By John G. Salek
International enterprise, performed 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 businesses concentrate on bills receivable merely in a difficulty. advisor Salek helps coping with money owed receivable as one may a portfolio and coping with the dept as lively in profitability, with suggestion at the techniques that result in receivables, in receivables asset administration, in deciding on and utilizing expertise to aid receivables, and in organizational constitution, reporting and metrics, acquisitions, and outsourcing. He even contains luck tales.
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Additional info for Accounts Receivable Management: Best Practices
1 The critical task to managing credit risk is to balance the need for credit sales, and the profit earned on those sales, against the perceived risk of extending credit to a customer. There is no easy answer or magic formula for balancing these factors. The proper balance varies by individual company and is based on a firm’s profit margins, strategic goals, and whether a product can be repossessed and resold. There are many techniques and tools to investigate, evaluate, and monitor credit risk; however, balancing that risk against the other company priorities is unique to each firm, requires judgment, and is never easy.
In this case, however, delayed billing was the proper choice, because an invoice without a PO number would be rejected by the hospital’s payables group. The rejection would not be discovered until at least 35 days beyond invoice date, and correction of the problem could take another 10 to 15 days. As this example illustrates, accuracy in invoicing is more important than speed. Receivables Antecedents 43 delay of a few days to ensure accuracy is worth the avoidance of weeks of delay caused by a disputed invoice.
Late payment fees (finance charges) 4. , not expired). 5. Ensure promotional pricing is adequately controlled; that is, all promotions are authorized and communicated internally and Receivables Antecedents 19 externally prior to effective date. Utilize off-invoice pricing where possible, so the net price to the customer is clearly stated on the invoice. 6. Ensure all price changes are communicated well in advance of the effective date and that all contracts and price schedules are similarly updated.
Accounts Receivable Management: Best Practices by John G. Salek