By Mary S. Schaeffer
Mary Schaeffer is taken into account an professional and writes a publication that specializes in credits, collections, and bills receivable.* offers an summary of the credits, collections, and money owed receivable capabilities for senior point managers.* offers guidance and strategies in addition to case studies.* indicates easy methods to circulate line the credits technique and the way to make this quarter as effective as attainable.
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Extra info for Essentials of Credit, Collections, and Accounts Receivable
Example text
Specifically: The person needed to sign the check may not be available when the driver shows up with the goods. • • No check is available when the goods are delivered. 31 ESSENTIALS of Credit, Collections, and Accounts Receivable • The customer changes its mind and does not offer payment when goods are delivered. • The customer puts a stop payment on the check after it has accepted the goods. • The check bounces after the goods have been delivered. • The driver forgets to pick up the check when he delivers the goods.
Others use a formula based on the customer’s financial numbers. Warning Signs Alert credit professionals will find signs of potential trouble in their dayto-day operations. The following are some signs that might signal trouble: A normally prompt paying customer begins to take longer and longer to pay its invoices. • • A small customer suddenly places a much larger order than normal. • Other credit managers report late payments at industry group meetings. • Sales finds a new customer that must have a large order quickly.
Update information from the credit bureaus and National Association of Credit Managers (NACM) reports. • Use credit scoring to determine which accounts get reviewed. • Only review major accounts. Review annual reports and a three-year spreadsheet. Also discuss the customer at credit groups. • Run reports to show which accounts have orders that will exceed their credit limits. These accounts are then reviewed. • Evaluate current payment patterns, and update trade references and financial information for a formal review of the credit limit.