In this course, you will learn about the accounts receivable journey as customers place orders and sales are made.
In this course, you will learn about the accounts receivable journey as customers place orders and sales are made. This system will impact many departments, like the sales department, the procurement department, and the existing accounting department. This course will also help your company select the right kind of invoice to best serve your customers’ needs. You will also learn strategies to implement when answering customer questions and status calls.
New duties for your existing departments might include managing new customer accounts and sales staff commissions, increases in the volume of sales which could make ordering products on time more difficult, and responding efficiently to additional customer inquiries. Specialized staff, or additional training for existing staff, may be needed to adequately meet these demands. This course will detail the changes that could occur within your company’s various departments after an AR system has been implemented. Receiving payment is crucial to the success of the AR system. Invoicing only works if the customers receive the invoice with enough time to pay, so it is important to make invoices easy to access and to pay. This course will detail invoicing strategies that your company can use, depending on what customers you serve. Regular communication with the customer regarding their invoice is just one way to ensure that you receive payments on time. Your sales staff will be the primary point of contact with customers, and this course will provide strategies for customer calls, dealing with frustrated customers, and how to approach status calls.
Learning Objectives:
- Recognize different types of invoices
- Assess AR’s business impact
- Understand presenting invoices to customers
Skills you’ll gain
Accounts ReceivableAccounts Receivable ManagementInbound SalesSales Inventory And Operations PlanningSales OrderAccounts Receivable/Billing FundamentalsWhat You'll Learn
- Recognize different types of invoices used in an accounts receivable system
- Assess the business impact of accounts receivable across departments such as sales, procurement, and accounting
- Understand how to present invoices to customers and make them easy to access and pay
- Apply strategies for status calls and answering customer questions and inquiries
- Identify how implementing an AR system changes duties within existing company departments
Key Takeaways
- An accounts receivable system impacts many departments, including the sales, procurement, and existing accounting departments.
- Selecting the right kind of invoice helps best serve customers' needs.
- Invoicing only works if customers receive the invoice with enough time to pay, so invoices should be easy to access and to pay.
- Regular communication with the customer regarding their invoice is one way to help ensure payments are received on time.
- Sales staff are the primary point of contact with customers and need strategies for customer calls, frustrated customers, and status calls.
Frequently Asked Questions
What will I learn in this course?
You will learn about the accounts receivable journey as customers place orders and sales are made, including recognizing different types of invoices, assessing AR's business impact, and understanding how to present invoices to customers.
Who is the primary point of contact with customers in an AR system?
Your sales staff will be the primary point of contact with customers, and the course provides strategies for customer calls, dealing with frustrated customers, and how to approach status calls.
Which departments are affected by an accounts receivable system?
The system impacts many departments, including the sales department, the procurement department, and the existing accounting department, with new duties such as managing new customer accounts and sales staff commissions.
What topics does the course cover?
The course covers how accounts receivable affects sales and order processing, types of invoices, when and how to present invoices and make them easy to pay, and status calls and customer questions.
Why is invoicing strategy important in this course?
Receiving payment is crucial to the success of the AR system; invoicing only works if customers receive the invoice with enough time to pay, so the course details invoicing strategies depending on the customers you serve.
Transcript
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How do we keep accounts receivable processes smooth? The use of accounts receivable might change the way the whole ordering process runs. Welcome to Knowledge City's course on Order and Sales stage of accounts receivable. This course will help you understand the account receivable journey, including the transition from the sales department to the accounting department. Help yourself and your customers by choosing the right kind of invoice and get the money in when you'll need it by setting up your customers for successful repayment. Make seamless accounts receivable transitions with Order and Sales stage of accounts receivable.
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