Billing and Collections Best Practices (Wiley Best by Steven M. Bragg

By Steven M. Bragg

Billings and Collections top Practices bargains recommendation for enforcing a plethora of top practices to tremendously increase your company's point of potency in details reporting, including:Showing you ways to create a extra effective billing operation.Demonstrating how one can decrease the mistake cost on money owed despatched to buyers. Revealing particular steps that you should decrease the quantity of remarkable receivables. offering directions on how one can restructure bill codecs to shorten the money interval.Detailing the way to create a database for ordinary billings and the way to take care of its accuracy. Order your reproduction at the present time!

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This is not a valid best practice when order sizes are small, because the extra hassle may drive away small customers. Also, it is not useful when the credit staff is so small that it has no chance of ever reviewing all of the applications. 14 Require If a customer has not placed an order recently, perhaps for a year or more, its financial situation may have changed considerably, rendering its previously assigned credit level no longer valid. This is a particular problem when the customer may be shopping through an industry to see who will accept an order and is forced back to the company when no other suppliers are willing to deal with the customer anymore.

20 / Billing and Collections Best Practices 6. Does an existing customer have any invoices at least 60 days past due? If so, freeze all orders. This approach does not completely eliminate variability from the credit granting process, but it sets up clear decision points governing what actions to take for most situations, leaving only the more difficult customer accounts for additional review. 9 Installation time: Arrange for Automatic Notification of Credit Rating Changes It is an easy matter for a collections department to be completely blindsided by a sudden drop in a customer’s credit rating, possibly resulting in bankruptcy and the loss of all accounts receivable to that customer.

The only problem with advance notification of a customer’s credit is the credit agency’s fee, which is typically in the range of $25 to $40 per notification. This fee is minor, however, in comparison to the potential loss of a major account receivable, but the cost may render this best practice uneconomical for smaller customer accounts. 10 Create a Customer Credit File In a disorganized credit department, it is difficult to locate documentation on personal guarantees that customers may have sent the company in the past, resulting in unenforceable claims and bad debts.

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