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MISTAKE #7: POOR
RECORDKEEPING
The collections process isn't complete without proper storage
of data and transactions, like account history, payment receipts,
and communications. If your records are inaccurate, you
could run into multiple issues, like wasting resources trying to
collect dues you've already received or not being able to fund
operations with a miscalculated budget. Accurately maintained
ledgers ensure due diligence. You should:
• Duplicate notices to residents
• Securely store data to protect yourself legally in the event
of a dispute
• Clear balances whenever payments are received
• Keep copies of receipts
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