Many accounts receivable management companies perform cybersecurity and IT compliance audits, including SOC audits. The primary function of an accounts receivable management company is to pursue and try to collect on the outstanding debt of businesses and individuals. Many times, an accounts receivable management company will act as a third-party agent of the creditor and is paid based on a fee or based off the total amount owed or collected. Prior to a company contracting with a third-party agent to perform collection duties, the company will want assurances the collections agency is in compliance with laws and regulations, such as the Fair Debt Collection Practices Act (FDCPA).
In terms of internal controls, the contracting company will want to see the processes around receiving placements, processing collections, receipt of payments, reconciliation of receipts, and reporting of debts collected. Implementing a robust compliance program can be used as a competitive advantage. Increasingly, accounts receivable management companies are asked to implement and maintain a compliance program that demonstrates their commitment to a strong system of internal controls. Control frameworks (such as SOC 1, SOC 2, ISO 27001, etc.) are widely accepted and help accounts receivable management companies differentiate themselves from their competitors by demonstrating their commitment to maintaining a strong IT compliance program.
Unlike most CPA and professional service firms, we do not view ourselves as a simple third-party vendor who is tasked with helping you seek a means to an end. Rather, our team establishes a very close-knit relationship with your team, becoming a trusted partner to your business. CyberGuard Compliance always keeps your goals and priorities at the forefront of our services delivery process.
As your trusted service partner, we are your one-stop shop for all your IT compliance and cybersecurity needs. Our tailored compliance solutions and efficient auditing methods allow your company to not only save on audit and compliance costs, but more importantly, reduces your internal level of effort and time your key personnel spend on annual compliance projects. Contact us today to speak to one of our team members and experience the CyberGuard Compliance difference.
CyberGuard Compliance provides the following services to accounts receivable management and collection agencies:
Educating our clients is very important to us. We have developed a series of educational and informational videos to help you understand the need to undergo a compliance audit, provide an introduction to CyberGuard Compliance as a firm, and illustrate our approach to partnering with you to deliver the services.