By John G. Salek
Praise for Accounts Receivable administration top Practices
"An first-class reference instrument on the best way to deal with the debts receivable technique for any corporation. using real-life examples makes the suggestions effortless to appreciate. i like to recommend the e-book to someone who desires to enhance funds circulate and decrease undesirable debt loss."
—Michael E. Beaulieu, Senior vp, Finance Cardinal Health
"Rather than just explaining how one can 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 strategies with no attention of the influence on money circulate. bills Receivable administration top Practices is not just for credits and assortment execs who frequently spend extra time cleansing up technique error and different company 'garbage,' rather than handling hazard. it's going to be required analyzing for C-level executives, the revenues employees, operations managers, and anyone else whose activity affects the order-to-cash cycle."
—David Schmidt, primary, A2 assets Coauthor of Power amassing: Automation for powerful Asset Management
"Enhancing a company's aggressive profile is all approximately giving sufficient clients the precise product, on the correct rate, on the correct time. This author's real-world method of reaching this aim during the prism of receivables administration makes this e-book a must-read for these businesses seeking to make their mark as a firm 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 crew, LLC
"I have labored with John Salek for the reason that 1992, either as his patron and as a venture supervisor operating along with his association. His wisdom of receivables administration . . . the know-how, the methods, and the formulation for fulfillment . . . are unsurpassed within the field."
—Stephen L. Watts, supervisor, international Receivables (retired) common electrical scientific Systems
"Mr. Salek has written a masterpiece at the intricacies and administration of the bills receivable portfolio. i might suggest this e-book to CFOs, controllers, treasurers, credits managers, and small enterprise owners."
—Steve Kozack, credits supervisor Lennox fire Products
"Written by means of an writer who has been within the trenches and cites genuine examples. this isn't written in concept, yet from practice."
—Milt Dardis, assortment advisor Dardis & Associates
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Additional resources for Accounts receivable management best practices
Credit insurance is offered by a number of firms and is available Receivables Antecedents 35 for both domestic and foreign customers. The coverage can be tailored to a company’s individual needs. The typical offering has these features: • Coverage applies only to customers approved by the insurer. • Deductibles apply both on a per-occurrence and aggregate basis. • A coinsurance provision applies. • Premiums are based on the risk level of the portfolio and the strength of your internal credit controls as assessed by the insurer.
The credit hold should be processed in three steps: 1. The responsible credit representative reviews the status of the account and total exposure, then formulates the conditions the customer must meet to allow release of the order. 2. The credit representative then contacts the customer and informs it of the situation and of the payments it is required to make to release the hold. Communication of the credit hold to ᮣ CASE HISTORY ᮤ Not Keeping Tabs Company-Wide A multibillion dollar (annual sales) Fortune 100 company had several divisions that sold to Kmart.
Many credit information services provide credit reporting and country risk information to enable credit decisions. The quality and reliability vary, and do not eliminate risk. The best credit information you can get is with an existing customer, for whom you have payment experience, and may be able to obtain audited financial statements. For new customers, the quality of the information is generally not what is desired, and the risk is elevated. Receivables Antecedents 37 Mitigating credit risk on sales to offshore customers is a science in and of itself.