Tax Season for Utilities
Every day, more and more cases arise within the utility industry where customers find themselves with average balances increasing over 25%, especially given current economic indicators of inflation. Energy bills are piling up, and consumers are disconnecting as their bills become more difficult to pay off.
For debt collection agencies, the longer the disconnected account goes without paying their debts, the more difficult it is to get accounts submitted before tax season. So, what are some of the strategies to help companies get their accounts receivables in order?
On this episode of Closing the Books, host Eric Johannes talks with Senior VP of Business Development, Karen Jonas about what tax season means for debt collection agencies within the utility sector. Karen offers insightful strategies geared toward maximizing incentives for both consumers and companies.
This episode features insights about:
• The economic climate resulting in consumers’ inability to pay utility debts.
• Understanding the importance of tax season and getting accounts submitted before tax season.
• Adopting strategies to maximize the accounts receivable process for utility companies.
“The tax season is like a retail season. So, we want to ensure that we’re staffed up for the accounts we do have on file. We’re working out a strategy, right? So, we have our analytics looking at it. What kind of letters should we send out? Should we do a settlement, campaign, emailing, texting, or things like that we look at,” said Jonas.
Karen Jonas has been with IC System for 27 years with 20 years of experience within the utility industry. Jonas has helped many clients submit debts, collect on critical accounts, and drive revenue.
IC System has over 85 years of experience in medical and dental debt collection, rent recovery and other business collections. For more information, visit https://www.icsystem.com/.