How often should we conduct collections audits?

How often should we conduct collections audits?

The frequency of collections audits typically depends on the size of your organization and the volume of transactions. Generally, quarterly audits are recommended.

What factors should we consider when deciding the frequency?

Key factors include the complexity of your collections process, regulatory requirements, and historical performance issues.

Are there any best practices for conducting these audits?

Yes, best practices include setting clear objectives, involving cross-functional teams, and using data analytics to identify trends.

What tools can help with collections audits?

Tools like audit management software, data analytics platforms, and CRM systems can streamline the audit process.