By Steven M. Bragg
Billings and Collections top Practices bargains recommendation for enforcing a plethora of most sensible practices to vastly enhance your company's point of potency in info reporting, together with:
- Showing you the way to create a extra effective billing operation.
- Demonstrating how one can lessen the mistake cost on debts despatched to customers.
- Revealing particular steps so you might decrease the volume of exceptional receivables.
- Providing instructions on how one can restructure bill codecs to shorten the check interval.
- Detailing find out how to create a database for ordinary billings and the way to keep up its accuracy.
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Extra resources for Billing and collections : best practices
Although the company could offer this service itself and earn extra interest income on the sale, this still leaves the risk of collection Credit Granting Techniques / 45 with the company. An alternative is to engage the services of an outside leasing ﬁrm, so the company receives payment from the lessor as soon as the payment is authorized by the customer, thereby eliminating the collection risk in the shortest possible time frame. A company can also earn a small interest percentage on the lease as part of its outsourcing agreement with the leasing company, usually in the range of 1/2% to 1%.
Is the initial order more than $10,000? Require a completed credit application and ﬁnancial statements. If a proﬁtable customer, grant a credit limit of 10% of the customer’s net worth. Reduce the credit limit by 10% for every percent of customer loss reported. 4. Does an existing customer’s order exceed its credit limit by less than 20% and there is no history of payment problems? If so, grant the increase. 5. Does an existing customer order exceed its credit limit by more than 20% or there is a history of payment problems?
Substantially more work is required to establish a consignment arrangement, so the credit department should use this approach only when evidence exists of both a substantial and ongoing commitment by the customer to purchase inventory. Also, the company is not protected by the consignment agreement in the event of the customer’s bankruptcy unless a UCC-1 ﬁnancing statement is ﬁled and other lien holders are notiﬁed. Otherwise, the bankruptcy trustee can sell the consigned goods for the beneﬁt of other creditors who have perfected their security interests, while the company’s claim is relegated to the ranks of other nonsecured general creditors.
Billing and collections : best practices by Steven M. Bragg