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Evaluate Business Performance

Summary

There are three clients that are being listed in aged debtors report. Amount of $4356 is to be received by the firm after 90 days, $2714 after 120 days and $3781 after 60 days. It can be summarised that overall debt collection period is more than 10 days.

Debtor management

The debtor management must follow the following guidelines in order to formulate establish efficient debtor management system:

  • The debtor management must ensure all the payment arrangement with the company’s debtors confirmed always in writing.
  • Regularly contact the debtor on prompt basis to effectively confirm that the invoice is received is by them for overdue payment purposes.
  • Debtor aged analysis must be created on monthly basis.
  • The invoices generated by the company must be in the form that able to meet the requirements of clients.
  • The debtor management must develop debtors’ day outstanding chart to determine potential improvements in cash flows in order to reduce overdue payments.

Recommendations

The debtor management must follow the following recommendations in a company:

  • The debtor management must ensure credit policy and various terms and conditions of trade practices at the right place.
  • It must ensure adequate information to be provided on invoices, quotes and statements. All these documents must indicate the payment due date, billings address, bank account details and the amount owed.
  • The debtor management system must be kept updated and controlled.

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