receivable management

Cards (14)

  • Accounts Receivable
    Money owed by a customer to a business for goods or services purchased on credit
  • Accounts Receivable
    • Unpaid invoices for products purchased on credit in a store
    • Outstanding payments for services rendered, like consulting fees or repairs
    • Balances on customer accounts for credit extended, such as phone bills or credit card statements
  • Receivable management or accounts receivable management
    The strategic process of ensuring customers make timely payments
  • 10 Steps to Receivable Management
    1. Establish Credit Practices
    2. Issue Invoices
    3. Track Accounts Receivable
    4. Process Payments
    5. Reconcile Accounts
    6. Manage Collections
    7. Generate Reports and Analyze Data
    8. Customer Relationship Management
    9. Compliance and Legal Considerations
    10. Continuous Improvement
  • Establish Credit Practices
    • Set credit limits
    • Conduct credit checks
    • Communicate terms clearly
  • Issue Invoices
    • Create accurate invoices
    • Send invoices promptly
  • Track Accounts Receivable

    • Monitor outstanding invoices
    • Send reminders and follow-ups
  • Process Payments

    • Receive payments
    • Record payments accurately
  • Reconcile Accounts
    • Compare records
    • Resolve discrepancies
  • Manage Collections
    • Follow-up on overdue accounts
    • Consider collection actions
  • Generate Reports and Analyze Data
    • Produce reports
    • Identify trends and insights
  • Customer Relationship Management
    • Open Communication
    • Addressing Inquiries and Concerns
  • Compliance and Legal Considerations
    • Accounting Standards
    • Legal Regulations
  • Continuous Improvement
    • Regular Process Review
    • Performance Metrics
    • Benchmarking
    • Technology Adoption