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Vengroff, Williams & Associates Sees 51 Percent Increase in Third-Party Collections Activity as Tough Economy Becomes Reality
VWA North American Operations Sees Double Digit Percentage Increases of Bad Debt
| Source: Vengroff, Williams & Associates
GARDEN GROVE, CA--(Marketwire - February 4, 2008) - Vengroff, Williams & Associates (VWA), a
leading provider of receivables management and business process outsourcing
solutions, today announced a 51 percent increase in overall third-party
collections activity. California, New York and Florida saw the highest
activity with 18, 21 and 66 percent increases respectively. The percent
increases are based on VWA's expanding 3000+ customer base and compared
activity from 2006 to 2007. The biggest increases were seen in commercial
B2B, healthcare and consumer financial services.
"Tough economies always result in increased bad debt or the need to cure
slow paying customers," said Mark Vengroff, CEO of VWA. "Based upon close
interaction with clients and the marketplace, the increased activity is in
line with our expectations. We anticipate these levels to continue for both
commercial and consumer debt through 2008. The majority of our clients
have begun to tighten their extension of credit and are looking to
liquidate their own receivables earlier in the collection cycle to mitigate
any potential risk of additional write offs."
The news comes off the heels of predictions by industry analysts and VWA
(see November press release: Vengroff, Williams & Associates Predicts Demand for F&A
Outsourcing will Increase as CFOs Prepare for a Tough Economy) that the
demand for finance and accounting (F&A) outsourcing will increase as CFOs
prepare for a tough economy.
About Vengroff, Williams & Associates, Inc.
Founded in 1963, and with $23 billion under its management, Vengroff,
Williams & Associates is a leading provider of receivables management
business process outsourcing (BPO) solutions for Fortune 1000 companies
such as Ford Motor Company, Federal Express, Kodak, Microsoft, Yamaha and
others. Applying
state-of-the-art proprietary information systems, best practice work flow
and people to realize cost reductions, operating efficiencies, and improved
process design, VWA's approach enables clients to easily insource or
outsource all or part of the quote-to-cash function. Solutions are
customized to each client's requirements or expanded to incorporate
specialized tools and SAS 70 compliant processes and procedures. Services
include full order to cash processing, third party collections, EIPP
systems, deduction management, dispute management, auto cash solutions,
front-end risk mitigation, and tax resolution. VWA has been named a Top 21
enterprise-level FAO service provider by FAO Today Magazine. To learn more
about VWA, please visit www.vwainc.com or telephone (866) 393-4892.