By Steven M. Bragg
Billings and Collections most sensible Practices bargains recommendation for imposing a plethora of top practices to significantly enhance your company's point of potency in info reporting, together with:
- Showing you ways to create a extra effective billing operation.
- Demonstrating how one can lessen the mistake cost on accounts despatched to customers.
- Revealing particular steps that you can lessen the volume of exceptional receivables.
- Providing directions on how one can restructure bill codecs to shorten the cost interval.
- Detailing the right way to create a database for habitual billings and the way to take care of its accuracy.
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Additional resources for Billing and collections : best practices
Personal guarantee. Company owners frequently have substantially more assets than their companies, so obtaining a personal guarantee is certainly worth a try. A customer who grants this guarantee is also more likely to obtain a larger line of credit. At worst, the customer will cross out this part of the application. ■ Reimbursement for collection fees. The collection department may resort to the use of a collection agency or attorney to collect a past-due account. By having the customer agree in advance to reimburse the company for these added expenses, it may be possible to use the threat of this clause to accelerate customer payment.
Even with all of this information available on-screen from a computer system, a large number of callers can take up a considerable amount of staff time. For the small number of large companies that are subject to this problem, the installation of an automated credit reference system may make sense. Under this approach, callers are routed to a phone line that asks them for the customer’s Credit Policies, Procedures, and Systems / 31 identiﬁcation number, after which the system returns the customer’s total amount past due, high credit, total owed, credit limit, payment terms, and number of years doing business with the company.
It is necessary to have a spare date ﬁeld available in the credit database in order to enter this information. Also, the credit ﬁle must be indexed to information in other tables, such as customer orders or sales volume, returns, bad debts, or late payments, in order to make this information relevant. 18 Call New Customers and Explain Credit Terms When a new customer receives its ﬁrst invoice from a company, the standard sequence of events for the accounts payable staff is to enter the “pay to” information in the computer system, accept the corporate default payment days (such as 30), and press the ENTER key.