Are your employees’’ reimbursement claims looking a little suspicious? Maybe the frequent ‘client lunches’ or the ‘business trip’’ that came with high expenses doesn’t seem real. If your company has double-checked and they weren’t harmless errors, chances are they were a misuse of company money.
If you have already taken action, maybe it’s a warning, a show-cause letter, or even a firing; the results are still the same – your company is out of the money.
So, what now?
We have listed how a business debt collection agency can help you recover the employee reimbursement debt most ethically. No drama and no burnt bridges. Their professional and people-first approaches will help you get that extra cash back without giving you a headache.
You have a business to run, and your time is precious.Let the experts handle the show.
Why do Former Employees Still Owe the Company Money?
Believe us, you are not the only one struggling with this situation. It might come as a shock to you how often former employees walk away with unpaid debts. Here are some of the most common situations that leads any business to hire a commercial debt collection agency in Houston to recover company money:
- Termination wasn’t completed properly leading to extra pay after their last day
- Redundancy packages were over the top
- Holiday pay overpayment is when an employee has used all vacation days but has left halfway through the year.
- Equipment like company laptops, and vehicles, that have been purchased through payroll programs, are left incomplete.
- Fraud time sheet in temporary staffing roles.
Internal teams like HR and Payroll often struggle with managing recovery after any ex-employee leaves and that’s when your company can outsource to the credible debt collection agency Houston to recover all money, ethically.
Can you Legally Get the Money Back?
You can, but it depends on what process you follow.
You can’t just demand the money back without any proper documentation. But your business debt collection experts can suggest the following:
- Send formal notices
- Negotiation on repayment plans
- Pursue legal action if necessary
However, we have noticed that receiving communication from a good and trusted commercial debt collection agency like Nelson, Cooper & Ortiz, and LLC is enough to encourage your ex-employees.
Top 4 Ways a Debt Collection Agency Collects Reimbursements
- Friendly First Contact
Before creating any legal fuss, any of the best commercial agency will initiate a polite and firm first contact with the person who owes the money. Whether it’s your ex-employee or another business, the request will be simple: to return full repayment.
- Payment Plan Time
If a person cannot make the full amount upfront. It’s a no-problem issue since any good business debt collection agencies will negotiate a payment plan that works for everyone. Of course, your company will have the final say in it, in case any deal is made. However, you must note that the agency will suggest the best route out so you must be flexible in order to not lose more money.
- Let’s Talk Legal
Suppose your debtor is taking too long, either to return the money or return the communication initiated (for example, 180 days or more), it’s time to take things up a notch. Any of the best commercial collection agency in Houston will recommend legal action to get your money back- based on whether you approve of the course of action or not. The whole process does include going to court, and securing a judgment, based on the current situation of things. However, you don’t have to worry as this is not the only solution out there.
- Help Build Better Reimbursement Policies
You need this truth: the best way to avoid chasing debts forever is to prevent them from happening in the first place. Your agency can also help you tighten the ropes around your company reimbursement policies- like documentation, requiring receipts, and pre-approval before any expenses. There will be less confusion if the policies are strong, and less headache for your HR and Payroll team too!
- Let the Pros Handle the Payback
Chasing down employees cannot be a part of your workday- but for a business debt collection agency, it’s yet another Monday! In-house, credit control team and HR might be really good at what they do. This chase is also out of their scope. They lack the advanced training tools, legal knowledge, negotiation, and communication skills for it.
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You can get friendly follow-ups fromthe collection team because they know how to get the company’s money back without turning the ordeal into a soap opera!
Don’t stress, run your business like a boss and let the experts do the collection!
Author Bio:
This is Aryan, I am a professional SEO Expert & Write for us tech blog and submit a guest post on different platforms- Technoohub provides a good opportunity for content writers to submit guest posts on our website. We frequently highlight and tend to showcase guests.
