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andestablishacreditpolicythatresultsinthegreatestnetprofitability.

Keywords:

accountsreceivable,profitability,netsavings,creditpolicy

21

sample

EKON.MISAOPRAKSADBK.GODXXII.（2013.）BR.1.（21-38）Kontuš,E.:

MANAGEMENTOFACCOUNTS...

interestrevenues–includingthepotentialtorecoverpastsalesthatremain

3

uncollected.

Oncethedecisiontograntcredithasbeenmade,thefirmmustestablish

thetermsofthecredit.Credittermsareoftenseparatedintotwoparts:

thecredit

periodandthecreditdiscount.

Collectionofaccountsreceivableisanimportantprocessfora

corporationandrequiresawell-designedandwell-implementedpolicy.One

techniqueisthefactoringofaccountsreceivables.Inatypicalfactoring

arrangement,onefirmwillselltheiraccountsreceivableoutrighttoanotherfirm

foranagreed-uponprice.Thereiausuallynorecourseinsuchtransactions,such

thatthebuyer（alsoknownasthefactor）takesthelossifthepurchaserofthe

goodsdoesnotultimatelypayforthem.

Anothertechniquetoexpeditethereceiptofaccountsreceivableisto

utilizelockboxes.Lockboxesarepaymentcollectionlocationsspread

geographicallysoastoreducetheamountoftimerequiredforchecksmailedto

thefirmtobedepositedandcleared.Thelockboxesaretypicallypostofficebox

addressesfromwhichdepositsgodirectlytoabankonthedayofreceipt.The

reductionofmailingtimeandcheckclearingtimeforthebankscanproduce

significantsavingswhenlargesumsofmoneyareinvolved.

Paymentsofaccountsreceivableshouldbecloselymonitoredtodetect

potentialproblemssuchaswouldbeindicatedbyslowpayments.Followingup

onslow-payingcustomersisanimportantfunctionofthecreditdepartment.

Proceduresshouldbecarefullydevelopedandconsistentlyimplemented4.

Themajordecisionregardingaccountsreceivableisthedeterminationof

theamountandtermsofcredittoextendtocustomers.Thetotalamountof

accountsreceivableisdeterminedbytwofactors:

thevolumeofcreditsalesand

theaveragelengthoftimebetweensalesandcollections.Thecredittermsoffered

haveadirectbearingontheassociatedcostsandrevenuetobegeneratedfrom

receivables.

Inevaluatingapotentialcustomer’sabilitytopay,considerationshould

begiventothefirm’sintegrity,financialsoundness,collateraltobepledged,and

currenteconomicconditions.Acustomer’screditsoundnessmaybeevaluated

throughquantitativetechniquessuchasregressionanalysis.Baddebtlossescanbe

estimatedreliablywhenacompanysellstomanycustomersandwhenitscredit

policieshavenotchangedforalongperiodoftime.Inmanagingaccounts

receivable,thefollowingproceduresarerecommended:

•

establishacreditpolicy

establishapolicyconcerningbilling

establishapolicyconcerningcollection.

4

Ibidem,p.520.

Ibidem,p.521-522.

24

Theestablishmentofacreditpolicycanincludethefollowingactivities:

Adetailedreviewofapotentialcustomer’ssoundnessshouldbemade

priortoextendingcredit.Proceduressuchasacarefulreviewofthe

customer’sfinancialstatementsandcreditrating,aswellasareviewof

financialservicereportsarecommon.

Ascustomerfinancialhealthchanges,creditlimitshouldberevised.

Marketingfactorsmustbenotedsinceanexcessivelyrestrictedcredit

policywillleadtolostsales.

Thepolicyisfinanciallyappropriatewhenthereturnontheadditional

salesplustheloweringininventorycostsisgreaterthantheincremental

5

costassociatedwiththeadditionalinvestmentinaccountsreceivable.

Thefollowingproceduresarerecommendedinestablishingapolicy

concerningbilling:

Customerstatementsshouldbesentwithin1daysubsequenttotheclose

oftheperiod.

Largesalesshouldbebilledimmediately.

Customersshouldbeinvoicedforgoodswhentheorderisprocessed

ratherthanwhenitisshipped.

Billingforservicesshouldbedoneonaninterimbasisorimmediately

priortotheactualservices.Thebillingprocesswillbemoreuniformif

cyclebillingisemployed.

Theuseofseasonaldating’sshouldbeconsidered.

Inestablishingapolicyconcerningcollectionthefollowingprocedures

shouldbeused:

Accountsreceivableshouldbeagedinordertoidentifydelinquentand

high-riskcustomers.Theagingshouldbecomparedtoindustrynorms.

Collectioneffortsshouldbeundertakenattheveryfirstsignofcustomer

6

financialunsoundness.

2.2.

Managingthecreditpolicy

Thesuccessorfailureofabusinessdependsprimarilyonthedemandfor

itsproducts.

Shim,J.K.,Siegel,J.G.:

FinancialManagement,Thirdedition,McGrawHill,NewYork,2007,

p.

107-108.

Ibidem,p.108.

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Themajordeterminantsofdemandaresalesprices,productquality,

advertising,andthecompany’screditpolicy.Thefinancialmanagerisresponsible

foradministeringthecompany’screditpolicy.Receivablesmanagementbegins

withthecreditpolicy.Creditpolicyconsistsoffourmajorcomponents:

credit

standards,creditterms,thecreditlimitandcollectionprocedures.

Creditstandardsrefertotherequiredfinancialstrengthofacceptable

creditcustomers.

Basedonfinancialanalysisandnonfinancialdata,thecreditanalyst

determineswhethereachcreditapplicantexceedsthecreditstandardandthus

qualifiesforcredit.Lowercreditstandardsboostsales,butalsoincreasebaddebts.

Theminimumstandardsacustomermustmeettobeextendedcreditare:

character,

capital,capacity,conditionsandcollateral.

Thecreditperiod,stipulatinghowlongfromtheinvoicethecustomerhas

topay,andthecashdiscounttogethercomprisetheseller’screditterms.A

company’scredittermsareusuallyverysimilartothatofothercompaniesinits

industry7.

Discountsgivenforearlypaymentincludethediscountpercentageand

howrapidlypaymentmustbemadetoqualifyforthediscount.

Ifcreditisextended,thedollaramountthatcumulativecreditpurchases

canreachforagivencustomerconstitutesthatcustomer’screditlimit.The

customerperiodicallypaysforcreditpurchases,freeingupthatamountofthe

creditlimitforfurtherorders.Thetwoprimarydeterminantsoftheamountofa

customer’screditlimitarerequirementsforthesupplier’sproductsandtheability

ofthecustomertopayitsdebts.Thelatterfactorisbasedprimarilyonthe

customer’srecentpaymentrecordwiththesellerandothersandareviewand

analysisofthecustomer’smostrecentfinancialstatements

8

.

Detailedstatementsregardingwhenandhowthecompanywillcarryout

collectionofpast-dueaccountsmakeupthecompany’scollectionprocedures.

Thesepoliciesspecifyhowlongthecompanywillwaitpasttheduedatetoinitiate

collectionefforts,themethodsofcontactwithdelinquentcustomers,andwhether

andatwhatpointaccountswillbereferredtoanoutsidecollectionagency.

9

Collectionpolicyismeasuredbyitstoughnessorlaxityinattemptingto

collectonslow-payingaccounts.Atoughpolicymayspeedupcollections,byit

mightalsoangercustomers,causingthemtotaketheirbusinesselsewhere.

10

7

Maness,T.S.,Zietlow,J.T.:

Short-TermFinancialManagement,ThirdEdition,ThomsonSouth-

Western,Ohio,2005,p.139.

Ibidem,p.139.

Ibidem,p.141.

Brigham,E.F.,Daves,P.R.:

IntermediateFinancialManagement,8thedition,ThomsonSouth-

Western,Ohio,2004.,p.715.

26

Afirmmayliberalizeitscreditpolicybyextandingfullcredittopresently

limitedcreditcustomersortonon-creditcustomers.Fullcreditshouldbegiven

onlyifnetprofitabilityoccurs.Afinancialmanagerhastocomparetheearnings

onsalesobtainedtotheaddedcostofthereceivables.Theadditionalearnings

representthecontributionmarginontheincrementalsalesbecausefixedcostsare

constant.Theadditionalcostsontheadditionalreceivablesresultfromthegreater

numberofbaddebtsandtheopportunitycostoftyingupfundsinreceivablesfora

longertimeperiod.

Ifafirmconsidersofferingcredittocustomerswithahigher-than-normal

riskrating,theprofitabilityonadditionalsalesgeneratedmustbecomparedwith

theamountofadditionalbaddebtsexpe