Question

In: Accounting

11. What do you need to ensure when preparing and distributing reports that document accounts receivable,...

11. What do you need to ensure when preparing and distributing reports that document accounts receivable, debt recovery type and cause, and debt recovery plans?

12. What types of accounting documentation will need to be filed, according to the organisational policies and procedures? List 4 examples

13. What documentation would you require to identify, investigate and rectify creditor invoice discrepancies?

Solutions

Expert Solution

11.

The points that need to be considered or ensured while preparing and distributing reports that document the accounts receivable , debt recovery type and cause, and debt recovery plans are as follows:

  1. The reports needs to highlight the information about the whereabouts , the location , address and other information that is relevant and extremely crucial to identify and locate the debtors that would be highly likely to elude the law and are difficult to trace. This information on a regular basis is refreshed in order to have updated information that helps in the recovery and the collection of the unpaid debts.
  2. The report also needs to focus on plans and strategies that would closely monitor the various unpaid debts and debtors to be able to comprehend the situation and identify means wherein the debtors on becoming solvent can be immediately taken note of in order to bring that account into operation and start the recovery process on that account with respect to the unpaid debt.
  3. The report should focus on debt recovery strategies that are customer friendly and the aim of such a customer management service should be to convert a normal debtor who would most likely default on the repayment of his dues into a valuable customer by putting in systems that increase the communication , connectivity of the data and information , improves the decision making systems where there is smooth flow of work in relation to the debt recovery.
  4. The report should also highlight the negotiation strategies and methods to be used in order to recover the debt . The report should also highlight the systems to be put in place that are required in order to keep pace with the growing technology and thereby also focus on the creation of an online or digtal base wherein the debtors can negotiate for their debts and can also pay up the debt from a remote location also using a computer, tablet etc.
  5. The recovery strategies in the report should also emphasize on the industry trends in order to have a practical and reality check on the portfolio of the various debtors in order to arrive at a correct probability of the recovery leading to a boost in the existing recovery efforts.

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