Accounts receivable, otherwise known as trade debtors or AR or A/R, is a type of working capital that refers to amounts from which entrepreneurs have yet to receive from their customers for goods sold. Receivables are a result of business owners extending credit to their customers.

Collection of accounts receivable, debt collection or debt recovery is an important source of a company’s cash flow and business finance. As such, learning about credit management and debt recovery can prove vital for entrepreneurs.

Entrepreneurs can use the following debt solution tools for effective debt collection:

• credit insurance
• debt collectors or a debt collection agency
• solicitors or a debt attorney

Using third parties, including receivables factoring, is considered undesirable under normal business practices but effective. Many small business owners use a debt collection agency and a debt attorney for the most lethal and effective combination of debt collection and debt recovery.

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