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

By Steven M. Bragg

Billings and Collections most sensible Practices deals recommendation for imposing a plethora of top practices to enormously enhance your company's point of potency in details reporting, including:Showing you the way to create a extra effective billing operation.Demonstrating how one can lessen the mistake expense on money owed despatched to clients. Revealing particular steps so you might decrease the volume of remarkable receivables. delivering directions on how one can restructure bill codecs to shorten the check interval.Detailing how you can create a database for habitual billings and the way to take care of its accuracy. Order your replica this day!

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No single technique is better than another. Instead, just be aware of the multitude of alternatives available and be willing to shift among them to find the best fit for a specific situation. 1 Automatically Grant Minor Credit Lines to New Customers The sales staff will regularly bring a considerable volume of new customers to the credit department for a credit review. It can be overwhelming for the credit staff to handle a large number of review requests all the time. 31 Review the credit levels of all customers who stop taking cash discounts Credit Granting Techniques / 35 elevated risk that excessively high credit lines will be granted to some customers who are less likely to pay the company within terms, or even go bankrupt.

Margins by product tend to be more consistent within a product family, so using an average margin across all products in a family is a simple way to address the proportion of initial cash payment to be made on an order. 13 Use COD Terms Sparingly A common threat used by a company’s credit and collection personnel is to switch a customer over to COD terms. Although this approach may work with ongoing customers who have nowhere else to turn for some goods, a canny recipient can issue a stop payment on a check or not fund its checking account, deliberately letting the check bounce.

This is a good, low-cost approach for determining an approximate credit score, but it does not include variables that may be of considerable importance in a specific industry. Also, although the cost per report is low, this is not a viable scoring approach for small customer accounts. 8 Installation time: Create a Credit Decision Table Smaller companies usually do not create credit scoring models because they have too few customers to make it worth their time. However, without a scoring model, it is difficult to introduce any level of consistency to the credit granting process.

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