Chapter 4: Establishing Good Billing Practices to Avoid Collection Headaches
From the book Credit and Collections Kit for Dummies
Pictures used are sourced through google and freepik
How a Financial Controller can keep your business on track and help it grow.EFM Financial Management
Read how a qualified financial controller can help plan for growth and pre-empt future challenges. They provide financial leadership and have four main areas of responsibility - accounting, internal controls, financial planning and financial analysis. Outsourcing this function offers flexibility with less financial and employment risk.
12 steps to achieve excellence in debt collection and recoveryEXUS
The challenges Collection & Recovery departments face nowadays have forced them to become more inventive and efficient.
The 12 steps to achieve excellence in C&R embed business knowledge that EXUS has accumulated all these years through the cooperation with field experts.
Go through this presentation and evaluate how these “best practices” employed by top financial institutions in the world can be adopted by your organisation.
Check out this slideshare to learn essential steps for faster invoice collection, B2B accounts receivable best practices, and the benefits of accounts receivable management automation. Learn even more at www.anytimecollect.com
How a Financial Controller can keep your business on track and help it grow.EFM Financial Management
Read how a qualified financial controller can help plan for growth and pre-empt future challenges. They provide financial leadership and have four main areas of responsibility - accounting, internal controls, financial planning and financial analysis. Outsourcing this function offers flexibility with less financial and employment risk.
12 steps to achieve excellence in debt collection and recoveryEXUS
The challenges Collection & Recovery departments face nowadays have forced them to become more inventive and efficient.
The 12 steps to achieve excellence in C&R embed business knowledge that EXUS has accumulated all these years through the cooperation with field experts.
Go through this presentation and evaluate how these “best practices” employed by top financial institutions in the world can be adopted by your organisation.
Check out this slideshare to learn essential steps for faster invoice collection, B2B accounts receivable best practices, and the benefits of accounts receivable management automation. Learn even more at www.anytimecollect.com
How reducing customer effort raising & resolving a complaint can drive custom...Scott Davidson
How The Research Locker uses Customer Effort Score as a key metric to help clients understand where service improvements can be made within their complaints operations and, as a consequence, better retain complainants and engender customer loyalty.
A quick slideshow to enforce some of the basics of giving good customer service in a call center. I made a few modifications to it so I hope this one is better liked. :)
Lecture 23 expenditure cycle part ii -fixed assets accounting information sy...Habib Ullah Qamar
Fixed Asset System, what is logic of Fixed Asset System, we started with Asset acquisition, details of asset maintenance and then how an asset disposal is handled. in the end we describe the controls.
A typical concern in government agencies: the status of funds. In a standardized government accounting system, most managers are not well versed in fund management. Some agencies resort to packaged accounting system or a customized suit of application. Given these options, the perennial issue is: how effective and how efficient? The other issue is the cost. It is not an understatement to say that most, if not all, government agencies are equipped with the simple spreadsheet, the more common is the Excel. With simple worksheet formatting with the use of standard accounting codes, simple task assignment and coordinated schedules of update and transmission, the Excel offers the least cost, yet effective and efficient method of reporting fund status for the provincial, regional, central and national levels.
This is the objective of “Simple Excel in Fund Monitoring”, to facilitate the monitoring of fund status, particularly disbursements. It is significantly accurate because of its transaction-based data capture, right from the disbursement voucher as it is being processed.
Unsatisfied customers will tell between 9 and 15 people about their experience. About 13% of unsatisfied customers tell more than 20 people. This is the reason why you have to be responsible and deal with all customers when they have something to say.
Here are top 10 ways of how to do that.
How reducing customer effort raising & resolving a complaint can drive custom...Scott Davidson
How The Research Locker uses Customer Effort Score as a key metric to help clients understand where service improvements can be made within their complaints operations and, as a consequence, better retain complainants and engender customer loyalty.
A quick slideshow to enforce some of the basics of giving good customer service in a call center. I made a few modifications to it so I hope this one is better liked. :)
Lecture 23 expenditure cycle part ii -fixed assets accounting information sy...Habib Ullah Qamar
Fixed Asset System, what is logic of Fixed Asset System, we started with Asset acquisition, details of asset maintenance and then how an asset disposal is handled. in the end we describe the controls.
A typical concern in government agencies: the status of funds. In a standardized government accounting system, most managers are not well versed in fund management. Some agencies resort to packaged accounting system or a customized suit of application. Given these options, the perennial issue is: how effective and how efficient? The other issue is the cost. It is not an understatement to say that most, if not all, government agencies are equipped with the simple spreadsheet, the more common is the Excel. With simple worksheet formatting with the use of standard accounting codes, simple task assignment and coordinated schedules of update and transmission, the Excel offers the least cost, yet effective and efficient method of reporting fund status for the provincial, regional, central and national levels.
This is the objective of “Simple Excel in Fund Monitoring”, to facilitate the monitoring of fund status, particularly disbursements. It is significantly accurate because of its transaction-based data capture, right from the disbursement voucher as it is being processed.
Unsatisfied customers will tell between 9 and 15 people about their experience. About 13% of unsatisfied customers tell more than 20 people. This is the reason why you have to be responsible and deal with all customers when they have something to say.
Here are top 10 ways of how to do that.
Hear from Lyle Wallis from the Credit Research Foundation as he leads a panel of senior level Credit/Collection managers as they discuss steps they have taken to improve their billing process.
Panel Includes:
Brian Good, Director of Customer Relations, Cobra PUMA Golf
Ray Sims, Director of National Credit, Roofing Supply Group
Mitch Rose, VP of Billing Strategy, Billtrust
ReadySetPresent (Customer Service PowerPoint Presentation Content): 100+ PowerPoint presentation content slides. Knowing what your customer wants and needs is the number one factor to excellent customer service. Only by improving one’s customer service can your business develop. Customer Service PowerPoint Presentation Content slides include topics such as: understanding the basics of effective customer service, knowing customer wants and expectations, the 4 steps to super service, 10+ slides on what to say and addressing excuses, 10+ slides on implementing a program and examining behaviors, 7 practical steps to customer service, 30 slides on performance standards and quality, looking to the future, Q& A’s, 5 slides on increasing customer satisfaction, the top ten customer complaints, the five most common customer requests, 4 steps to super service, how to's and more!
Part of the induction course for students undertaking diploma and degree in environmental lab science, public health, Analytical Chemistry, Applied Biology, Medical Lab Sciences and Food Technology.
12 CRITICAL SLIDES Title slide your company’s name, a sho.docxhyacinthshackley2629
12 CRITICAL SLIDES
Title slide: your company’s name, a short company description, name of presenter(s) if presenting in person.
Your elevator pitch: a succinct description of your products or services, market, and competitive advantages. Use
vibrant language, and if possible, embed audio or video to demonstrate your product or service.
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Size of opportunity: this is what investors — VCs even more so than angels — want to know. To what size can
your company potentially grow and what are your plans for future development?
Your specific target customers: who they are and the customer needs that your product or service will meet.
The market size: numbers and dollars, past growth, growth forecasts.
Page 2 of 5
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The competition: division of market share, how your product compares to theirs, your value proposition in
comparison to the competition’s, and barriers to entry.
Your team: who they are, their past successes and experience, and why they are qualified to do the job.
The business model: how you will distribute your product, pricing strategies, how you will reach your customers.
Page 3 of 5
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Milestones: a time line that outlines when you expect to reach key achievements.
Financials: a brief summary of key points from your income statement, balance sheet, and/or cash flow
projections.
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Funding: how much you are asking for in this round, how many future rounds are expected, how much you will
request during those rounds, and how the funds will be used.
The investment opportunity: potential exit strategies and financial return for investors.
Page 5 of 5
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Accounts Payable/Accounts Receivable
Special Project
Policies and Procedures for Ensuring the 3-Way Match Occurs before Paying Invoice
This Special Project is worth 100 points and is due no later than June 8th, the date of the final exam. This is not a group project. Each student is required to prepare individual responses. A deduction of 20 points will be made for evidence of joint preparation. Late assignments will be given no points.
I would expect responses to vary in length but do not anticipate anything less than 3 pages.
Instructions:
Now that you are somewhat familiar with the payables function in QuickBooks, you no doubt realize that the software does not include a feature that ensures a three-way match is made/has been made prior to paying an invoice. It is largely a manual process.
You first job as the newly appointed head of the Accounts Payable departm.
Accounts Payable/Accounts Receivable
Special Project
Policies and Procedures for Ensuring the 3-Way Match Occurs before Paying Invoice
This Special Project is worth 100 points and is due no later than June 7th, the date of the final exam. This is not a group project. Each student is required to prepare individual responses. A deduction of 20 points will be made for evidence of joint preparation. Late assignments will be given no points.
I would expect responses to vary in length but do not anticipate anything less than 3 pages.
Instructions:
Now that you are somewhat familiar with the payables function in QuickBooks, you no doubt realize that the software does not include a feature that ensures a three-way match is made/has been made prior to paying an invoice. It is largely a manual process.
You first job as the newly appointed head of the Accounts Payable department is to devise an internal process (i.e. “desk procedures”) to ensure that invoices are not paid unless and until a three-way match happens. You have access to company purchase orders and the shipping/receiving department forwards you the packing slips with the quantities verified (or discrepancy reports when the received quantities do not agree with purchase order quantities). Choose a company that you want.
The policies and procedures should be drafted as follows:
Responsibilities
The Controller/Chief Accountant is responsible for …..
The Head of Accounts Payable (you) is responsible for …..
Accounts Payable Personnel are responsible for ….
Shipping and Receiving is responsible for ….
Purchasing Department is responsible for ….
Procedures (Procedures usually follow the process flow)
1. The Purchasing Department will ensure that copies of all executed purchase orders are entered into the “Vendors/Create Purchase Orders” section of QuickBooks within two working days from date of execution. Purchase order information will contain, at a minimum,
a. Inventory item number and description
b. Unit price
c. Expected ship date
d. Terms of the sales
e. All agreed to additive costs including freight-in, handling, sales tax, etc.
f. The buyer name and phone number
g. The seller contact name, phone number, and email.
2. The Shipping/Receiving Department will ….
3. Etc etc
Here is just an example, yours should not be totally the same. For the exactly similar one I will not grade you.
Accounting 215 – Accounts Receivable/Accounts Payable – Spring 14 2
Page 1 of 4
AP-101
Processing Payments
Prepared By: Accounts Payable
Approved By: Brian Laffey
Effective Date: 10/31/2011
Purpose
• Safeguard the university’s assets by preventing duplicate payments;
• Manage negotiated pricing arrangements
• Process payments in a timely manner to take advantage of earned discounts;
• Comply with escheat laws
• Manage the university’s operating cash for maximum benefit.
Policy
Accounts Payable has the sole authority to process payments using the IIT Banner System except for .
Accounts Payable is the liabilities that a company bears for a short period of time. There are numerous advantages of automation within organizations- especially when it comes to processes involving accounts payable programs. For more information, visit https://www.mastersindia.co/
Find out the difference between invoice and credit memoInvoicera Tondon
Some daily business terms and type of transactions include common terminologies that might get a little confusing and bounce over your head. Here you can know the difference between Invoice and a Credit Memo.
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What is an invoice definition, meaning and more SalesBabuCRM
An invoice is a commercial document that itemizes and records the transaction of products or services between the seller and the buyer. An invoice is known as a professional way of asking for money. If the goods or services were purchased on credit, the invoice specifies the terms of the deal and provides the information on the available payment.
In a bill discounting facility, a business leverages its invoices with a third-party – generally, a financial institution – to avail cash advance at a discounted rate.
4 debt collection activities we performDebt Nirvana
Debt collection is the process of collecting money from those who have not paid for products, services, or other items received. A debt collection agency collects money owing on past-due debts. Many firms that owe money to creditors use debt collectors.
Order to Cash Overview slides can be used for high level training for O2C Or Accounts Receivable department in any organization. Anyone can use it as standard template and make necessary changes for their use. This is not just for providing designed slides, I've included desired sample data which ideally should be a part of O2C Function overview & training deck. I believe design is just to make it look nice, important aspect is which relevant information/data to be included based on the topic.
If you like it, I would be happy to help you in further topics as these are readily available with me. In case it seems interested to you, do not forget to Like It and comment with your suggestion for improvisation.
Thanks
Koushik Bagchi
ikoushik@gmail.com
Billed for Merchandise You Never Received? Here's What to Do- Mark - Fullbright
All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
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Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
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On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
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The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
4. a) Billing practices are part of your customer relationships from the
time they fill out their credit application.
b) Good billing practices help you avoid conflict, avoid and overcome
customer arguments, and collect delinquent accounts.
Consistency translates into dependability. If a customer disputes a bill,
your customer will become defensive (or perhaps offensive). When an
account is past due and frustration starts mounting, it’s human nature for
your customer to go on the attack. If you create the opportunity, your
customer will complain that she “always has problems with your billing
system” or that she “never understands” what she’s being billed for.
5. The customer’s name
How long that customer has been with you
Optionally, a contact name and phone number
for the customer
Seven columns for the total amount the
customer owes you:
The grand total the customer owes you
The portion that’s current (within selling
terms)
The portion that’s 1 to 30 days past due
The portion that’s 31 to 60 days past due
The portion that’s 61 to 90 days past due
The portion that’s 91 to 120 days past due
The portion that’s more than 120 days past due
6.
7. • Charging interest on delinquent accounts, can help
prompt your customer to want to pay your bills
before interest starts to accrue.
• You should disclose interest charges in your
purchase contracts or credit applications.
8.
9. Use a credit application so your customer agrees to basic
terms up front (see Chapter 3).
Obtain a purchase order number or form from
your customer so your customer can’t refute at a later point and
time that he ordered the goods or services from your company.
Invoice promptly to reinforce that your customer ordered the
goods, you shipped them, and you expect payment for them.
10. Keep copies of delivery documents, if applicable, so you
can show that the ordered items were delivered.
Document changes to amounts due. Track any
adjustments to the amount your customer owes with credit and debit
memos.
Use change orders to document your customer’s authorization
for any modification of its orders.
Send a statement of account as a monthly reminder to your
customer that it owes you money.
11. Purchase orders: Proving the order was placed
A purchase order (PO) documents that your customer ordered your
product or service.
Invoices: Obtaining payment through effective
invoicing. Your invoice is the bill for the products or services
rendered by your company to your customer.
Delivery receipts: Establishing proof the
product was received. Delivery receipts are provided by
carriers such as trucking companies that deliver your goods to your
customers.
12. Credit and debit memos: Documenting changes
in the balance owed
Change orders: Putting modification of the
agreement in writing. Change orders are important to
document price increases, changes in materials, services, or other
changes affecting price, and the balance due from the customer.
Statements of account: Sending monthly
statements as a regular reminder to pay. Whether
your customer’s account includes only one invoice or hundreds of
invoices for the current billing cycle, the next document forwarded to
your customer as a reminder for payment should be a summary
statement of account.
13. • Credit memo - is
issued by you to
document products or
services that you
provided to your
customer but that
were not received or
were rejected or
returned.
• Debit memo – is
typically issued when
the customer fails to
pay an invoice or pays
less than the entire
amount that is due.
14.
15. Creating an effective billing system
Maintaining precise records
Making sure your forms don’t conflict with each other
Keep key records, like customer checks
Sidestepping billing discrepancies by
putting everything in writing
16. If the customer has been turned over for
collection, the collection agencies make
demands for payment using their own
letters to pay the debt.
If a debtor files for bankruptcy and the
debt is being handled by the
bankruptcy court, you may be in
violation of the bankruptcy law if
you still send bills and notices to
the debtor.