Billing and collections : best practices by Steven M. Bragg

By Steven M. Bragg

Billings and Collections most sensible Practices deals recommendation for imposing a plethora of most sensible practices to enormously enhance 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 decrease the mistake price on money owed despatched to customers.
  • Revealing particular steps so you might decrease the quantity of exceptional receivables.
  • Providing guidance on how one can restructure bill codecs to shorten the check interval.
  • Detailing tips on how to create a database for habitual billings and the way to keep up its accuracy.

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The procedure can even extend to the use of an application form for payments via the Automated Clearing House (ACH) Network. This approach can greatly reduce the number of problems with which the collections staff normally deals. Getting the procedure into the hands of all customers can take some work. It can go out with the next batch of invoices, or be delivered by the sales staff, or issued as a separate mailing. If any of the information on the procedure changes, Credit Policies, Procedures, and Systems / 29 the distribution must occur again, which can be a chore if the company has many customers.

With so many people involved, it is customary to put incoming paperwork in the work queue of the next person involved, resulting in an extremely slow credit processing interval. Although the end result may be correct credit analysis, the customer may have long since given up and purchased goods from some other company, rather than waiting for the interminable credit application process to be completed. The solution is to assign sole responsibility for processing new customer credit applications to a single person within the credit department.

This is a particular problem early in a company’s relationship with a new customer, because the credit department is keeping an especially watchful eye on the payment situation at this stage. If payments arrive late, the business partners are off to a bad start. The solution is to contact the customer at the beginning of the relationship and explain the payment terms. By taking the time to make this contact, the company has made the customer aware that the company takes payment terms seriously and expects them to be observed.

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