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Best Practice Financial Processes: Accounts Receivable
Account Receivable - Best Practice Objectives
Accounts Receivable - Best Practice Features
Accounts Receivable - Best Practice Features
Accounts Receivable - Trends
Accounts Receivable - Measures/Cost Drivers
Billing - Measures/Cost Drivers
Accounts Receivable - Level 0 Context Diagram
Accounts Receivable - Level 1 Overview
Accounts Receivable Notes Maintain customer data
Best Practice Features
Send bill to one address only. Where a customer is provided with goods or services at a number of locations, the consolidation in the billing process not only reduces the number of bills to be verified or created but also decreases the potential need to reconcile a number of receivables on individual accounts.
Centralise the customer set-up process in order to ensure consistency.
Internal control requirements
In order to minimise the risk of duplication of the data and the unauthorised set-up of customers, the process should be centrally controlled and operated.
Before any customer is deleted from the system, evidence should be produced that the customer has been inactive for the appropriate period of time and no outstanding balances are present. Approval for deletion is obtained by management authority signature.
The changes to customers report is regularly checked and monitored.
System notification of duplicate business and birth registration numbers.
Accounts Receivable Notes Maintain customer data
Cost Drivers
Number of customers
Number of new customers
Number of customer changes
Number of required customer standing data fields
Possibility of sharing standing database
Overlap between databases
Search criteria and standardisation to avoid duplication/redundancy
Key Performance Indicators
Number of changes and additions carried out in a year per FTE
Number of customers in op. database without transactions for 1 year
Percentage of changes and additions of total customer base


Accounts Receivable Notes Manage Receivables
Best Practice Features
Aged debit balances should be reviewed by management on a regular basis and explanations sought as to why debts have failed to be recovered.
Overdue debit balances occur as a result a number of factors of sub-optimal performances within the sales department or within the credit control process or AR - info not recorded from bank quickly enough and therefore not processed quickly enough or timing of invoice issue. The root causes need to be addressed and rectified by altering the creditability status of the customer.
Automatic flagging and reporting of high risk accounts.
Materiality and time limits.
Internal control requirements
It is essential that debit balances are reviewed regularly and matched with payments promptly in order to avoid the risk of fraud and minimise the chances of bad debt.
Computer diary of actions taken.
Stops placed on overdue customers.
Aged debtor report sent to legal department and functional managers.
Accounts Receivable Notes Manage receivables (Cont…)
Cost Drivers
Number of overdue open items.
Number of steps in the dunning procedure.
Quality and timing of the matching process of receipts.
Availability of dunning enforcement measures.
Tolerance criteria.
Payment terms and conditions policy.
Key Performance indicators
Days outstanding as a percentage of average payment term.
Value of overdue invoices as a percentage of outstanding balances.
Bad Debt Provision as a per
centage of outstanding balances.
Process cost/customer payment received.
Number of dunning letters as % of total invoices.
Write off value as % of (sundry) sales revenue.
Accounts Receivable Notes Process receipts and direct debits
Best practice features
Use of an electronic interface between bank, cashiers and AR treasury
Automatic matching of receipts by value and invoice number
Internal control requirements
Interface control total with bank and cashiers, daily
Regular supervisory review of open and unmatched items
Documentation of all overdue open items and unmatched receipts

Accounts Receivable Notes Process receipts and direct debits
Cost Drivers
No. of Receipts for more than one transaction
Percentage of downpayments
Quality of payment information
Number of unmatched payments
Number of foreign currency receipts and exchange rate differences
Tolerance payment differences
Number of criteria for automatic matching
Key Performance Indicators
Monthly and cumulative tolerance difference amounts
Percentage of receipts cleared automatically in month
Number of manually matched receipts per FTE
Number of unmatched receipts older than 1 month


Accounts Receivable Notes Process amendments
Best Practice Features
Single contact point for all queries. Although the query processing can be distributed there are obvious inefficiencies in directing enquiries to a number of contact points.
Have access to sufficient data to be able to handle the majority of queries on-line. In this context, the use of image processing allows invoices to be called up on screen quickly and, if necessary, automatically copied to the enquirer through the medium of autofax.
Internal control requirements
In order to operate an effective helpdesk, staff will require to have access to most parts of the accounts receivable system. This should be on a ‘read only’ basis in order to minimise the potential for fraud taking place.
Targets set for time to answer queries.
Accounts Receivable Notes Process amendments
Cost Drivers
Number and variety of queries received.
Availability and flexibility of standard screens.
Complexity of database for tailor-made queries.
Response times of enquiry systems.
User-friendliness of enquiry systems.
Key Performance Indicators
Average time taken to process queries.
Percentage of queries answered within targeted time.


Accounts Receivable Notes Process period end
Best Practice Features
Automatic process requiring minimum or no manual intervention. This is a standard feature of modern Accounts Receivable packages and the only possible problem area could be with the nature of the interface with the general ledger package.
Internal control requirements
The basic requirement is to ensure that the data transmitted to the general ledger is complete and on time.
There is a requirement to ensure that the information recorded in the general ledger agrees with the output from accounts receivable.
A reconciliation should be carried out between debtor balances on GL compared with AR.
Check VAT exception report to pick up any late VAT postings.
Cost Drivers
Volume of monthly period end reports.
Quality of day to day controls.
Key Performance Indicators
Percentage of period end closures within target.
Average number of days to produce monthly information.

最佳实践的金融过程:应收帐款(ppt)