How do I prepare for a collections audit?

How do I prepare for a collections audit?

Preparing for a collections audit involves several steps. First, gather all relevant documentation, including invoices, contracts, and payment records. Have you collected all necessary documents?

I think I have most of them, but I'm not sure about the contracts.

It's crucial to have the contracts ready, as they outline the terms of your agreements. If you’re missing any, try to contact the parties involved to obtain copies. Do you need help with anything specific?

Yes, what kind of documentation should I focus on?

Focus on invoices, payment histories, contracts, and any correspondence related to collections. This will provide a comprehensive view of your accounts. Would you like tips on organizing these documents?

That would be helpful, thank you!

You can organize documents by categorizing them into folders, such as 'Invoices', 'Contracts', and 'Correspondence'. Use a digital tool for easy access and backup. Let me know if you need more detailed advice!