应收账款管理外文文献翻译.docx
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应收账款管理外文文献翻译.docx
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应收账款管理外文文献翻译
文献出处:
KontušE.MANAGEMENTOFACCOUNTSRECEIVABLEINACOMPANY[J].Ekonomskamisaoipraksa,2013
(1):
21-38.
原文
MANAGEMENTOFACCOUNTSRECEIVABLE
INACOMPANY
UDK/UDC:
657.422:
658.155
JELklasifikacija/JELclassification:
G32,D29,M41
Prethodnopriopćenje/Preliminarycommunication
Primljeno/Received:
8.listopada2012./October8,2012
Prihvaćenozatisak/Acceptedforpublishing:
10.lipnja2013./June10,2013
1.INTRODUCTION
Accountsreceivableisthemoneyowedtoacompanyasaresultofhavingsolditsproductstocustomersoncredit.Theprimarydeterminantsofthecompany'sinvestmentinaccountsreceivablearetheindustry,theleveloftotalsalesalongwiththecompany'screditandthecollectionpolicies.
Accountsreceivablemanagementincludesestablishingacreditandcollectionspolicy.
Creditpolicyconsistsoffourvariables:
creditperiod,discountsgivenforearlypayment,creditstandardsandcollectionpolicy.Thethreeprimaryissuesinaccountsreceivablemanagementaretowhomcreditshouldbeextended,thetermsofthecreditandtheprocedurethatshouldbeusedtocollectthemoney.
Themajordecisionregardingaccountsreceivableisthedeterminationoftheamountandtermsofcredittoextendtocustomers.Thetotalamountofaccountsreceivableoutstandingatanygiventimeisdeterminedbytwofactors:
thevolumeofcreditsalesandtheaveragelengthoftimebetweensalesandcollections.Thecredittermsofferedhaveadirectbearingontheassociatedcostsandrevenuetobegeneratedfromreceivables.Ifcredittermsaretight,therewillbelessofaninvestmentinaccountsreceivableandfewerbaddebtlosses,buttherewillalsobelowersalesandreducedprofits.
Wehypothesizethatbyapplyingscientifically-basedaccountsreceivablemanagementandbyestablishingacreditpolicythatresultsinthehighestnetearnings,companiescanearnasatisfactoryprofitaswellasareturnoninvestment.
Thepurposeofthisstudyistodeterminewaysoffindinganoptimalaccountsreceivablelevelalongwithmakingoptimumuseofdifferentcreditpoliciesinordertoachieveamaximumreturnatanacceptablelevelofrisk.Instrivingtofillinthegapsrelatingtonetsavingsfromchangesincreditpolicy,thestudymakesitsowncontributiontoresearchandtherebytomanagersbygivingthemgeneralrecommendation.Withtheaimofcompletingthesegaps,thestudywillinvestigateaccountsreceivables,theirmanagementandexplorecostsandbenefitsfromchangesincreditpolicyaswellasnetprofitability.
Whenacompanyisconsideringchangesinitscreditpolicyinordertoimproveitsincome,incrementalprofitabilitymustbecomparedwiththecostofdiscountandtheopportunitycostassociatedwithhigherinvestmentinaccountsreceivable.
Theoutcomerepresentsanewmathematicalmodelforcalculatingnetsavingsfromchangesincreditpolicyandwiththismodelacompanycanconsiderdifferentcreditpoliciesaswellaschangesincreditpolicyinordertoimproveitsincomeandprofitability.
2.LITERATUREREVIEW
2.1.Accountsreceivablemanagement
Accountsreceivablerepresentsasizablepercentageofmostfirms'assets.Investmentsinaccountsreceivable,particularlyformanufacturingcompanies,representasignificantpartofshort-termfinancialmanagement.Firmstypicallysellgoodsandservicesonbothcashandacreditbasis.Firmswouldrathersellforcashthanoncredit,butcompetitivepressuresforcemostfirmstooffercredit.Theextensionoftradecreditleadstotheestablishmentofaccountsreceivable.Receivablesrepresentcreditsalesthathavenotbeencollected.Asthecustomerspaytheseaccounts,thefirmreceivesthecashassociatedwiththeoriginalsale.Ifthecustomerdoesnotpayanaccount,abaddebtlossisincurred1.
Whenacreditsaleismade,thefollowingeventsoccur:
inventoriesarereducedbythecostofgoodssold,accountsreceivableareincreasedbythesalesprice,andthedifferenceisprofit,whichisaddedtoretainedearnings.Ifthesaleisforcash,thenthecashfromthesalehasactuallybeenreceivedbythefirm,butifthesaleisoncredit,thefirmwillnotreceivethecashfromthesaleunlessanduntiltheaccountiscollected.Carryingreceivablehasbothdirectandindirectcosts,butitalsohasanimportantbenefit-increasedsales.
AccordingtoChambersandLaceytherearethreeprimaryissuesinthemanagementofaccountsreceivable:
towhomtoextendcredit,whatthetermsofthecreditshouldbe,andwhatprocedureshouldbeusedtocollectthemoney.Extendingcreditshouldbebaseduponacomparisonofcostsandbenefits.Theanalysismustbuildinuncertaintybecauseweareuncertainoffuturepayment,andwewillhandlethisbycomputingtheexpectedcostsandexpectedbenefitsthroughpaymentprobabilities.Thepotentialcostofextendingcreditisthatthecustomerwillnotpay.Althoughthereisatemptationtocomputethiscostasthefullpriceoftheproduct,itisalmostalwaysmoreappropriatetousetheactualcostoftheproduct.Thepotentialbenefitofextendingcreditisnotjustthehopeforprofitontheonetransaction;rather,itisthepotentialvalueofthecustomerforalong-termrelationship.
Thedecisionofhowmuchcredittooffermustbemadewhenthecustomerinitiallyrequestscreditandwhenthecustomerrequestsadditionalcredit.Thefundamentalprinciplethatguidesfinancialdecisionscanbeused:
marginalbenefitversusmarginalcost.Themarginalcostistheadditionalpotentiallostcostsoftheproduct.Thecostsofpastuncollectedsalesaresunkcostsandshouldnotbeincludedasamarginalcosts.Themarginalbenefitsarethepotentialsalesandinterestrevenues–includingthepotentialtorecoverpastsalesthatremainuncollected.
Oncethedecisiontograntcredithasbeenmade,thefirmmustestablishthetermsofthecredit.Credittermsareoftenseparatedintotwoparts:
thecreditperiodandthecreditdiscount.
Collectionofaccountsreceivableisanimportantprocessforacorporationandrequiresawell-designedandwell-implementedpolicy.Onetechniqueisthefactoringofaccountsreceivables.Inatypicalfactoringarrangement,onefirmwillselltheiraccountsreceivableoutrighttoanotherfirmforanagreed-uponprice.Thereiausuallynorecourseinsuchtransactions,suchthatthebuyer(alsoknownasthefactor)takesthelossifthepurchaserofthegoodsdoesnotultimatelypayforthem.
Anothertechniquetoexpeditethereceiptofaccountsreceivableistoutilizelockboxes.Lockboxesarepaymentcollectionlocationsspreadgeographicallysoastoreducetheamountoftimerequiredforchecksmailedtothefirmtobedepositedandcleared.Thelockboxesaretypicallypostofficeboxaddressesfromwhichdepositsgodirectlytoabankonthedayofreceipt.Thereductionofmailingtimeandcheckclearingtimeforthebankscanproducesignificantsavingswhenlargesumsofmoneyareinvolved.
Paymentsofaccountsreceivableshouldbecloselymonitoredtodetectpotentialproblemssuchaswouldbeindicatedbyslowpayments.Followinguponslow-payingcustomersisanimportantfunctionofthecreditdepartment.Proceduresshouldbecarefullydevelopedandconsistentlyimplemented.
Themajordecisionregardingaccountsreceivableisthedeterminationoftheamountandtermsofcredittoextendtocustomers.Thetotalamountofaccountsreceivableisdeterminedbytwofactors:
thevolumeofcreditsalesandtheaveragelengthoftimebetweensalesandcollections.Thecredittermsofferedhaveadirectbearingontheassociatedcostsandrevenuetobegeneratedfromreceivables.
Inevaluatingapotentialcustomer’sabilitytopay,considerationshouldbegiventothefirm’sintegrity,financialsoundness,collateraltobepledged,andcurrenteconomicconditions.Acustomer’screditsoundnessmaybeevaluatedthroughquantitativetechniquessuchasregressionanalysis.Baddebtlossescanbeestimatedreliablywhenacompanysellstomanycustomersandwhenitscreditpolicieshavenotchangedforalongperiodoftime.Inmanagingaccountsreceivable,thefollowingproceduresarerecommended:
•establishacreditpolicy
•establishapolicyconcerningbilling
•establishapolicyconcerningcollection.
Theestablishmentofacreditpolicycanincludethefollowingactivities:
•Adetailedreviewofapotentialcustomer’ssoundnessshouldbemadepriortoextendingcredit.Proceduressuchasacarefulreviewofthecustomer’sfinancialstatementsandcreditrating,aswellasareviewoffinancialservicereportsarecommon.
•Ascustomerfinancialhealthchanges,creditlimitshouldberevised.
•Marketingfactorsmustbenotedsinceanexcessivelyrestrictedcreditpolicywillleadtolostsales.
•Thepolicyisfinanciallyappropriatewhenthereturnontheadditionalsalesplustheloweringininventorycostsisgreaterthantheincrementalcostassociatedwiththeadditionalinvestmentinaccountsreceivable.
Thefollowingproceduresarerecommendedinestablishingapolicyconcerningbilling:
•Customerstatementsshouldbesentwithin1daysubsequenttothecloseoftheperiod.
•Largesalesshouldbebilledimmediately.
•Customersshouldbeinvoicedforgoodswhentheorderisprocessedratherthanwhenitisshipped.
•Billingforservicesshouldbedoneonaninterimbasisorimmediatelypriortotheactualservices.Thebillingprocesswillbemoreuniformifcyclebillingisemployed.
•Theuseofseasonaldating’sshouldbeconsidered.
Inestablishingapolicyconcerningcollectionthefollowingproceduresshouldbeused:
•Accountsreceivableshouldbeagedinordertoidentifydelinquentandhigh-riskcustomers.Thea
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