Collection
Collection is necessary step to keep your capital and business funds operating. Many business do not take the proper collection steps and it can really hurt their cash flow and operating expenses. Some steps to have your team follow to maximize collection are: Entering receipt, invoice and adjustment batches, Researching and resolving customer A/R issues, Preparing and analyzing aging report, Place billing and collection calls, Collecting customer credit card payments, Updating and reconciling subledger to G/L, Prepare and mail monthly customer statements, Maintain postage machine balance, and proper filing methods.
It is also extremely important for the collection department to work closely with the sales departments. Some additional steps to follow include:
- Direct and oversee the approval of credit, maintenance of accounts receivable and customer contract records.
- Investigate and resolve customer disputes coordinating activities with the Operations and Sales departments.
- Direct, supervise and participate in daily customer collections utilizing credit/collections policies, including the management of outside collection agencies, and the coordination of other collection activities according to our Internal Credit Policy, and Fair Credit Act.
- Investigate, process and approve credit extensions for new customers.
- Establish and maintain relationships with our outside Collection Agencies.
- Spearhead processing outstanding debt collections through Small Claims court activities.
- Manage the Internal Credit Policy, coordinating efforts with operations and Sales.
- Track, quantify, and present collections results measured against pre-defined goals and expectations.
Accounts Receivable
Accounts Receivables Positions need to be responsible for all activities in the accounts receivable function including: receipt and posting of cash receipts, reconciling outstanding account balances, and preparation of periodic reports on accounts receivable and past due status. A/R departments need to be focused highly on capital management, keep expenese paid and capital at workable levels is key to the survival of any business.
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