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BestPracticeFinancialProcesses:

AccountsReceivableBestPracticeFinancialProcesAccountReceivable-BestPracticeObjectivesAccountsReceivableObjectivesOrganisationPeopleProcessesControlsMeasuresInformationSystemsToensurecustomerpaymentsarereceivedefficientlyandeffectivelyforgoods/servicesdelivered,withintheagreedtermsandconditionsTomanagecreditriskefficientlywithoutcreatingunnecessarydelaysinthesalescycleTomaintainacompleteandaccuratestatementofoutstandingdebtorsToprovidecompleteforecastinformationtoassistthemanagementofshort-termcashrequirementsCentralisedprocessingEconomiesofscaleCustomerfocusEstablishcreditlevelsIssuesalesorderIssueinvoiceMonitorcreditCollectcashProceduresmanualAuthorisationValidation/matchingCreditcontrolCostperinvoiceCreditnotespercentageCostperpaymentreceivedDaysdebtoutstandingIntegratedwithsalessystemAutomaticmatchingElectronicreceiptsCustomerrelationsLegalframeworkawarenessCreditmanagementAccountReceivable-BestPracAccountsReceivable-TrendsFromToSeparateARmodulePaymentbychequeComplex/variabletradingtermsManualmatchingPerformedbyFinancedepartmentIntegratedsystemsElectronicpaymentCommontradingtermsforallcustomersAutomaticmatchingSharedoroutsourcedservicesAccountsReceivable-TrendsFrAccountsReceivable-Measures/CostDrivers90percentileMedian10percentileNumberofcustomerpaymentreceivedperaccountsreceivableFTEperannum40,3005,500700orlessAccountsreceivablecostpersalesinvoiceprocessed10percentileMedian90percentile<￡1￡3￡18Median1day90percentile4days10percentile<1dayDaystoprocessinvoice/creditnote(ie,timebetweenreceiptofinvoice/creditnoteandentryintotheaccountingsystem)CostdriversNumberofARreceiptsLevelofmultiplereceiptsUseofdirectdebiting/standingordersUseofelectricfundstransferLevelofcreditriskassociatedwithcustomerbaseVarietyinpaymenttermsDegreeofforeigncurrencyreceiptsLevelofcreditnotesAccountsReceivable-MeasuresBilling-Measures/CostDrivers90percentileMedian10percentileNumberofsalesinvoicesgeneratedperbillingFTEperannum90,00011,1001,600Billingcostpersalesinvoiceandcreditnoteprocessed10percentileMedian90percentile<￡1￡2￡22Median2days90percentile15days10percentile<1dayDaysfromdespatchofgoodstopreparationofsalesinvoiceCostdriversNumberofinvoicesNumberofcustomersUseofEDIComplexityofservice/goodssuppliedVarietyintermsandconditionsComplexityofdiscountsDegreeofforeigncurrencyinvoicingNumberofcomplaintsAccuracy/levelofcreditnotesBilling-Measures/CostDriverAccountsReceivable-Level0ContextDiagramAccountsReceivableBillsAdhocinvoices&standingdataReminders&StatementsGLPostingsGeneralLedgerCustomersBankManualInvoicesBillingSystemStandingDataPayments(cash,cheque)DirectDebitInstructionsStatementsPaymentdetails(BankGirocredits)CustomerServicesSystemAlsoelectronicAP/ARdatafrombankforautocashmanagementAccountsReceivable-Level0AccountsReceivable-Level1OverviewCustomerStandingData,Bills&CreditNotesARStaffARsystemBillingsystemCustomerdetailsARdataimportproceduresInterfaceRulesARStaffBillingsystemARsystemCustomerDataLoggedonARSystemInvoice/creditnoteentryrules,BillsandcreditnotesloadingproceduresARStaffARSystemBills&creditnotesManualinvoicerequestCustomermaintenanceprocedures,CustomerrelationshiprulesImportstandingdata,bills&creditnotesAR1.1MaintaincustomerdataAR1.2Processbills,invoices&creditnotesAR1.3DatavalidationreportCustomerreportManagereceivablesAR1.4ProcessreceiptsanddirectdebitsAR1.5ProcessperiodendAR1.7Creditcontrolpoliciesandprocedures,Callloggingprocedures,Provisioncreationrules,LegalproceedingsrulesARstaffARsystemCreditcontrolOpeninvoicesonARsystemPrintinvoicesdespatchedGLupdatesOutstandingdebtorsChequeandreceiptsprocessingrules,Automaticallocationrules,Manualallocationrules,OnaccountpaymentrulesCash/cheque/bankreceiptsListofDDcustomersamountsdueARstaffARsystemBankstatementTransactiondataReviewprocedures,Archivingrules,PerioddataproceduresARstaffARsystemPaymentonaccountloggedonARsystemMatchedDDreceiptsloggedonARsystemRequesttobankProcessamendmentsAR1.6NewperiodopenedonARsystemPeriodendGLpostingsMatchedreceiptsarchivedPeriodreportsproducedAmendmentofvalidationrules,AmendmentinputproceduresAdjustmentsAmendmentsGLupdatesAuditreportDebtorreportDunningletter/statementAmendmentrequest,notifydepartmentProvisionjournalsAccountsReceivable-Level1AccountsReceivableNotesMaintaincustomerdataBestPracticeFeaturesSendbilltooneaddressonly.Whereacustomerisprovidedwithgoodsorservicesatanumberoflocations,theconsolidationinthebillingprocessnotonlyreducesthenumberofbillstobeverifiedorcreatedbutalsodecreasesthepotentialneedtoreconcileanumberofreceivablesonindividualaccounts.Centralisethecustomerset-upprocessinordertoensureconsistency.InternalcontrolrequirementsInordertominimisetheriskofduplicationofthedataandtheunauthorisedset-upofcustomers,theprocessshouldbecentrallycontrolledandoperated.Beforeanycustomerisdeletedfromthesystem,evidenceshouldbeproducedthatthecustomerhasbeeninactivefortheappropriateperiodoftimeandnooutstandingbalancesarepresent.Approvalfordeletionisobtainedbymanagementauthoritysignature.Thechangestocustomersreportisregularlycheckedandmonitored.Systemnotificationofduplicatebusinessandbirthregistrationnumbers.AccountsReceivableNotesMAccountsReceivableNotesMaintaincustomerdataCostDriversNumberofcustomersNumberofnewcustomersNumberofcustomerchangesNumberofrequiredcustomerstandingdatafieldsPossibilityofsharingstandingdatabaseOverlapbetweendatabasesSearchcriteriaandstandardisationtoavoidduplication/redundancyKeyPerformanceIndicatorsNumberofchangesandadditionscarriedoutinayearperFTENumberofcustomersinop.databasewithouttransactionsfor1yearPercentageofchangesandadditionsoftotalcustomerbaseAccountsReceivableNotesMAccountsReceivableNotesManageReceivablesBestPracticeFeaturesAgeddebitbalancesshouldbereviewedbymanagementonaregularbasisandexplanationssoughtastowhydebtshavefailedtoberecovered.Overduedebitbalancesoccurasaresultanumberoffactorsofsub-optimalperformanceswithinthesalesdepartmentorwithinthecreditcontrolprocessorAR-infonotrecordedfrombankquicklyenoughandthereforenotprocessedquicklyenoughortimingofinvoiceissue.Therootcausesneedtobeaddressedandrectifiedbyalteringthecreditabilitystatusofthecustomer.Automaticflaggingandreportingofhighriskaccounts.Materialityandtimelimits.InternalcontrolrequirementsItisessentialthatdebitbalancesarereviewedregularlyandmatchedwithpaymentspromptlyinordertoavoidtheriskoffraudandminimisethechancesofbaddebt.Computerdiaryofactionstaken.Stopsplacedonoverduecustomers.Ageddebtorreportsenttolegaldepartmentandfunctionalmanagers.AccountsReceivableNotesMAccountsReceivableNotesManagereceivables(Cont…)CostDriversNumberofoverdueopenitems.Numberofstepsinthedunningprocedure.Qualityandtimingofthematchingprocessofreceipts.Availabilityofdunningenforcementmeasures.Tolerancecriteria.Paymenttermsandconditionspolicy.KeyPerformanceindicatorsDaysoutstandingasapercentageofaveragepaymentterm.Valueofoverdueinvoicesasapercentageofoutstandingbalances.BadDebtProvisionasapercentageofoutstandingbalances.Processcost/customerpaymentreceived.Numberofdunninglettersas%oftotalinvoices.Writeoffvalueas%of(sundry)salesrevenue.AccountsReceivableNotesManaAccountsReceivableNotesProcessreceiptsanddirectdebitsBestpracticefeaturesUseofanelectronicinterfacebetweenbank,cashiersandARtreasuryAutomaticmatchingofreceiptsbyvalueandinvoicenumberInternalcontrolrequirementsInterfacecontroltotalwithbankandcashiers,dailyRegularsupervisoryreviewofopenandunmatcheditemsDocumentationofalloverdueopenitemsandunmatchedreceiptsAccountsReceivableNotesPAccountsReceivableNotesProcessreceiptsanddirectdebitsCostDriversNo.ofReceiptsformorethanonetransactionPercentageofdownpaymentsQualityofpaymentinformationNumberofunmatchedpaymentsNumberofforeigncurrencyreceiptsandexchangeratedifferencesTolerancepaymentdifferencesNumberofcriteriaforautomaticmatchingKeyPerformanceIndicatorsMonthlyandcumulativetolerancedifferenceamountsPercentageofreceiptsclearedautomaticallyinmonthNumberofmanuallymatchedreceiptsperFTENumberofunmatchedreceiptsolderthan1monthAccountsReceivableNotesPAccountsReceivableNotesProcessamendmentsBestPracticeFeaturesSinglecontactpointforallqueries.Althoughthequeryprocessingcanbedistributedthereareobviousinefficienciesindirectingenquiriestoanumberofcontactpoints.Haveaccesstosufficientdatatobeabletohandlethemajorityofquerieson-line.Inthiscontext,theuseofimageprocessingallowsinvoicestobecalleduponscreenquicklyand,ifnecessary,automaticallycopiedtotheenquirerthroughthemediumofautofax.InternalcontrolrequirementsInordertooperateaneffectivehelpdesk,staffwillrequiretohaveaccesstomostpartsoftheaccountsreceivablesystem.Thisshouldbeona‘readonly’basisinordertominimisethepotentialforfraudtakingplace.Targetssetfortimetoanswerqueries.AccountsReceivableNotesPAccountsReceivableNotesProcessamendmentsCostDriversNumberandvarietyofqueriesreceived.Availabilityandflexibilityofstandardscreens.Complexityofdatabasefortailor-madequeries.Responsetimesofenquirysystems.User-friendlinessofenquirysystems.KeyPerformanceIndicatorsAveragetimetakentoprocessqueries.Percentageofqueriesansweredwithintargetedtime.AccountsReceivableNotesPAccountsReceivableNotesProcessperiodendBestPracticeFeaturesAutomaticprocessrequiringminimumornomanualintervention.ThisisastandardfeatureofmodernAccountsReceivablepackagesandtheonlypossibleproblemareacouldbewiththenatureoftheinterfacewiththegeneralledgerpackage.InternalcontrolrequirementsThebasicrequirementistoensurethatthedatatransmittedtothegeneralledgeriscompleteandontime.Thereisarequirementtoensurethattheinformationrecordedinthegeneralledgeragreeswiththeoutputfromaccountsreceivable.AreconciliationshouldbecarriedoutbetweendebtorbalancesonGLcomparedwithAR.CheckVATexceptionreporttopickupanylateVATpostings.CostDriversVolumeofmonthlyperiodendreports.Qualityofdaytodaycontrols.KeyPerformanceIndicatorsPercentageofperiodendclosureswithintarget.Averagenumberofdaystoproducemonthlyinformation.AccountsReceivableNotesPBestPracticeFinancialProcesses:

AccountsReceivableBestPracticeFinancialProcesAccountReceivable-BestPracticeObjectivesAccountsReceivableObjectivesOrganisationPeopleProcessesControlsMeasuresInformationSystemsToensurecustomerpaymentsarereceivedefficientlyandeffectivelyforgoods/servicesdelivered,withintheagreedtermsandconditionsTomanagecreditriskefficientlywithoutcreatingunnecessarydelaysinthesalescycleTomaintainacompleteandaccuratestatementofoutstandingdebtorsToprovidecompleteforecastinformationtoassistthemanagementofshort-termcashrequirementsCentralisedprocessingEconomiesofscaleCustomerfocusEstablishcreditlevelsIssuesalesorderIssueinvoiceMonitorcreditCollectcashProceduresmanualAuthorisationValidation/matchingCreditcontrolCostperinvoiceCreditnotespercentageCostperpaymentreceivedDaysdebtoutstandingIntegratedwithsalessystemAutomaticmatchingElectronicreceiptsCustomerrelationsLegalframeworkawarenessCreditmanagementAccountReceivable-BestPracAccountsReceivable-TrendsFromToSeparateARmodulePaymentbychequeComplex/variabletradingtermsManualmatchingPerformedbyFinancedepartmentIntegratedsystemsElectronicpaymentCommontradingtermsforallcustomersAutomaticmatchingSharedoroutsourcedservicesAccountsReceivable-TrendsFrAccountsReceivable-Measures/CostDrivers90percentileMedian10percentileNumberofcustomerpaymentreceivedperaccountsreceivableFTEperannum40,3005,500700orlessAccountsreceivablecostpersalesinvoiceprocessed10percentileMedian90percentile<￡1￡3￡18Median1day90percentile4days10percentile<1dayDaystoprocessinvoice/creditnote(ie,timebetweenreceiptofinvoice/creditnoteandentryintotheaccountingsystem)CostdriversNumberofARreceiptsLevelofmultiplereceiptsUseofdirectdebiting/standingordersUseofelectricfundstransferLevelofcreditriskassociatedwithcustomerbaseVarietyinpaymenttermsDegreeofforeigncurrencyreceiptsLevelofcreditnotesAccountsReceivable-MeasuresBilling-Measures/CostDrivers90percentileMedian10percentileNumberofsalesinvoicesgeneratedperbillingFTEperannum90,00011,1001,600Billingcostpersalesinvoiceandcreditnoteprocessed10percentileMedian90percentile<￡1￡2￡22Median2days90percentile15days10percentile<1dayDaysfromdespatchofgoodstopreparationofsalesinvoiceCostdriversNumberofinvoicesNumberofcustomersUseofEDIComplexityofservice/goodssuppliedVarietyintermsandconditionsComplexityofdiscountsDegreeofforeigncurrencyinvoicingNumberofcomplaintsAccuracy/levelofcreditnotesBilling-Measures/CostDriverAccountsReceivable-Level0ContextDiagramAccountsReceivableBillsAdhocinvoices&standingdataReminders&StatementsGLPostingsGeneralLedgerCustomersBankManualInvoicesBillingSystemStandingDataPayments(cash,cheque)DirectDebitInstructionsStatementsPaymentdetails(BankGirocredits)CustomerServicesSystemAlsoelectronicAP/ARdatafrombankforautocashmanagementAccountsReceivable-Level0AccountsReceivable-Level1OverviewCustomerStandingData,Bills&CreditNotesARStaffARsystemBillingsystemCustomerdetailsARdataimportproceduresInterfaceRulesARStaffBillingsystemARsystemCustomerDataLoggedonARSystemInvoice/creditnoteentryrules,BillsandcreditnotesloadingproceduresARStaffARSystemBills&creditnotesManualinvoicerequestCustomermaintenanceprocedures,CustomerrelationshiprulesImportstandingdata,bills&creditnotesAR1.1MaintaincustomerdataAR1.2Processbills,invoices&creditnotesAR1.3DatavalidationreportCustomerreportManagereceivablesAR1.4ProcessreceiptsanddirectdebitsAR1.5ProcessperiodendAR1.7Creditcontrolpoliciesandprocedures,Callloggingprocedures,Provisioncreationrules,LegalproceedingsrulesARstaffARsystemCreditcontrolOpeninvoicesonARsystemPrintinvoicesdespatchedGLupdatesOutstandingdebtorsChequeandreceiptsprocessingrules,Automaticallocationrules,Manualallocationrules,OnaccountpaymentrulesCash/cheque/bankreceiptsListofDDcustomersamountsdueARstaffARsystemBankstatementTransactiondataReviewprocedures,Archivingrules,PerioddataproceduresARstaffARsystemPaymentonaccountloggedonARsystemMatchedDDreceiptsloggedonARsystemRequesttobankProcessamendmentsAR1.6NewperiodopenedonARsystemPeriodendGLpostingsMatchedreceiptsarchivedPeriodreportsproducedAmendmentofvalidationrules,AmendmentinputproceduresAdjustmentsAmendmentsGLupdatesAuditreportDebtorreportDunningletter/statementAmendmentrequest,notifydepartmentProvisionjournalsAccountsReceivable-Level1AccountsReceivableNotesMaintaincustomerdataBestPracticeFeaturesSendbilltooneaddressonly.Whereacustomerisprovidedwithgoodsorservicesatanumberoflocations,theconsolidationinthebillingprocessnotonlyreducesthenumberofbillstobeverifiedorcreatedbutalsodecreasesthepotentialneedtoreconcileanumberofreceivablesonindividualaccounts.Centralisethecustomerset-upprocessinordertoensureconsistency.InternalcontrolrequirementsInordertominimisetheriskofduplicationofthedataandtheunauthorisedset-upofcustomers,theprocessshouldbecentrallycontrolledandoperated.Beforeanycustomerisdeletedfromthesystem,evidenceshouldbeproducedthatthecustomerhasbeeninactivefortheappropriateperiodoftimeandnooutstandingbalancesarepresent.Approvalfordeletionisobtainedbymanagementauthoritysignature.Thechangestocustomersreportisregularlycheckedandmonitored.Systemnotificationofduplicatebusinessandbirthregistrationnumbers.AccountsReceivableNotesMAccountsReceivableNotesMaintaincustomerdataCostDriversNumberofcustomersNumberofnewcustomersNumberofcustomerchangesNumberofrequiredcustomerstandingdatafieldsPossibilityofsharingstandingdatabaseOverlapbetweendatabasesSearchcriteriaandstandardisationtoavoidduplication/redundancyKeyPerformanceIndicatorsNumberofchangesandadditionscarriedoutinayearperFTENumberofcustomersinop.databasewithouttransactionsfor1yearPercentageofchangesandadditionsoftotalcustomerbaseAccountsReceivableNotesMAccountsReceivableNotesManageReceivablesBestPracticeFeaturesAgeddebitbalancesshouldbereviewedbymanagementonaregularbasisandexplanationssoughtastowhydebtshavefailedtoberecovered.Overduedebitbalancesoccurasaresultanumberoffactorsofsub-optimalperformanceswithinthesalesdepartmentorwithinthecreditcontrolprocessorAR-infonotrecordedfrombankquicklyenoughandthereforenotprocessedquicklyenoughortimingofinvoiceissue.Therootcausesneedtobeaddressedandrectifiedbyalteringthecreditabilitystatusofthecustomer.Automaticflaggingandreportingofhighriskaccounts.Materialityandtimelimits.InternalcontrolrequirementsItisessentialthatdebitbalancesarereviewedregularlyandmatchedwithpaymentspromptlyinordertoavoidtheriskoffraudandminimisethechancesofbaddebt.Computerdiaryofactionstaken.Stopsplacedonoverduecustomers.Ageddebtorreportsenttolegaldepartmentandfunctionalmanagers.AccountsReceivableNotesMAccountsReceivableNotesManagereceivables(Cont…)CostDriversNumberofoverdueopenitems.Numberofstepsinthedunningprocedure.Qualityandtimingofthematchingprocessofreceipts.Availabilityofdunningenforcementmeasures.Tolerancecriteria.Paymenttermsandconditionspolicy.KeyPerformanceindicatorsDaysoutstandingasapercentageofaveragepaymentterm.Valueofoverdueinvoicesasapercentageofoutstandingbalances.BadDebtProvisionasapercentageofoutstandingbalances.Processcost/customerpaymentreceived.Numberofdunninglettersas%oftotalinvoices.Writeoffvalueas%of(sundry)salesrevenue.AccountsReceivableNotesManaAccountsReceivableNotesProcessreceiptsanddirectdebitsBestpracticefeaturesUseofanelectronicinterfacebetweenbank,cashiersandARtreasuryAutomaticmatchingofreceiptsbyvalueandinvoicenumberInternalcontrolrequirementsInterfacecontroltotalwithbankandcashiers,dailyRegularsupervisoryreviewofopenandunmatcheditemsDocumentationofalloverdueopenitemsandunmatchedreceiptsAccountsReceivableNotesPAccountsReceivableNotesProcessreceiptsanddirectdebitsCostDriversNo.ofReceiptsformorethanonetransactionPercentageofdownpaymentsQualityofpaymentinformationNumberofunmatchedpaymentsNumberofforeigncurrencyreceiptsandexchangeratedifferencesTolerancepaymentdifferencesNumberofcriteriaforautomaticmatchingKeyPerformanceIndicatorsMonthlyandcumulativetolerancedifferenceamountsPercentageofreceiptsclearedautomaticallyinmonthNumberofmanuallymatchedreceiptsper

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