By Steven M. Bragg
Billings and Collections top Practices bargains recommendation for imposing a plethora of top practices to significantly enhance your company's point of potency in details reporting, including:Showing you ways to create a extra effective billing operation.Demonstrating how one can lessen the mistake expense on money owed despatched to clients. Revealing particular steps that you can lessen the quantity of exceptional receivables. delivering directions on how one can restructure bill codecs to shorten the check interval.Detailing the right way to create a database for ordinary billings and the way to take care of its accuracy. Order your replica this present day!
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Additional info for Billing and Collections Best Practices (Wiley Best Practices)
4. Does an existing customer’s order exceed its credit limit by less than 20% and there is no history of payment problems? If so, grant the increase. 5. Does an existing customer order exceed its credit limit by more than 20% or there is a history of payment problems? If so, forward to the credit manager for review. Use the same credit granting process listed in step 3. 20 / Billing and Collections Best Practices 6. Does an existing customer have any invoices at least 60 days past due? If so, freeze all orders.
5. Does an existing customer order exceed its credit limit by more than 20% or there is a history of payment problems? If so, forward to the credit manager for review. Use the same credit granting process listed in step 3. 20 / Billing and Collections Best Practices 6. Does an existing customer have any invoices at least 60 days past due? If so, freeze all orders. This approach does not completely eliminate variability from the credit granting process, but it sets up clear decision points governing what actions to take for most situations, leaving only the more difﬁcult customer accounts for additional review.
This can be an internal program funded by the company or one outsourced to a third party. Interest rates charged are likely to be extremely high in order to offset the very high bad debt risk. However, bad debts will arise in this area, and a smartly managed ﬁnancing program that takes risk into account can achieve signiﬁcant additional sales for a company. If a company chooses to use a captive ﬁnancing program for this best practice, it should be keenly aware of the risks involved and monitor the program’s bad debt losses closely.
Billing and Collections Best Practices (Wiley Best Practices) by Steven M. Bragg