By John G. Salek
Praise for Accounts Receivable administration top Practices
"An first-class reference software on tips to deal with the money owed receivable technique for any corporation. using real-life examples makes the ideas effortless to appreciate. i like to recommend the booklet to an individual who desires to enhance money move and decrease undesirable debt loss."
—Michael E. Beaulieu, Senior vp, Finance Cardinal Health
"Rather than just explaining the way to get the best go back from an funding in bills receivable, John G. Salek finds how businesses shoot themselves within the foot whilst administration units regulations and methods with no attention of the impression on funds circulate. debts Receivable administration top Practices is not only for credits and assortment pros who frequently spend extra time cleansing up approach mistakes and different company 'garbage,' rather than dealing with possibility. it's going to be required analyzing for C-level executives, the revenues employees, operations managers, and anyone else whose task affects the order-to-cash cycle."
—David Schmidt, valuable, A2 assets Coauthor of Power gathering: Automation for powerful Asset Management
"Enhancing a company's aggressive profile is all approximately giving adequate buyers the appropriate product, on the correct expense, on the correct time. This author's real-world method of achieving this aim during the prism of receivables administration makes this ebook a must-read for these businesses trying to make their mark as a company that cares approximately its buyers in addition to their very own have to produce monetary results."
—Bruce C. Lynn, handling Director The monetary Executives Consulting workforce, LLC
"I have labored with John Salek given that 1992, either as his consumer and as a venture supervisor operating together with his association. His wisdom of receivables administration . . . the know-how, the techniques, and the formulation for achievement . . . 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 debts 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 by means of 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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Additional resources for Accounts receivable management best practices
Deductibles apply both on a per-occurrence and aggregate basis. • A coinsurance provision applies. • Premiums are based on the risk level of the portfolio and the strength of your internal credit controls as assessed by the insurer. • Insurers want to insure the entire portfolio subject to their exclusions. They discourage covering only your high-risk customers, usually through high premiums, deductibles, and coinsurance. While credit insurance can be very comforting, the cost/benefit trade-off must be closely evaluated.
In the fast pace of commerce, many orders are placed via phone or e-mail, and only experience with each customer will determine if those orders are valid. Whatever form the order takes, it must have this information to be a valid order and to be fulfilled properly: • A purchase order number. Most companies will not pay an invoice unless it references a valid purchase order. 40 Accounts Receivable Management Best Practices • A clear description of the product or service ordered. • Payment terms.
A “warning” list of customers in violation that does not prohibit delivery to such customers will be ineffective. Only when the “hard” hold is relieved by an authorized individual, can the order or delivery be processed. This control should be activated by either of the two conditions: over credit limit or delinquency. In the interest of efficiency and speed, tolerances should be established for violation; for example, only customers 5% or more over limit qualify for the “hard” hold. Similarly, the delinquency condition should have flexibility for the amount past due (perhaps > $1,000) and the number of days past due (perhaps 15 to 30).