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.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on July 19, 2023.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Lynn Izzo
Debt Collection Consultants
- Owner/operator and founder of Debt Collection Consultants since 2005, an 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, and locating assets
- Conducts regular seminars, workshops, webinars, and on-site/off-site consultations; provides training guides to companies on effectively managing the A/R function; has conducted A/R training workshops for SCORE-Orange County California Chapter
- Assisted in the highly successful collection of bad debt through proactive measures, effective collection consultations, and hands-on work
- Works with businesses to streamline their A/R function to reduce delinquencies and maximize revenue
- Practicing paralegal, paralegal certificate, University of San Diego; B.A. degree in business, Keene State College
- Can be contacted at [email protected], 714-368-7700, via LinkedIn®, or www.debtcollectionconsultants.com
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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