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Accounts receivable management best practices by John G. Salek

By John G. Salek

Praise for Accounts Receivable administration most sensible Practices

"An first-class reference software on how one can deal with the money owed receivable technique for any corporation. using real-life examples makes the innovations effortless to appreciate. i like to recommend the e-book to an individual who desires to enhance funds movement and decrease undesirable debt loss."
—Michael E. Beaulieu, Senior vp, Finance Cardinal Health

"Rather than just explaining tips on how to get the best go back from an funding in bills receivable, John G. Salek unearths how businesses shoot themselves within the foot while administration units regulations and approaches with out attention of the effect on money movement. debts Receivable administration most sensible Practices is not just for credits and assortment execs who usually spend extra time cleansing up strategy blunders and different company 'garbage,' rather than handling possibility. it's going to be required analyzing for C-level executives, the revenues employees, operations managers, and anyone else whose activity affects the order-to-cash cycle."
—David Schmidt, relevant, A2 assets Coauthor of Power accumulating: Automation for powerful Asset Management

"Enhancing a company's aggressive profile is all approximately giving sufficient clients the fitting product, on the correct rate, on the correct time. This author's real-world method of reaching this target during the prism of receivables administration makes this publication a must-read for these businesses seeking to make their mark as a firm that cares approximately its buyers in addition to their very own have to produce monetary results."
—Bruce C. Lynn, coping with Director The monetary Executives Consulting crew, LLC

"I have labored with John Salek on the grounds that 1992, either as his customer and as a undertaking supervisor operating along with his association. His wisdom of receivables administration . . . the expertise, the procedures, and the formulation for fulfillment . . . are unsurpassed within the field."
—Stephen L. Watts, supervisor, worldwide Receivables (retired) common electrical clinical Systems

"Mr. Salek has written a masterpiece at the intricacies and administration of the money owed receivable portfolio. i might suggest this ebook to CFOs, controllers, treasurers, credits managers, and small company owners."
—Steve Kozack, credits supervisor Lennox fire Products

"Written by way of an writer who has been within the trenches and cites genuine examples. this isn't written in thought, yet from practice."
—Milt Dardis, assortment advisor Dardis & Associates

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Example text

This will identify any disputes early, so resolution can begin. Again, this should be couched in terms of a customer service call. Inquire about the status of the installation of the equipment and if there are any issues, but work toward the invoice and payment subject. All issues identified should be routed to service or sales for remediation. c. A few days before the invoice due date, confirm that payment has been made or scheduled. d. Follow-up in short intervals until the invoice has been paid.

Accuracy is the Holy Grail of invoicing. It drives efficiency and effectiveness in the entire revenue cycle. 2. The content and format of the invoice is important: • Make it easy to process. , full payment by due date). Receivables Antecedents ᮣ 51 CASE HISTORY ᮤ Customer Satisfaction Assurance Gets Results A multibillion-dollar (sales) computer manufacturer derived a substantial portion of its revenue from sales of large, integrated computer hardware systems. ” In the past, the company’s practice was to treat “due upon receipt” terms as net 30 day terms.

Remember, cost efficiency is a constant requirement of the receivables management function. • The system tool should automatically highlight accounts whose credit limits are about to expire in the next 60 days. This allows plenty of time for the credit investigation to be conducted and for the credit limit to be updated with the same or changed credit limit and a new expiration date. • Updates should also be triggered by adverse events such as: • Deterioration in payment performance. This is critically Receivables Antecedents 29 important information.

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