Receivables management

The tasks in the ‘receivables management’ are broader than in the pure claims management, because it includes the entire field of the receivables accounting. Payment processes are made possible and followed. That way it is ensured that the terms and conditions, and customer contracts are drawn up with regard to the payments that no claims of outstanding debts are incurred. xceeding of the agreed payment deadlines should be avoided and not just by giving a written warning.

Tasks of the accounts receivable:

• Assessment and optimization of payment schemes and opportunities in contracts and terms and conditions
• Installation and maintenance of (receivables) accounts
• Before the acceptance of the order or the delivery, a credit check of the customer should be followed (depending on the amount and sector)
• Review and determination of contract entitlements
• Optimization of the processes to simplify, prepare and book in time the invoices
• Timely checking of the incoming payments
• Accounting and customer-oriented treatment of complaints, credits and value dates
• Ensuring the timely monitoring of due dates and handling of dunning processes with sensitivity
• Preparation of reminders
• If necessary taking appropriate action by late payments

It is also the responsibility of the receivable management to monitor the liquidity of the company. This is much more than a simple accounting task.

For an optimal receivable management the product management, sales, and accounting work closely together, because already modifications in the payment terms may affect significantly the liquidity of a hotel (or company).  Examples of this are early booking rates that must be paid immediately after booking or group and conference offers, which give the customer an advantage, but 50% must be paid three months prior to arrival.

By the way, the RHC accounting service or the consulting effectively supports the set up of a modern receivables management. Here is an overview of the products: