Uncollectible accounts, also known as bad debts, are receivables that a business is unable to collect from customers due to various reasons such as bankruptcy, financial difficulties, or disputes. These accounts pose a risk to a company’s financial health as...
According to an article by Federal Reserve Bank Philadelphia, auto loan debt is now the third-largest debt category after mortgages and student loans. The first quarter of 2023 saw a $10 billion increase in auto loans, bringing the total to $1.56 trillion. With the...
Every business owner juggles incoming and outgoing cash flow. However, the challenge often extends to handling funds that are due but not yet received from customers, known as accounts receivable. The status of accounts receivable as an asset often raises questions....
Managing the lifeblood of any business—cash flow—requires a thorough understanding and robust control over accounts receivable management. Despite its crucial nature, many organizations find it challenging to implement effective receivables management due to its...
Portfolio recovery is the business of purchasing delinquent debt and then attempting to collect the money from the original debtor. Companies involved in portfolio recovery are known as debt buyers. Portfolio recovery companies acquire large volumes of unpaid...
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