Accounts Receivable Management: Best Practices by John G. Salek

By John G. Salek

International company, performed on a credits or cash-on-delivery foundation, frequently produces bills receivable which are a good portion of a corporation's tangible resources, but a lot of those self same businesses concentrate on bills receivable in basic terms in a hindrance. advisor Salek helps handling money owed receivable as one might a portfolio and handling the dep. as lively in profitability, with suggestion at the procedures that result in receivables, in receivables asset administration, in determining and utilizing expertise to help receivables, and in organizational constitution, reporting and metrics, acquisitions, and outsourcing. He even contains good fortune tales.

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For a services firm, it would involve assigning the order to a staff member to schedule to Receivables Antecedents 39 provide the service. Automatic routing eliminates the possibility of human error in transcription of the order for routing to fulfillment. Before an order can be routed to fulfillment, it must be reviewed to ensure it meets the conditions of an acceptable order. Such conditions are elements such as: • Price • Freight terms (which party pays freight) • Payment terms • Delivery or completion date If the order does not meet the acceptable options for these elements, an exception must be approved, or the customer must be notified of the unacceptable element of the order.

This may be the most reliable and valuable data you have, particularly the trend in that payment performance. 2. You may have better access to the customer’s financial statements (if privately held) and better insight into its operations and financial strength. For example, if the volume of orders to you is rising, you can discuss with the customer how its business is progressing, new customers, sources of capital, and so on. As a supplier extending credit and bearing risk, you have a legitimate interest in this proprietary information.

If additional information is needed, secure payment, default, litigation, Uniform Commercial Code (UCC) filing, lien, and related information from a commercial credit information provider such as Dun & Bradstreet, Experian, and so on. The industry chapter of the National Association of Credit Managers (NACM) also provides reliable payment history information. Online, electronic (versus hard copy) receipt of this data is Best Practice. • If you are unable to establish a credit limit with the above sources of information, proceed to check the trade and bank references.

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