Best Practices for Getting Paid Faster (Completed)
Date: Wednesday, September 25, 2019
Instructor: Mary Schaeffer
||9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
||2 hours for CPAs
Older receivables are harder to collect and more likely to become uncollectible. That’s just one of the many reasons why it is imperative for every organization to collect its receivables as quickly as possible. In this session, we’ll take a look at steps every company can take to ensure its receivables are collected as quickly as feasibly possible. Your actions often have a direct impact on how quickly you get paid. So, don’t shoot yourself in the foot by doing things that will delay your payments.
Then we’ll turn our attention to mistakes made by companies that result in slower payments. This happens far more frequently than most professionals appreciate. We’re talking about simple errors commonly made by companies who don’t even realize they are slowing their own payments. The 25 recommendations in this part of the talk are based on information provided by accounts payable professionals. They share widespread blunders made every day by many of their suppliers. Many professionals think, “oh, we would never do anything that stupid,” but the evidence shows otherwise. The steps needed to correct these errors are pretty simple. But first you have to realize you are making them.
Who Should Attend
Accounts receivable managers, directors, supervisors and professionals; Billing managers, directors, supervisors and professionals; Credit managers, directors, supervisors and professionals; Collection managers, directors, supervisors and professionals; Accountants, controllers, assistant controllers, accountants, accounting managers.
- Best practices to ensure faster payments
- Mistakes your team may be making which slows payments
- Improve your billing practices to speed payments
- Eliminate practices that slow payments
- Improve your company's cash flow
- Ensure your invoices contain all required information
- Pinpoint bottlenecks that prevent invoices being delivered in a timely manner
- Recognize and apply the steps to ensure faster payments
- Identify mistakes your team may be making which slows payment to you
NASBA Field of Study
Accounting (2 hours)