Accounts receivable is among the largest and most liquid assets on the books of most companies. A properly managed accounts receivable portfolio can expedite cash flow and support corporate cash requirements. The ultimate goal of accounts receivable: to increase working capital. As companies that apply best practices seek to wring the most efficiency from their accounts receivable process, they constantly evaluate their systems and procedures from all angles. Not only do they explore technological innovations, they also scrutinize the business decisions that form the foundation of each process, and, they look for companies like us, United Mediations Services, to keep receivables as small a practical. Companies dealing with commercial accounts typically have fewer customers with larger invoice amounts, while companies dealing with consumer accounts interact with an increased volume of customers and smaller invoice amounts. The basic processes in the accounts receivable function, however, remain the same. The three basic processes that make up the accounts receivable function are: Remittance processing -- including payment methods and automated processing. Credit management -- including communication of credit policies, credit checks and approvals, and credit maintenance. Collections -- including methods to monitor and motivate internal and external collections agents, collections techniques, and technology.
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