Accounts receivable management best practices by John G. Salek PDF

By John G. Salek

ISBN-10: 0471716545

ISBN-13: 9780471716549

Praise for Accounts Receivable administration most sensible Practices

"An first-class reference instrument on the best way to deal with the money owed receivable strategy for any corporation. using real-life examples makes the strategies effortless to appreciate. i like to recommend the e-book to someone who desires to enhance money stream 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 money owed receivable, John G. Salek unearths how businesses shoot themselves within the foot whilst administration units regulations and strategies with no attention of the impression on money stream. money owed Receivable administration top Practices is not only for credits and assortment execs who frequently spend extra time cleansing up method mistakes and different company 'garbage,' rather than coping with probability. it may be required studying for C-level executives, the revenues employees, operations managers, and anyone else whose task affects the order-to-cash cycle."
—David Schmidt, imperative, A2 assets Coauthor of Power accumulating: Automation for potent Asset Management

"Enhancing a company's aggressive profile is all approximately giving adequate consumers the suitable product, on the correct rate, on the correct time. This author's real-world method of achieving this target throughout the prism of receivables administration makes this booklet a must-read for these businesses seeking to make their mark as a company that cares approximately its shoppers in addition to their very own have to produce monetary results."
—Bruce C. Lynn, coping with Director The monetary Executives Consulting staff, LLC

"I have labored with John Salek seeing that 1992, either as his shopper and as a undertaking supervisor operating along with his association. His wisdom of receivables administration . . . the expertise, the strategies, and the formulation for fulfillment . . . are unsurpassed within the field."
—Stephen L. Watts, supervisor, worldwide Receivables (retired) common electrical clinical Systems

"Mr. Salek has written a masterpiece at the intricacies and administration of the debts receivable portfolio. i'd suggest this booklet to CFOs, controllers, treasurers, credits managers, and small company owners."
—Steve Kozack, credits supervisor Lennox fire Products

"Written through an writer who has been within the trenches and cites genuine examples. this isn't written in thought, yet from practice."
—Milt Dardis, assortment advisor Dardis & Associates

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Extra resources for Accounts receivable management best practices

Sample text

As stated earlier, the rewards of accurate invoicing are enormous, and as business changes, new sources of error will continually arise. A formal program of improving billing quality using Six Sigma, Total Quality Management, or other methodology is an integral part of Best Practice in receivables management. Utilization of dispute and/or credit memo causality data is essential to direct the continuous improvement efforts, and to measure the progress. Customer Satisfaction Assurance It is often beneficial to use special handling for very large value invoices to ensure their accuracy, delivery, receipt, and agreement by the customer.

For example, if Segment 1 is thousands of small, thinly capitalized but moderately profitable customers, the strategy may entail: • High volume of automated, progressively more stern collection letters • High volume of collection calls firmly stressing the need to pay quickly to avoid service interruption Receivables Asset Management 61 • Automated order and shipment hold when credit limit or delinquency thresholds are violated • Low-resource, low-cost receivables management This segment should be managed to minimize bad debt loss.

Security devices such as letters of credit, guarantees, and/or Uniform Commercial Code (UCC) filings. • Shorter payment terms. The intent of Best Practice credit controls is to find a way to sell to the customer under some sort of credit arrangement. While it may not be prudent to grant the full level of credit desired by the customer (and your sales department), some combination of credit and security can usually be found to enable the deal. Building a Specific Reserve for High-Risk Customers Another Best Practice to enable credit sales is special provisioning of the reserve for bad debt for individual high-risk customers.

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Accounts receivable management best practices by John G. Salek

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