By Steven M. Bragg
Billings and Collections most sensible Practices deals recommendation for imposing a plethora of top practices to tremendously increase your company's point of potency in details reporting, together with:
- Showing you the way to create a extra effective billing operation.
- Demonstrating how one can lessen the mistake fee on accounts despatched to customers.
- Revealing particular steps so you might decrease the volume of exceptional receivables.
- Providing directions on how one can restructure bill codecs to shorten the money interval.
- Detailing the way to create a database for routine billings and the way to take care of its accuracy.
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Additional resources for Billing and collections : best practices
Grant of a security interest. Try to get customers to grant a security interest in goods shipped to them, rather than having the credit department try to negotiate this provision at a later date. Customers may cross out the provision, leaving the company no worse off than it was before. If this provision is signed, the credit department needs a procedure for perfecting any security interests received. Perfecting a security interest is time sensitive, because the ﬁrst security interest publicly ﬁled has priority over later claims.
By doing so, one can match customer order volume to the last review date and easily see if a new credit review is in order. It is necessary to have a spare date ﬁeld available in the credit database in order to enter this information. Also, the credit ﬁle must be indexed to information in other tables, such as customer orders or sales volume, returns, bad debts, or late payments, in order to make this information relevant. 18 Call New Customers and Explain Credit Terms When a new customer receives its ﬁrst invoice from a company, the standard sequence of events for the accounts payable staff is to enter the “pay to” information in the computer system, accept the corporate default payment days (such as 30), and press the ENTER key.
This can be an internal program funded by the company or one outsourced to a third party. Interest rates charged are likely to be extremely high in order to offset the very high bad debt risk. However, bad debts will arise in this area, and a smartly managed ﬁnancing program that takes risk into account can achieve signiﬁcant additional sales for a company. If a company chooses to use a captive ﬁnancing program for this best practice, it should be keenly aware of the risks involved and monitor the program’s bad debt losses closely.