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ESSENTIALS of Credit, Collections, and Accounts Receivable
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Credit is part science, part art, and part gut-feel. The trick is to get the right mix.While there is no one absolute right way to handle the credit, collections, and accounts receivable functions, there are
a few that are totally and irrefutably wrong. It is the mission of this book to identify both for the reader.
For the last eight plus years, I have been lucky enough to spend my days talking to credit professionals and writing about their successes and achievements, their trials and tribulations, and occasionally their catas- trophes as a newsletter editor for IOMA’s Report on Managing Credit Receivables and Collections. Much of what they have told me is reflect- ed in this book. Thus, the suggestions and recommendations are not pie-in-the-sky advice but rather practical guidance based on real life accomplishments and failures.
Before reviewing what is covered in the book, I’d like to point out that there are many ways these functions can be handled. Often what works at one company will not at the next. This can be because the second company doesn’t have the technology of the first, and because the corporate culture is very different or can be simply due to differing industry requirements. Thus, many of the topics in the Tips & Techniques will cover a variety of approaches—some applicable to more sophisticated companies and some to the less advanced.
The book starts with a look at approving credit.This should be the first step for companies before they begin a relationship with a new customer —although as many reading this are only too well aware, it occasionally occurs after the fact, after the salesperson has taken the order. Chapter 1 begins with an explanation of why business credit is so important, verifies that a business does exist, and examines financial statements in detail. The chapter takes a look at the way companies evaluate credit, the information many require on their credit applications, and the references many require. Ratio analysis, how companies evaluate new customers, and what documentation should be in the credit file are also examined.
Mary S. Schaeffer - Personal Name
1st Edtion
0-471-22074-4
NONE
ESSENTIALS of Credit, Collections, and Accounts Receivable
Management
English
John Wiley & Sons, Inc.
2002
Canada
1-261
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