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receivable management
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Lovely Jean
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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