System and method for automated collections of debts for businesses

摘要

The present invention consists of an improved Billing and Collections system wherein the company or firm may create an online account and the user may select one or more of the following: language for billing, currency desired for payment, an exchange rate table preferred by the user for foreign currency payments and the amount and manner of late payment reminders, namely, whether by phone, fax, text or email. The system can automatically send out dunning communications after preselected periods of time and by preselected methods chosen by the firm or company. The system may automatically allocate payments to various accounting and tax categories.