How Policies and Procedures Can Add to – or Subtract From – Your Bottom Line (sponsored)

Policies and procedures are the building blocks of a well-functioning Accounts Receivable department. They teach employees how tasks should be completed and simplify office operations. But why do experts in the industry see them as a necessity?

“Our industry is one of the most regulated in the country,” says Tina Hanson, executive vice president of State Collection Service in Madison, Wisconsin. “We work every day to follow laws and compliance obligations that sometimes contradict each other. It is imperative that the way you do business is documented to not only demonstrate compliance but also ensure that employees understand the process, the consumer, the client and the resulting regulatory bodies.” 

Unfortunately, policies and procedures don’t always get the attention they deserve from ARM professionals. Here are a few ways the internal structure provided by policies and procedures can improve your business as part of a properly-maintained Compliance Management System:

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