Home topics finance finance-cash-flow Advice Cashflow Hot Tips Advice Why good record keeping is essential to your debt collection Guest Author March 13, 2015 If you offer credit to your customers, chances are you know all about the revised guidelines issued in 2014 by ASIC and the ACCC designed to encourage reform across the debt collection industry. The guidelines describe reasonable grounds, hours and methods for making contact with your debtors, as well as offer advice on how to avoid harassing them. What you may not know, however, is that these guidelines also stress the importance of good record keeping . Why we need to keep it on the record When executed poorly , debt collection can be messy business, but there’s really no need for it to be that way. Accurate record keeping is one way to keep your collections above board and in line with Australian industry standards. Keeping good records makes it easier for disputes to be settled promptly and fairly, and is likely to create more favourable outcomes for all parties involved. The longer a claim goes on, the closer you get to having to settle in court. As a debt collector the more you can do to facilitate early resolution, the more likely you are to prevent costly legal proceedings. Good record keeping also makes it easier for you to determine whether a debt is statute-barred , a debt you are not authorised by the courts to pursue, Accurate records ensure you are able to