What should I consider when estimating and collecting receivables?

When it comes to estimating and collecting receivables in Virginia, there are a number of considerations to keep in mind. Firstly, it is important to note that Virginia does not have a state-wide law which states that a company must make an effort to collect receivables. However, there are several regional and national laws which may apply. These laws, such as the Fair Debt Collection Practices Act, exist to protect consumers from harassment when being contacted for payment. To ensure compliance with these laws, it is important to familiarize yourself with the relevant standards and regulations. Additionally, you should create reasonable procedures for estimating and collecting receivables. For example, it can be beneficial to set up a payment plan for debtors, or to make use of third-party debt collection services. When dealing with receivables, it is important to track any payments or rejections of payments. In Virginia, you are legally allowed to collect interest on any unpaid debts, which should be stated when arranging payment. You should also consider implementing a system for keeping track of customer accounts. Lastly, you should be aware of any bankruptcy or insolvency laws which may apply to the situation.

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What should I consider when estimating and collecting receivables?

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