There are a lot of different terms in the accounting profession that are very unique. You would not find this type of language outside of business and accounting, which means it can become very confusing for someone who may not be as familiar to it. Most business technology currently uses these very niche terms to label what their products can do and what features they hold. If you’re looking to improve your accounts receivable practices or are looking to add an accounts receivable software to your business, be sure to understand these key accounting terms.To find out more, in-depth education on the term, follow the links.
Receivables Document Management was introduced as a way to improve the collections process. Instead of simply capturing images of documents to store away, receivables document management is being used as a way to send documents to customers and speed up the collections process.
Days Sales Outstanding (DSO) is a widely used method to help evaluate how effective a company is at collecting receivables. This metric is used to measure the average number of days it takes a company to collect what is owed to them after a sale has been completed.
An accounts receivable aging report keeps track of all your outstanding invoices.
A trade credit report is commonly used by B2B businesses to determine whether a potential customer is at risk of not paying off their invoices. It is used like a credit report of your personal finances.
ACH, or Automated Clearing House, is one of the fastest growing payment options in the U.S. The perks of using ACH in any of these forms is that the transactions happen quickly. Usually they occur by the next day.
Order to cash, also referred to as O2C, OTC, or the quote-to-cash cycle, is the term used to describe the set of businesses processes for receiving and completing a sale. The order to cash cycle begins when an order is placed and ends when payment is received and that payment is recorded in the General Ledger.
A credit manager plays a vital role in a business’ accounting and accounts receivable department. If a business works on credit terms with other businesses, the credit manager is the deciding factor on whether those potential clients become customers.
A collections representative does the brunt of hard work in the accounts receivable department. These are people that are actively calling and emailing accounts to attempt to collect from past due accounts. Their overall main goal is collect money and reduce the overall accounts receivable for the company.
PolyPortables, LLC. has grown tremendously since their inception date in 1972. As a global leader in the manufacturing of portable restrooms, hand wash stations, deodorizers and other sanitary products, the company expanded to a 64,000 square foot facility in their headquarters in Dahlonega, Georgia and an additional 12,000 square foot facility dedicated to manufacturing deodorizers. […]
Having sales and profits is great, but having cash flow is even better. Many companies forget about this important nuance in business. Many bankruptcies in businesses boils down to the fact that they are struggling with their cash flow. This means that these companies are ultimately struggling with their accounts receivable, since they have sold […]
WHAT WE DO
Anytime Collect is a leading CLOUD-BASED accounts receivable software. Made specifically for businesses selling on credit terms, Anytime Collect AUTOMATES invoice dispute management, cash forecasting, customer communications, invoice presentment, online bill pay and credit management. The entire collections process becomes QUICKER AND EASIER.