Question

What are the objectives of managing receivables?

Answer 1

collecting customer accounts as efficiently and effectively as possible.

This means:

(a) Setting up and monitoring customer accounts

(b) Following up to ensure payments are received from customers

(c) Reconciling payments in accounting systems

(d) Everything in between (such as sending statements, monitoring payment plans, reporting, and credit applications, credit checks and debt collection activities).

We recommend using an end to end “accounts receivable management system” - that automates processes and integrates with various systems (such as accounting systems, SMS, credit monitoring providers)