Accounts Receivable is where all the sales you made turn into actual funds and cash in the business. As such, it is a very important part of any company, and a solid understanding of the accounts receivable function is very important. Increase your accounts receivable turnover, collect funds quicker and put in place the best practices in the industry. In this course we will learn the basics of accounts receivable, the accounts receivable cycle the best practices that should be used, fraud prevention, collection methods and long-term relationship
Setting Credit Policies
Approving the Credit
Developing Credit Controls
The Need for Accounts Receivable
The Level of Accounts Receivable Companies Should Have
Efficient Billing Process Means Faster Collection
Preventing the Fatal Mistake: Sending the Bill with Errors
The Use of Technology
Cash: It's Worth your Efforts
Techniques for Faster Collection
Payment Processing Options
Letter of Credit (LC)
Cash against documents
Cheque
Developing Good Working Relationships Between the Two Departments
Involving Sales in the Collection Effort
Payments status information to vendor
Communication with internal customers
Best Practices in Accounts Receivable (AR)
AR Process Improvement
Improving Quality of Accounts Receivable
Aging of Accounts Receivable and Bad Debts Reserves
Alternatives in Computing Bad Debt
Reducing Bad Debt Write-Offs
Calculating Accounts Receivable Turnover
Calculating Days Sales Outstanding (DSO)
Collection Effectiveness Index (CEI)
Analyzing the Operating and Cash Cycle
Define the function of Accounts Receivable (AR) and its role in organizations.
Run the Accounts Receivable process more efficiently.
Apply tools and techniques to effectively monitor AR performance.
Develop effective credit policies that meet company's objectives.
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