Accounts Receivable Management: Best Practices by John G. Salek

By John G. Salek

Worldwide company, carried out on a credits or cash-on-delivery foundation, frequently produces money owed receivable which are a good portion of a corporation's tangible resources, but lots of those self same organisations concentrate on debts receivable in simple terms in a situation. advisor Salek helps dealing with money owed receivable as one could a portfolio and coping with the dept as energetic in profitability, with suggestion at the tactics that result in receivables, in receivables asset administration, in identifying and utilizing expertise to help receivables, and in organizational constitution, reporting and metrics, acquisitions, and outsourcing. He even comprises good fortune tales.

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In the fast pace of commerce, many orders are placed via phone or e-mail, and only experience with each customer will determine if those orders are valid. Whatever form the order takes, it must have this information to be a valid order and to be fulfilled properly: • A purchase order number. Most companies will not pay an invoice unless it references a valid purchase order. 40 Accounts Receivable Management Best Practices • A clear description of the product or service ordered. • Payment terms.

As a supplier extending credit and bearing risk, you have a legitimate interest in this proprietary information. Access to this information will, in many cases, reduce the depth of the credit investigation. If a customer has an on-time payment history with you and its financial statements and/or credit reports are good, then the credit limit can be confidently updated with no further research. The credit scoring model should have the capability to factor in your payment experience with a customer.

Any discrepancies between the customer’s purchase order and the quotation should also be resolved during this time period before shipment. In addition to providing excellent service to customers who order big-ticket items, this step identifies any discrepancies and communicates your expectation of the settlement of the transaction. The customer is informed that you are expecting the full 50 Accounts Receivable Management Best Practices amount of the invoice to be paid on a specified due date. In some cases, this can uncover a customer’s intention to lease the equipment rather than pay in full.

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