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Unformatted text preview: must include best and worst case revenue collection practices to ensure that cash is managed efficiently. Product, service and technology-based firms who sell to clients outside of the corporate walls must have contingency plans for various scenarios that could hinder the fiscal growth of the company. Debt collection principles fall under The Fair Debt Collection Practices Act enacted in 1977 and need to be updated to reflect a changed business climate. According to Democratic Senator Carl Levin of Michigan, “The law was written before the advent of e-mail, cell phones and even fax machines and doesn't address modern problems (GAO to Congress: Update Debt-Collection Law, 2009).” Working Capital Management Activity Page 3 References GAO to Congress: Update Debt-Collection Law. (2009, October 30). CardLine 9, no. 44: 26. Retrieved December 7, 2009 from EBSCO host database....
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- Fall '09
- Finance, Fair Debt Collection Practices Act, Capital Management Activity