, failing to follow up on discrepancies, and not involving the right stakeholders.