What metrics should I consider for a collections audit?
An example of an AI chatbot conversation about metrics for auditing collections.
What metrics should I consider for a collections audit?
You should consider metrics like collection efficiency, overdue accounts ratio, and recovery rate.
Can you explain what collection efficiency means?
Collection efficiency measures how effectively a company collects its receivables, typically expressed as a percentage.
What is a good recovery rate for collections?
A good recovery rate usually ranges from 70% to 90%, depending on the industry and type of debt.
How often should I perform a collections audit?
It's recommended to perform a collections audit at least annually, or quarterly for high-volume collections.
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