In addition to possessing good attention to detail, an accounts receivable manager should also be highly organized and structured.
Billing and Reporting
AR managers should be trained in external and internal reporting. External reporting is made up of invoices and statements that facilitate repayment by informing customers of their outstanding account balances.
There’s an internal report called “accounts receivable aging” which breaks down outstanding balances by how long they’ve been delinquent. For example, one customer on the report might have one balance that’s 31 to 60 days past due and another balance that’s 61 to 90 days past due. The aging report helps the AR manager select accounts for collection, or for factoring AR turnover.
Payment Processing
Your accounts receivables staff needs to post customer payments in a timely manner so that your company can accurately keep a record of outstanding balances. Training in this area will help the AR manager perform account reconciliation and financial reporting, as well as enable them to cover for a staff member who may be out of the office.
The Jayaram Law routinely and successfully assists its clients in their business-to-business (b2b) collection needs. We take pride in obtaining payment on accounts receivables without fracturing critical business relationships or engaging in time-consuming and costly litigation efforts.
If you need business debt collection services conducted in a professional manner, contact our B2B (business-to-business) debt collection law firm by calling 312.454.2859 or visiting www.jayaramlaw.com.