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General Accounting Discussions: Account Receivables Management

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  1.  
    • CommentAuthormulalam
    • CommentTimeAug 12th 2009
     
    Hello,

    I am working in Electricity and Water Corporation in a Receivable Unit. We are facing problems in receiving bills payment. Customers are not paying in time. I would like to ask to help me in this regard.

    1.What are the quick and fast mode of payment techniques so that we can easily manage our receivables. or

    2.Is there any other way to change the customer behavior to make swift payment.

    Thanks.
    • CommentAuthorpk
    • CommentTimeAug 12th 2009 edited
     
    First of all esure that all the customers are getting their bills in time every month.
    If the bill is not paid timely, then charge a fixed amount of penalty on the subsequent billing as follows:

    Previous month unpaid : xxxxxx
    Late payment charges : xxxxxx
    Current billing amount : xxxxxx
    Total amount due xxxxxxxx

    Setup a limit for the outstanding amount, say, $100 or $200. If the total dues goes beyond that limit, then disconnect the service and you should charge a fee for reconnection upon settling all the dues.

    Hope this will help you to get prompt payment.

    savin.yakeep@yahoo.com
    Thankful People: mulalam, tgm603
    • CommentAuthormulalam
    • CommentTimeAug 13th 2009
     
    Thank u very much dear brother

    Could u plz tell me the most quick mode of payment that should we offer to our customers for bill payments.thanks.
    • CommentAuthorpk
    • CommentTimeAug 13th 2009 edited
     
    Make arrangements with your local banks to receive bills settlements in your behalf so that your customers do not need to run to your office to settle their bills.

    Get online access of your bank account from the bank or statement of accout every day and then reconcile your customers account.

    savin.yakeep@yahoo.com
    Thankful People: mulalam, tgm603
  5.  
    Thats great you did a good job PK. In my view first of all make a dead line for the customers and 2ndly if they get late then after giving warning charge them some extra money next time they will be punctual!

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