By John G. Salek
Praise for Accounts Receivable administration most sensible Practices
"An first-class reference software on how one can deal with the bills receivable method for any corporation. using real-life examples makes the options effortless to appreciate. i like to recommend the ebook to somebody who desires to increase funds move and decrease undesirable debt loss."
—Michael E. Beaulieu, Senior vp, Finance Cardinal Health
"Rather than just explaining the right way to get the best go back from an funding in bills receivable, John G. Salek finds how businesses shoot themselves within the foot while administration units regulations and strategies with out attention of the influence on funds movement. bills Receivable administration most sensible Practices is not just for credits and assortment pros who frequently spend extra time cleansing up approach blunders and different company 'garbage,' rather than dealing with chance. 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, central, A2 assets Coauthor of Power accumulating: Automation for powerful Asset Management
"Enhancing a company's aggressive profile is all approximately giving adequate consumers the fitting product, on the correct cost, on the correct time. This author's real-world method of attaining this objective in the course of the prism of receivables administration makes this booklet a must-read for these businesses seeking to make their mark as a firm that cares approximately its clients in addition to their very own have to produce monetary results."
—Bruce C. Lynn, handling Director The monetary Executives Consulting team, LLC
"I have labored with John Salek considering the fact that 1992, either as his consumer and as a undertaking supervisor operating along with his association. His wisdom of receivables administration . . . the know-how, the approaches, and the formulation for fulfillment . . . are unsurpassed within the field."
—Stephen L. Watts, supervisor, international Receivables (retired) normal electrical clinical Systems
"Mr. Salek has written a masterpiece at the intricacies and administration of the money owed receivable portfolio. i'd suggest this publication to CFOs, controllers, treasurers, credits managers, and small enterprise owners."
—Steve Kozack, credits supervisor Lennox fire Products
"Written via an writer who has been within the trenches and cites genuine examples. this isn't written in conception, yet from practice."
—Milt Dardis, assortment advisor Dardis & Associates
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Extra info for Accounts receivable management best practices
Only authorized individuals should have access to releasing a hold. The hold stays in place until it is manually released by an authorized individual. This maintains the highest practical level of control over exposure. A simple analysis can ensure this control is cost effective. Track the number of orders that are held for a period of time. Calculate: • The percent of total orders held • The time spent on releasing the orders (obtain estimates from the staff) • The percent of held orders released without customer contact (solicit this number from the staff) If the percent of time dealing with held orders is over a third of total department time, and if more than 10% of held orders are released without customer contact, the criteria for holding an order may be too tight.
Due date. • Remittance address (post office box or lockbox for regular mail, street address of lockbox for courier deliveries, and bank information for wire transfers and other electronic payments). • Phone number (and/or name) of person to call if the customer has a question about the invoice, with phrase “Questions about this invoice should be directed to. …” • Tear-off remittance portion, with instructions to include invoice number, amount paid for each invoice, customer account number, how to pay with a credit or procurement card, a change of address section, and any Optical Character Readable (OCR) number or bar code for scanning.
The responsible credit representative reviews the status of the account and total exposure, then formulates the conditions the customer must meet to allow release of the order. 2. The credit representative then contacts the customer and informs it of the situation and of the payments it is required to make to release the hold. Communication of the credit hold to ᮣ CASE HISTORY ᮤ Not Keeping Tabs Company-Wide A multibillion dollar (annual sales) Fortune 100 company had several divisions that sold to Kmart.
Accounts receivable management best practices by John G. Salek