Keeping an eye on all the amounts that come in and are expected to come into your cash register allows you to make predictions about receipts, as well as helping you make decisions . However, this is only possible with a well-structured accounts receivable process .
If you also always get lost with so much data and information, check out this post to see how accounts receivable is an essential management for a company.
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What is accounts receivable control?
Accounts receivable is a team spain whatsapp number data for controlling everything the company has to receive from its customers. Basically, it is a receivables control subsystem that is part of a larger system, the financial system.
Business success is based on good resource management. Understanding the cycles that occur within a business is essential to identify the amounts that will still come into the cash flow—and that can be used for expected expenses.
This makes it possible to organize payments without leaving the company without working capital .
How to control accounts receivable?
Understanding internal processes is 7 hurdles that prevent you from writing well for business success. This requires analysis and studies. Therefore, to structure a secure accounts receivable control system with reliable information , it is necessary to follow some steps. See the main ones.
1. Record all accounts receivable
The first step is to have your cash flow up to sms to data and organized . This is because you will need to separate expenses, income , installment payments and those paid in cash. Furthermore, with this organization, you will know where the company’s money comes from and where it goes .
Your control of receipts should begin with constant and updated records of all accounts and amounts that are due to enter your cash register . This is a basic practice for your financial management and for any type of planning.
To do this, have a digitalized control – to avoid losing your information – and record, mainly:
- Installment sales ;
- Scheduled sales;
- Sales that are overdue.
This record should be made daily or whenever a non-cash sale is made . If you leave it to do at other times or only once a week, for example, you will certainly lose values and information along the way.
2. Separate by type of receipt
Categorizing your bills is a great way to organize everything you need to receive. What has already, and what is overdue . This way, you can better visualize the status of your bills and predict the cash situation.
So, after registering your receipt control, classify the type of account, detailing the customer. The amount and how it will be received . In addition to making it easier to identify, this way you will be able to start your collection process in a timely manner .
For example, specify whether the amount will be paid by Pix , credit card or bank slip, specify the product or service purchased and the agreed payment date.
This information is important for your payment planning , since Pix receivables enter your account immediately, while boletos are cleared within 3 business days. Credit cards, on the other hand, allow you to receive your payment within 30 days (if you do not request advance payment of receivables.