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. We’ll also discuss the move to electronic payments and why every organization should be creating a process to accept funds via ACH.
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.
Publication Date: August 2022
Designed For
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.
Topics Covered
- Introduction
- COVID-Related Issues
- Best Operational Practices
- What's a Large Invoice?
- Best Invoicing Practices
- What Else
- Poor Practice
- Concluding Thoughts
Learning Objectives
- Recognize and apply best practices to ensure faster payments
- Describe how to address the COVID-related payment issues
- Identify mistakes your team may be making that slow payments to you
- Recognize how to improve your billing practices to speed payments
- Identify how to eliminate practices that slow payments
- Recognize how to improve your company's cash flow
- Describe how to ensure your invoices contain all required information
- Recognize how to pinpoint bottlenecks that prevent invoices being delivered in a timely manner
- Describe the two different categories of why customers aren't paying
- Identify when you should talk about payment terms
- Identify a last resort move
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Mary Schaeffer
Mary Schaeffer, founder of AP Now, is a nationally recognized accounts payable and payments expert. She is the author of 20 business books, including 127 Best Practices for Accounts Payable, the host of the AP Now podcast and YouTube channel and recipient of the 2021 Accounts Payable Association’s Wellbeing for Others Award.
Before starting AP Now, a B2B media firm focused on sharing the latest business intelligence on the accounts payable and payment functions, she worked in the corporate trenches of several large finance and treasury departments. She was a Corporate Cash Manager at Continental Grain, a Financial Risk Manager at O&Y, and an Assistant Treasurer at Equitable Life (now part of AXA). She also held the position of Executive Editor for several business publications. Ms. Schaeffer has a BS in Mathematics from York College (CUNY) and an MBA in Finance from New York University.