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Effective Ways to Manage Account Receivables

Jan 25, 2020
3 Minutes

Receivables are one type of asset in a company. It arises because of the products or services’ sale based on credit. In other words, receivables represent debts from other parties in the form of money resulting from the purchase of products/services that they make on credit.

Receivables have a due date. The value of a due date is an expense that must be paid due to late payment. If the length is not paid, the value of account receivables will increase. You will need to control accounts receivables by filtering customers, determining credit risk, determining returns, setting several conditions in dealing with delinquents, and carrying out administration related to credit withdrawal.

Credit policy can be applied strictly by shortening the due date period. If the previous time is 30 days for all consumers, then to prevent uncollectible accounts, you can shorten the payment term for 3 weeks or 2 weeks. Moreover, perhaps you can make a policy serving purchases only in cash.

The application of accounts receivable management and how to deal with receivables are indeed effective for overcoming your problem. However, you also have to See and take into account other influencing factors. This is because the accounts receivable policy will affect sales, which will also affect the company's revenue and profit. Also, use the Payment API from PermataBank to schedule payments from consumers on time. It doesn’t need a large investment cost because it only requires an internet network. The business has become easier and business cash flow has become smoother.

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Account receivable management cycle for converting billing into cash

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