If an account receivable becomes past due, the best strategy is simply to wait; statistics show that customers eventually pay their bills if business owners do not bother them with repeated collection attempts.

Question

Quizplus · Accepted Answer

This statement is false. Waiting can actually make it harder to collect the debt and increase the likelihood of it becoming uncollectible. It is important for business owners to have a solid Accounts Receivable management plan in place, including following up promptly on past due accounts and making clear payment expectations from the start.

If an Account Receivable Becomes Past Due, the Best Strategy