Gain a comprehensive guide to managing your invoicing systems and identifying ways to implement effective invoicing and receipting procedures.
Many business owners take for granted the importance of having a systematic invoicing and receipting procedure in place and how it can seriously affect cash flow and bad debt. Businesses often do not understand that their invoice format and procedure alone can determine payment or not. Poor procedures can lead to delays in payment or no payment at all. Systematic tracking of payments is also key to determining what goods or services have been paid and what is still outstanding. This topic helps the persons responsible for invoicing and receipting to understand how first to establish a tracking system and then what is required to carry the processes out effectively and explains the impact of not resolving payment discrepancies in a timely fashion. Failure to bill accurately and collect timely is the downfall of many businesses. This is critical for any business that wants to get paid.
Learning Objectives
- You will be able to discuss the role and crucial function of your billing department.
- You will be able to explain to your staff how to proactively manage your systems to maximize cash flow.
- You will be able to identify ways to implement effective invoicing and receipting procedures.
- You will be able to review pitfalls in your current invoicing and receipting function.
Agenda
Invoicing
- Definition
- Purpose
- Fundamental Elements of an Effective Invoice
Creating an Invoice
- Company Information
- Header
- Details
Billing/Revenue Cycle Strategy
- Determine Length
- Examples
- Payment Due Date
Role of Billing Department
- Staffing
- Accurate Invoicing
- Timely Invoicing
- Follow-up
Receipting
- Responsibility-Internal Controls
- Handling Payment Discrepancies
- Ensure Accurate Account Records
Speakers
Lynn Izzo,
Debt Collection Consultants- Owner/operator and founder of Debt Collection Consultants since 2005, independent advisor and consultant providing best practices and solutions for accounts receivable management from billing to collection to a diversified business client base
- Practice emphasizes all aspects of debt collection and accounts receivable management solutions; including, but not limited to billing and aging analysis, collection policy development and enforcement, staff training, correspondence preparation, delinquency reduction and resolution, dispute negotiation, A/R structure consultations, A/R process and design to maximize revenues, skip tracing, locating assets
- Conducts regular seminars, workshops, webex’s and on-site/off-site consultations to companies on effectively managing the A/R function
- Conducted A/R training workshops for SCORE-Orange County California Chapter
- Assisted in successful collection of bad debt well over two million dollars in the past couple of years through effective collection consultations and hands-on work
- Work with businesses on a continuous basis to streamline their A/R function to reduce delinquencies and maximize revenue
- Practicing Paralegal, University of San Diego (Paralegal Certificate); B.A. degree in business, Keene State College
- Contact information info@debtcollectionconsultants.com, 714-368-7700, Linkedin, or www.debtcollectionconsultants.com
Who Should Attend
This live webinar is designed for credit and collection managers, presidents, vice presidents, directors, business owners and managers, branch managers, lending professionals, and accountants.
