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By John G. Salek

Praise for Accounts Receivable administration top Practices

"An first-class reference instrument on tips on how to deal with the debts receivable strategy for any corporation. using real-life examples makes the techniques effortless to appreciate. i like to recommend the booklet to an individual who desires to enhance money movement and decrease undesirable debt loss."
—Michael E. Beaulieu, Senior vice chairman, Finance Cardinal Health

"Rather than just explaining how one can get the best go back from an funding in money owed receivable, John G. Salek finds how businesses shoot themselves within the foot whilst administration units regulations and tactics with no attention of the influence on money circulation. money owed Receivable administration most sensible Practices is not only for credits and assortment pros who usually spend extra time cleansing up approach mistakes and different company 'garbage,' rather than handling hazard. it's going to be required interpreting for C-level executives, the revenues employees, operations managers, and anyone else whose activity affects the order-to-cash cycle."
—David Schmidt, crucial, A2 assets Coauthor of Power gathering: Automation for powerful Asset Management

"Enhancing a company's aggressive profile is all approximately giving adequate buyers the fitting product, on the correct cost, 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 consumers in addition to their very own have to produce monetary results."
—Bruce C. Lynn, coping with Director The monetary Executives Consulting crew, LLC

"I have labored with John Salek for the reason that 1992, either as his consumer and as a venture supervisor operating along with his association. His wisdom of receivables administration . . . the expertise, the techniques, and the formulation for fulfillment . . . 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 bills receivable portfolio. i might suggest this publication to CFOs, controllers, treasurers, credits managers, and small enterprise owners."
—Steve Kozack, credits supervisor Lennox fireplace Products

"Written by means of an writer who has been within the trenches and cites real examples. this isn't written in idea, yet from practice."
—Milt Dardis, assortment advisor Dardis & Associates

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Additional resources for Accounts receivable management best practices

Example text

Otherwise, if the tolerances are too tight, the individuals who deal with the holds will be inundated with nuisance cases that are a few dollars or relatively few days in violation. Such nuisance cases consume time and are quickly released anyway. In reality, are you really going to hold an order and contact a customer over a small amount of money that is five days past due? The customer will plead mail delays and be offended, and you will have wasted a lot of time. Inevitably, there will be a select group of customers you want to monitor very closely and keep a tight rein on, but the entire hold mechanism should not be designed for the few.

Correcting inaccurate invoices is usually accomplished four ways: a. Issuing a credit memo for the incorrect amount b. Instructing the customer to short pay the invoice, then processing an adjustment for the difference c. Issuing a corrected “original” invoice, that is, an invoice with the same invoice number as the original, incorrect one d. Issuing a credit memo for the entire amount of the inaccurate invoice, and rebilling the correct amount under a new invoice number Best Practice is ultimately to correct an invoice in a manner acceptable to the customer that will result in the correct amount being paid as early as possible.

This provides insight into the quality and benefit of these functions. • Backlog (total and age of unprocessed items). Note the metrics for credit holds can be compiled periodically for two-week periods to enable insight into the process. They do not have to be tracked continuously. If the credit function has a commitment (or service-level agreement) to process credit applications for new customers within a specified time frame, that performance should also be measured and reported, simply as the percent of applications that were processed within the prescribed time period.

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