By Mary S. Schaeffer
Mary Schaeffer is taken into account an specialist and writes a publication that specializes in credits, collections, and debts receivable.* offers an outline of the credits, collections, and debts receivable features for senior point managers.* presents information and methods in addition to case studies.* exhibits how one can movement line the credits technique and the way to make this zone as effective as attainable.
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Extra resources for Essentials of Credit, Collections, and Accounts Receivable
New financial reports and sales contracts should routinely be included in the credit files. Similarly, new credit reports should be pulled periodically to make sure your customer’s financial standing is as good as (or better than) it was when the account was first opened. In the current environment, which Creim describes as “we cheat our suppliers and pass the savings on to you,” it is imperative that credit professionals do everything to protect their companies against nonpayment. Some companies actually have the information discussed above but cannot find it when it is needed.
A log is kept of all files in review. A recap sheet is completed for management review. A last review date is updated in the computer. • Only accounts with large credit lines are reviewed. 18 The First Step: Approving the Credit • Maintain a monthly analysis of all customer credit lines and sales and payment methods. • Conduct a thorough analysis two to three times a year with upper management and monthly meetings with the department staff. • Set a goal of having all accounts updated every 18 months.
It can be done on a cash-in-advance (CIA) basis, a secured basis, or a cash-on-delivery (COD) basis. Secured selling will be discussed in Chapter 8. Cash in advance is preferable to COD because, as some companies have learned the hard way, COD has its pitfalls. 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.