Billing and Collections Best Practices by Steven M. Bragg

By Steven M. Bragg

Billings and Collections top Practices deals suggestion for enforcing a plethora of top practices to significantly 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 decrease the mistake price on accounts despatched to customers.
  • Revealing particular steps that you can decrease the volume of exceptional receivables.
  • Providing guidance on how one can restructure bill codecs to shorten the cost interval.
  • Detailing how one can create a database for ordinary billings and the way to take care of its accuracy.

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Sample text

Furthermore, as time passes, the accuracy of the initial credit review declines, given ongoing changes in customers’ financial condition. Thus, the importance of a periodic review becomes more critical just as a company’s ability to find this information declines. The solution is to conduct a complete review of all customer files, extract the date of the last credit review from them, and enter this information into the credit computer database. By doing so, one can match customer order volume to the last review date and easily see if a new credit review is in order.

19 Enter There will be cases when a customer could be a potential sales outlet for a substantial amount of company products, but its financial situation is tenuous, and the customer is probably not in a position to repay the company until such time as it can sell the products to a third party. A conservative approach is to require advance payment of at least the company’s cost basis in the ordered goods, but this will likely result in no sale at all. A solution is to set up a consignment arrangement in which the company retains title in the goods, even though they are positioned at the customer location, and will be paid when the customer sells them.

There are several variations on this approach. One is to store all of the credit files in a central location for easier access. However, depending on the circumstances, it may make sense to store relevant files next to the credit and collections staff who are directly responsible for those customers. It may also make sense to lock up these files or at least assign a single staff person to the task of extracting documents from and returning them to the files, thereby reducing the amount of misfiling.

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