By Steven M. Bragg
Billings and Collections top Practices bargains recommendation for enforcing a plethora of top practices to vastly increase your company's point of potency in details reporting, including:Showing you ways to create a extra effective billing operation.Demonstrating how one can decrease the mistake price on accounts despatched to shoppers. Revealing particular steps so you might decrease the quantity of remarkable receivables. offering guidance on how one can restructure bill codecs to shorten the fee interval.Detailing tips on how to create a database for ordinary billings and the way to take care of its accuracy. Order your replica this day!
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Extra info for Billing and Collections Best Practices (Wiley Best Practices)
The decision about whether to use these fees rests with company management. However, what is rarely considered is the legal consequence of not administering late-payment fees in the same manner among all customers of the same class. The Robinson-Patman Act prohibits price discrimination among customers in the same class. Thus, imposing a late-payment fee on one customer and not another can open a company to legal liability. Com- 30 / Billing and Collections Best Practices panies rarely think of this when they deliberately impose a late-payment fee on a particularly irritating customer, while using different criteria on other customers whose payments are also late.
This can be a difﬁcult goal to achieve when so many prospective sales brought to the credit manager by the sales staff are clearly high risk. The credit manager must frequently turn down credit applications unless customers are willing to pay cash in advance, resulting in ill will from the sales department and lost sales. A possible solution is having someone with personal assets guarantee payment. The simple act of signing a personal guarantee almost always makes collection easier, because the signer knows that he or she is on the hook for the amount of the receivable and will make sure that this invoice is paid before other unsecured invoices.
This frequently gives the company a distinct advantage in making the sale. Of course, a lease is a viable alternative only when the company is selling a ﬁxed asset that the customer intends to retain. 16 Install a Financing Program for Marginal Customers The goal of the credit department should be to ﬁnd a way to assist the sales department in making a sale while still ensuring payment. This can be an exceptionally difﬁcult goal for marginal accounts, who deserve CIA terms, but who don’t have the money to pay in this manner.