11 Benefits of Accounts Receivable Management SoftwareE2B Teknologies
Take a look at this slide deck to learn the benefits of accounts receivable management software and how automating accounts receivable can help you increase cash flow, reduce bad debt, and much more.
11 Benefits of Accounts Receivable Management SoftwareE2B Teknologies
Take a look at this slide deck to learn the benefits of accounts receivable management software and how automating accounts receivable can help you increase cash flow, reduce bad debt, and much more.
Benefits of Accounts Payable Management ServicesShanmuga Priya
Managing the accounts payable and receivable are key important for a healthy business. Outsourcing your accounts receivable management services can improve your company’s productivity and help you to get quick payment. Allsec is the leading company in India having the dedicated team to provide complete Account receivable management services.
Auditing A Practical Approach Canadian 2nd Edition Moroney Solutions ManualGalvinee
Full download : https://alibabadownload.com/product/auditing-a-practical-approach-canadian-2nd-edition-moroney-solutions-manual/ Auditing A Practical Approach Canadian 2nd Edition Moroney Solutions Manual
Migrate Your Payments Platform Without Disrupting Your BusinessSilicon Valley Bank
Switching to a more robust payment platform can deliver benefits including better approval ratios, enhanced reporting, quicker funding, global payment acceptance and improved security. We'll review five key questions to gain an understanding of platform transition steps and share a helpful checklist for creating a project plan.
Corruption is a form of dishonesty or criminal offense or undertaken by a person. The presentation is about CAG’s Regulations and Standing orders in relation to cases of Fraud and Corruption Prepared by Pramod Kumar Jain,
Faculty in RTI Jaipur for information of user
The Auditors Responsibilities Relating to Fraud in an Audit of Financial Stat...Dr. Soheli Ghose Banerjee
This presentation is an overview of SA 240 (R). Prepared with Prof. S. Sircar.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
Forecast Your Cashflow In 5 Steps (for CEOs, MDs and investors)Virtual FD
Cash is the life and blood of your business. So you should ensure you have visibility of it for (at least) the next 30 days. The alternative is to fly by the seat of your pants. Which is not recommended.
BITCOIN ENTHUSIASTS LAMENT: ‘I SHOULD HAVE BOUGHT MORE’Steven Rhyner
There were expressions of {how|exactly how|just how} the {boat|watercraft} {had|had actually} been {missed|missed out on} {terribly|awfully|extremely|horribly} when {clearly|plainly} the {opportunity|chance|possibility} {was there|existed}.
Benefits of Accounts Payable Management ServicesShanmuga Priya
Managing the accounts payable and receivable are key important for a healthy business. Outsourcing your accounts receivable management services can improve your company’s productivity and help you to get quick payment. Allsec is the leading company in India having the dedicated team to provide complete Account receivable management services.
Auditing A Practical Approach Canadian 2nd Edition Moroney Solutions ManualGalvinee
Full download : https://alibabadownload.com/product/auditing-a-practical-approach-canadian-2nd-edition-moroney-solutions-manual/ Auditing A Practical Approach Canadian 2nd Edition Moroney Solutions Manual
Migrate Your Payments Platform Without Disrupting Your BusinessSilicon Valley Bank
Switching to a more robust payment platform can deliver benefits including better approval ratios, enhanced reporting, quicker funding, global payment acceptance and improved security. We'll review five key questions to gain an understanding of platform transition steps and share a helpful checklist for creating a project plan.
Corruption is a form of dishonesty or criminal offense or undertaken by a person. The presentation is about CAG’s Regulations and Standing orders in relation to cases of Fraud and Corruption Prepared by Pramod Kumar Jain,
Faculty in RTI Jaipur for information of user
The Auditors Responsibilities Relating to Fraud in an Audit of Financial Stat...Dr. Soheli Ghose Banerjee
This presentation is an overview of SA 240 (R). Prepared with Prof. S. Sircar.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
Forecast Your Cashflow In 5 Steps (for CEOs, MDs and investors)Virtual FD
Cash is the life and blood of your business. So you should ensure you have visibility of it for (at least) the next 30 days. The alternative is to fly by the seat of your pants. Which is not recommended.
BITCOIN ENTHUSIASTS LAMENT: ‘I SHOULD HAVE BOUGHT MORE’Steven Rhyner
There were expressions of {how|exactly how|just how} the {boat|watercraft} {had|had actually} been {missed|missed out on} {terribly|awfully|extremely|horribly} when {clearly|plainly} the {opportunity|chance|possibility} {was there|existed}.
BITCOIN PRICE CAN REACH $1,000 BEFORE NEW YEAR, HITS $990 IN CHINASteven Rhyner
The {price|cost|rate} of Bitcoin in China {went past|passed by|transcended} $990 this {afternoon|mid-day}, as Chinese {investors|financiers|capitalists} {continued to|remained to|continuouslied} {push|press} high {volumes|quantities} in {local|regional|neighborhood} exchanges.
BITCOIN ON THE RISE IN INDIA: STEADY IN GROWTH, IMPOSSIBLE TO SHUT DOWNSteven Rhyner
Over the {past|previous} {few|couple of} months, {local|regional|neighborhood} Indian Bitcoin exchanges {including|consisting of} Unocoin {have|have actually} {shown|revealed} {enormous|huge|massive|substantial} {growth|development}, {primarily|mainly|mostly|largely} {due to|because of|as a result of} the demonetization of banknotes {and|as well as|and also} the {financial|monetary|economic} {crisis|dilemma|situation} which {subsequently|consequently|ultimately} {hit|struck} the Indian {economy|economic climate|economic situation}..
The top 10 ways you're limiting the potential of your email marketingBrian Riback
Recommendations from a veteran marketing technologist as to the ways you can improve deliverability, opens, clicks, and more, without breaking the bank. Learn simple ways to improve content, engagement, and 1:1 relevance, all of which can collectively help you achieve improved results from your email marketing efforts.
CashPerform has a unique offering that facilitates efficiency in the cash conversion cycle to recover cash from suppliers, customers and internal efficiences. This translates into Working Capital Optimisation
Embark on a transformative journey with our latest eBook, "Revolutionize Your Finances," your go-to guide for unlocking the full potential of Accounts Receivable Automation Software.
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Accounting Problems and Solutions
Businesses may experience accounting difficulties due to regulatory compliance issues and delays in using new software technology.
These accounting problems can result in huge fines and prison terms for regulatory non-compliance, inaccurate financial statements, fraud, and also security hazards.
Accounting is the process of documenting a business’s financial transactions where you can face Accounting Problems.
With the healthcare industry undergoing a regular change, it is extremely important for ASCs (Ambulatory
Surgical Centers) to conduct regular audits for reducing denials and maximizing compensation.
A business’s accounts payable should be properly documented, recorded, and organized as part of the accounting process is known as accounts payable administration. Even though it might seem like a routine procedure, businesses of all sizes depend on it greatly. One of the main bookkeeping challenges for small businesses is this procedure. Poor account payable administration can result in cash flow issues, late payments, and supplier conflicts, all of which can negatively impact your company’s bottom line. On the other hand, if done properly, making sure that bills are paid on time, lowering late payment costs, and keeping positive relationships with suppliers can help your firm save money.
Budgeting is a constant in any business environment. How do you ensure you're purchasing goods and services of sufficient quality to keep your manufacturing and internal operations growing while keeping costs in check? We're all accustomed to making purchase decisions in our daily lives, but the way businesses do it is a whole field.
Payment reversal is a fundamental concept in the world of commerce and financial transactions. It involves the cancellation of a previously authorized payment, resulting in the funds being returned to the cardholder. In this comprehensive blog post, we will delve into the intricacies of payment reversal, exploring its various types, implications for merchants, and effective strategies for managing and mitigating the associated risks. Additionally, we will examine related terms such as refund, chargeback, transaction pending, and their significance within the payment reversal landscape.
Dynamics 365 Calendar for Finance Industry to Overcome the Most Common Challe...AppJetty
Explore how Dynamics 365 Calendar empowers the finance industry to overcome common challenges. Enhance resource management, optimize scheduling, and drive efficiency in financial operations.
Is Your Billing Team Performing Optimally?Caryl Serbin
Your ambulatory surgery center (ASC) is well-positioned in the community. It has a good reputation, as do your providers. Your caseload is steady or perhaps growing. You have a happy, busy staff.
Your budget, however, is on track for expenditures but not projected income. Your investors are questioning why dividends are small or non-existent. Why is your center not achieving its financial potential?
To answer these questions, your center must take a deep dive into the workings of your ASC's billing process and determine how well these tasks are being performed. The potential for revenue-related problems and leaks is present in each area of the revenue cycle.
Learn how to take a deep dive into your processes to decide whether your billing team is performing optimally in this column by Caryl Serbin, RN, of Serbin Medical Billing, that appears in the May 2021 issue of ASC Focus magazine.
Most business owners fail to understand that, just as there is a human life cycle, there is also a business life cycle. It begins with the conceptual or idea stage, which progresses to the start-up period, followed by the growth phase, then the well-established maturing years,and finally the exit or retirement phase. most common mistake most business owners make is that they don’t plan far enough in advance for the exit phase.
Merchant payment collection through a credit card merchant account can present challenges, but with strategic planning and implementation of these tips, businesses can overcome obstacles and optimize their payment processes. Visit us at: https://webpays.com/credit-card-merchant-account.html
Explore the concept of Accounts Payable in this informative PDF. Understand its importance in business finance and learn key principles for effective management. Download now for valuable insights.
CEO Company Procedures Series
This nine-manual set is a comprehensive set of procedures and forms that address every function of an organization and are essential to establish strong controls and manage your core processes. You will get nine MS-Word procedure manuals as listed below. Written by experts in the field, you will receive easily editable Microsoft Word format templates you can customize to fit your specific needs and you will enjoy a bundle discount of 45% off the list price... The newly updated CEO Procedure Manuals Series includes over 6,500 pages of content. It contains 373 prewritten procedures, 581 corresponding forms, Example Job Descriptions, sample policy manuals, and more.
You can spend hundreds of hours writing company procedures and still not have the comprehensive best practices of policies and procedures to provide the business control that you need. Why start from scratch when you can get business policies and procedures in MS-Word format that are thoroughly researched and written by experienced business writers and reviewed by professional experts in their field?
1. Cash Application
How to Achieve Consistent, Accurate, and Timely Cash Application
By Bob Sefton, Financial Director, Nomacorc LLC
Accurate, timely cash application fosters good working capital management practices with a
resulting positive cash flow. If cash application is not carried out properly and consistently, the
consequences can be:
cash flow errors
problems with customer account balances;
internal workflow problems; and
excess administrative costs caused by repeated failed attempts to reconcile cash and
accounts receivable balances.
Ultimately, if left uncorrected, these issues could result in poor cash flow, deteriorating customer
relations, and loss of business.
Dealing with Common Cash Application Challenges
Common cash application errors include delays in processing cash payments, posting cash
payments to the wrong customer accounts, and posting the wrong amounts. All of these errors
could lead to cash reconciliation problems and cause inaccuracies in financial statement
reporting. In the worst-case scenario, cash application “errors” could also be symptoms of
internal fraud resulting from poor internal controls in AR.
AR managers need to be aware of the things that can commonly go wrong in cash application
and take steps to avoid these issues.
For example, discrepancies typically occur when customers short-pay an invoice due to non-
receipt of all goods ordered or when there is a dispute about pricing, sales taxes, or service fees.
Another common situation occurs when customers pay the wrong amount or take unauthorized
deductions (unearned discounts) when they dispute a situation related to their business
transactions. In addition, it is common to have differences for sales taxes charged on an invoice
where the customer believes that he or she has a special exemption from sales tax for certain
items.
In other cases, customers pay the wrong invoice or neglect to define which invoices they are
paying. For each of these situations, AR should follow specific protocols that include approval
for exceptions based on deviations in value.
Keeping Good Records
It is critical for the AR manager to keep good records, track errors, analyze trend reports on the
numbers of errors detected in cash application, and troubleshoot the reasons for reoccurring
errors.
Certain errors may be common to a particular customer. This could indicate some systemic
problem with the customer or issues within internal departments (such as sales). The systemic
2. problem can then be evaluated to determine the root cause analysis which can ultimately lead to
improvements and cost reductions.
AR managers must also assess whether cash application problems are centered on specific
employees within accounts receivable. An AR employee may:
require additional training;
have performance issues or, in the worst-case scenario;
be perpetrating acts of fraud.
One can't be too careful in overseeing cash applications, since stealing cash can be a huge
problem for those companies that have internal control weaknesses.
Avoiding Cash Application Woes
It is highly recommended that organizations implement an effective cash application process that
includes the following steps and controls:
1. Develop clear, written policies and procedures for cash applications.
2. Post cash receipts to a cash journal within one business day and promptly deposit into
controlled bank accounts.
3. Enforce separation of duties among the people who handle the cash receipts and those
who create invoices and influence billing decisions.
4. Reconcile immediately any discrepancies between cash received and supporting
documents such as invoice numbers, cash shortages to invoice amounts, and cash
overages. Also reconcile discrepancies that may be communicated via the customer.
5. Train and cross-train accounts receivable employees to ensure the proper handling of all
cash application activities.
6. Institute and track metrics and key performance indicators (KPIs) for daily cash trends
and AR balances.
Training AR Employees in Cash Application
A good, comprehensive training program is another key to eliminating cash application
problems–particularly those that are due to human error and not fraud. Here are some things to
keep in mind in regard to training:
First, have cash application policies and procedures in place and clearly documented.
These policies and procedures need to define the work flow, provide clear steps in the
process, explain methods of operation, and set standards of performance.
Include in this training a description of the organization's overall expectations, an
overview of company culture, admonitions against fraud, and a description of actions that
will be taken if fraud is determined.
3. Assign each AR employee working in cash application a mentor to ensure the trainee’s
complete understanding.
Explain achievement expectations within first 30 days, 60 days, and 90 days.
Hold regular follow-up meetings with trainees to apprise them of their progress and offer
corrections and coaching.
Provide instructions on what to do as situational deviations arise.
Explain to trainees why separation of duties is an important control in accounts
receivable and assign trainees accordingly. Periodically rotate tasks and account
assignments to ensure cross training. (Job rotation can also serve as a good control for
detecting fraud; employees may spot suspicious discrepancies left by their coworkers.)
Assess skills after training and, if appropriate, assign specialists who only handle
deviations and others who only receive cash.
Ways to Secure and Expedite Cash Application
There are technologies and software solutions available to secure as well as facilitate/speed up
the cash application process. Some recommendations include the following:
Set up lockbox of cash receipts with your organization’s bank so customer payments are
deposited into a secure account immediately. Some companies use lockboxes to
remediate cash application errors. In this scenario, funds are sent directly to the bank. The
bank sets up auto deposit and relays documentation back to the organization. The cash is
applied to the organization’s bank accounts.
Accept third-party payment systems such as credit cards or PayPal.
Allow for electronic deposit of wires or ACH payments.
Integrate internal automation systems to ensure smooth data flow regarding payments and
cash applications and provide for full-circle reporting of this data flow.
Implement automation systems that are capable of providing for redundant checks and
balances with designated approval protocols, and with the capability to interact with
third-party lockboxes or credit card systems.
Stay on Top of Danger Signals
Even with a full array of safeguards, the cash application process can still go awry. AR managers
need to remain ever vigilant of the danger signals.
AR mangers must audit all cash application systems daily and set up system flags that identify
off-standard situations and trends. Warning signs include the following:
Abnormal increases in customer days outstanding;
Increases in customer complaints about account errors; and
High numbers of deviations that are occurring based on trends.
Also, AR managers should be on the lookout for employees who do not take vacation, which
could be symptom of fraud concealment, as well as watch for trends showing a decrease in cash
collections. Finally, AR managers must review financial records of invoicing totals versus cash
collections total by customer on a regular basis to pinpoint potentially fraudulent discrepancies.
4. Editor’s Note: Nomacorc LLC (Zebulon, NC), is a leading global supplier of synthetic closures.
Bob Sefton has a broad range of financial management experience, including multi-plant
controllership and consulting in domestic and international manufacturing and service
organizations at both corporate and division levels in industries including automotive,
pharmaceutical, chemical, high-tech, food and beverage, and consumer products.