Accounts receivable management best practices by John G. Salek

By John G. Salek

Praise for Accounts Receivable administration most sensible Practices

"An very good reference software on the way to deal with the debts receivable strategy for any corporation. using real-life examples makes the recommendations effortless to appreciate. i like to recommend the booklet to a person who desires to enhance money stream and decrease undesirable debt loss."
—Michael E. Beaulieu, Senior vice chairman, Finance Cardinal Health

"Rather than just explaining easy methods to get the best go back from an funding in debts receivable, John G. Salek unearths how businesses shoot themselves within the foot while administration units rules and techniques with out attention of the effect on money circulation. bills Receivable administration top Practices is not just for credits and assortment execs who usually spend extra time cleansing up procedure error and different company 'garbage,' rather than handling threat. 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, vital, A2 assets Coauthor of Power amassing: Automation for powerful Asset Management

"Enhancing a company's aggressive profile is all approximately giving adequate buyers the fitting product, on the correct fee, on the correct time. This author's real-world method of achieving this aim 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 buyers in addition to their very own have to produce monetary results."
—Bruce C. Lynn, coping with Director The monetary Executives Consulting workforce, LLC

"I have labored with John Salek on account that 1992, either as his shopper and as a undertaking supervisor operating along with his association. His wisdom of receivables administration . . . the expertise, the methods, and the formulation for fulfillment . . . are unsurpassed within the field."
—Stephen L. Watts, supervisor, worldwide 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 e-book to CFOs, controllers, treasurers, credits managers, and small enterprise 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 conception, yet from practice."
—Milt Dardis, assortment advisor Dardis & Associates

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The next example illustrates how the process works for a capital equipment manufacturer. For simplicity, we will exclude any down payment or deposits, which are common to these Receivables Antecedents ᮣ 49 CASE HISTORY ᮤ Special Handling Required A publisher of legal reference books typically sold one set of reference materials at a time to its hundreds of thousands of customers. Individual order sizes were approximately $1,200. However, a few large county court systems would purchase in bulk and distribute the materials themselves.

Date product shipped or service delivered. • Vendor internal sales order number. • Quantity and description of product or service delivered. (This must appear in layman’s terms and not be engineering jargon or abbreviations. ) • Unit price(s). • Extended amount(s) due (quantity × unit price). • Discounts (price only, not prompt payment discounts). • Freight and sales tax if applicable. • Total amount due. • Payment terms. • Due date. • Remittance address (post office box or lockbox for regular mail, street address of lockbox for courier deliveries, and bank information for wire transfers and other electronic payments).

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. Effectiveness can be measured by the level of bad debt write-offs (actual charge-offs, not additions to the bad debt reserve) as a percent of revenue compared to the prior three years.

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