The importance of qualified management accounts receivable in a market economy is great. Late repayment accounts receivable leads to a payment crisis. Scheme of the development of the crisis in market economy is simple: an increase in commercial loan debt leads to an increase in demand for short-term loans and a reduction in their supply, as well as an increase in the cost of short-term loans. To pay debts, businesses turn highly liquid assets into cash and pay off debts, otherwise this may lead to bankruptcy.

As a result, some enterprises go bankrupt, while others improve their financial situation. This is a normal market mechanism of self-regulation.

ESSENCE AND MAIN STAGES OF ACCOUNTS RECEIVABLE MANAGEMENT

The essence of any management process lies in the purposeful influence of the subject on the object of management. The object of management is accounts receivable, the subject of management is the financial manager.

Accounts receivable (RE) - This is an element of working capital, the debt of organizations and individuals to the enterprise. An increase in accounts receivable means a diversion of funds from circulation.

Accounts receivable are classified according to various criteria:

• 1. For educational reasons:
  • - justified PD is associated with normal timing of document flow (accounts receivable, the repayment period of which has not yet arrived or is less than 1 month);
  • - unjustified liability- overdue debt, as well as debt associated with errors in the preparation of settlement documents, violation of the terms of business contracts, etc.;
  • hopeless remote control - bills that customers haven't paid. Bad debts are written off as losses upon maturity limitation period(3 years).
• 2. According to balance sheet items - buyers and customers; bills receivable; debt of subsidiaries and dependent companies; advances issued; other debtors.

Most enterprises in total amount of accounts receivable, the largest share consists of payments for goods, works and services, i.e. accounts receivable.

In the balance sheet, accounts receivable are divided according to the timing of their formation into 2 groups:

• accounts receivable for which payments are expected within 12 months after reporting date, - short-term remote control;
• accounts receivable, payments for which are expected more than 12 months after the reporting date - long-term remote control.

The amount of accounts receivable is determined by external and internal factors.

• 1. External factors- do not depend on the activities of the enterprise, and it is almost impossible to limit their influence on the enterprise:
  • the state of the economy in the country (the decline in production increases the size of the remote control);
  • the state of payments in the country (the crisis of non-payments leads to an increase in debt);
  • efficiency monetary policy Central Bank of the Russian Federation (restricting emissions causes “cash starvation” and complicates calculations);
  • level of inflation (with high inflation, people are in no hurry to pay off debts; the later the debt is due, the lower its amount);
  • type of product (if it is a seasonal product, then the DZ increases);
  • market capacity and the degree of its saturation (if the market is small and saturated with a given type of product, then difficulties arise with the sale of products).
• 2. Internal factors - depend on the enterprise itself, on how well the financial manager masters the art of managing accounts receivable:
  • credit policy of the enterprise (incorrect establishment of terms and conditions for granting loans, failure to provide discounts for early payment of bills, incorrectly established creditworthiness criteria, errors in determining the solvency of clients, unaccounted for risks can lead to a sharp increase in loan receivables);
  • types of settlements used by enterprises (the use of types of settlements that guarantee payment reduces the size of the liability);
  • state of control over accounts receivable;
  • professionalism of the financial manager involved in managing the enterprise's financial management;
  • other factors.

The quantitative amount of accounts receivable is determined by two factors:

• 1) sales volume on credit (total revenue from the sale of goods and services is divided into two parts - proceeds from sales for cash and proceeds from sales on credit);
• 2) average period of time between the sale of goods and receipt of revenue.

As for the form of receivables, most often it is a loan provided by open account. In this case, the only evidence that the buyer owes the supplier money for goods or services received is an entry in the books and an invoice signed by the buyer. To protect itself from the risk of non-payment of invoices, the supplier may require the execution of a commercial loan transaction by issuing a bill of exchange - ordinary or transferable (accepted) or by issuing a letter of credit by the buyer.

Main management tasks accounts receivable:

• promoting sales growth by providing commercial credit;
• profit growth caused by increased sales volume;
• increasing competitiveness through deferred payments;
• determining the degree of risk of buyer insolvency;
• calculation of the forecast amount of the reserve for doubtful debts;
• providing recommendations on how to deal with actually or potentially insolvent customers.

Management process accounts receivable is presented in the form of an algorithm in Fig. 10.1.

Accounts receivable management consists of the following stages:

• 1) financial analysis of the activities of the supplier enterprise;
• 2) development of the enterprise’s credit policy;
• 3) making a decision on granting a loan, insuring accounts receivable;
• 4) changes in the credit policy of the enterprise;

Rice. 10.1.

• 5) control over shipment of products, issuing an invoice and sending it to the buyer; compilation of debtor files;
• 6) control over financial situation debtor;
• 7) in case of non-repayment of the debt or part thereof, establishing operational communication with the debtor with a view to recognizing the debt;
• 8) appeal to arbitration court with a claim for collection of overdue debt;
• 9) initiation of bankruptcy proceedings;
• 10) compensation for losses from the bad debt compensation fund.

The formation of an enterprise's receivables management policy is carried out according to the following main stages:

1. Analysis of the company's receivables in the previous period. Based on an assessment of the level and composition of the organization’s receivables, as well as the effectiveness of investing in it financial resources.

At the beginning, the analysis evaluates the level of receivables of the enterprise and its changes in the previous period, which is determined by the coefficient of diversion of current assets into receivables.

KOADz = DZ / OA, (2)

where KOADz is the coefficient of diversion of current assets into accounts receivable;

DZ - total amount of receivables;

OA - the total amount of current assets.

Next, the average period for collection of receivables is determined, which characterizes its role in the actual duration of the financial and general operating cycle of the organization. This indicator can be determined by the formula:

PIdz = DZsr / Oo, (3)

where PIdz is the average collection period of receivables;

DZsr - the average balance of the organization's receivables in the period under review;

The next stage of analysis of the organization's receivables in the previous period is to assess the composition of receivables by the timing of their collection.

KPdz = DZpr / DZ, (4)

where KPdz is the coefficient of overdue receivables;

DZPR - the amount of receivables unpaid within the stipulated time frame;

DZ - the total amount of receivables.

VPdz = DZpr/Oo, (5)

where VPdz is the average age of overdue receivables;

DZPR - average balance of receivables unpaid within the stipulated time frame;

Оо - the amount of one-day turnover for sales of products in the period under review.

The results obtained during this analysis can be used in the future when developing the organization's credit policy.

2. Formation of principles of credit policy in relation to buyers. To do this, the entrepreneur needs to resolve the following issues:

in what forms to sell products on credit;

what type of credit policy should the company focus on?

There are three types of enterprise credit policy: conservative type (aimed at minimizing credit risk and at the same time is not aimed at obtaining additional profit by expanding the volume of product sales; based on limiting the circle of buyers of products on credit, minimizing the terms of the loan, as well as its size), moderate type (focused on average level credit risk when selling products with deferred payment), aggressive type (sets the main goal of maximizing additional profit by expanding the volume of sales of products on credit, regardless of high level credit risk of such transactions).

3. Determination of the possible amount of working capital allocated to accounts receivable for a commodity (commercial) loan. To do this, the entrepreneur must take into account the planned volumes of sales of products on credit, the average period of deferred payment for certain forms of credit, the ratio of the cost price and the price of products sold on credit. This amount is determined by the formula:

Idz = Ork * Ks/ts * (PPKsr + PRsr) / 360, (6)

where Idz is the required amount of financial resources invested in receivables;

Ork - the planned volume of product sales on credit;

Ks/ts is the ratio of the cost and price of products sold on credit, expressed as a decimal fraction;

PPKsr - the average period for providing credit to buyers, in days;

PRsr - the average period of late payments on the loan provided, in days.

If the company is unable to invest the estimated amount of funds in in full, then if the lending conditions remain unchanged, the planned volume of product sales on credit should be adjusted accordingly.

4. Formation of the system credit conditions which include:

credit period

credit limit

cost of providing a loan

the amount of penalties for late fulfillment of obligations by buyers,

5. Formation of standards for assessing buyers and differentiating loan conditions.

These standards are based on the creditworthiness of buyers, which is characterized by a system of conditions that determine its ability to attract credit in various forms and fully fulfill all obligations associated with it within the terms specified in the contract.

The formation of a system of customer assessment standards includes the following main elements:

determination of a system of characteristics that evaluate the creditworthiness of individual groups of buyers;

formation and examination information base assessing the creditworthiness of buyers;

selection of methods for assessing individual characteristics of buyers' creditworthiness;

grouping product buyers by level of creditworthiness;

differentiation of credit conditions in accordance with the level of creditworthiness of buyers.

The formation of standards for assessing buyers and differentiation of credit conditions are carried out separately for each form of loan.

By commodity credit assessment is usually carried out according to following criteria: volume business transactions with the buyer and the stability of their implementation; the buyer's reputation in the business world; buyer's solvency; state of the market commodity market, on which the buyer carries out its operating activities; volume and composition net assets, which may constitute loan collateral in the event of the buyer’s insolvency and the initiation of bankruptcy proceedings.

For a consumer loan, the assessment is usually carried out according to the following criteria: the legal capacity of the buyer; the level of income of the buyer and the regularity of their formation; the composition of the buyer’s personal property, which may constitute security for the collection of the debt in court.

After assessing a potential buyer, information about him is entered into the information database.

The analysis of this information is carried out by directly visiting the client in order to check the condition of his property and in other forms in accordance with the volume of lending.

buyers to whom a loan can be provided to the maximum extent, that is, at the level of the established credit limit (the group of “first-class borrowers”);

buyers to whom a loan can be provided to a limited extent, determined by the level of acceptable risk of non-repayment of the debt;

buyers to whom credit is not provided (with an unacceptable level of risk of non-repayment of debt, determined by the type of credit policy chosen).

It is proposed to subdivide all credit conditions in accordance with the level of creditworthiness of buyers according to such parameters as:

Loan term;

the need for credit insurance at the expense of buyers;

forms of penalties, etc.

Formation of a procedure for collection of receivables, which includes terms and forms of preliminary and subsequent reminders to customers about the date of payments, possibilities and conditions for prolonging the debt on a loan, conditions for initiating bankruptcy proceedings against insolvent debtors.

Ensuring the use of modern forms of refinancing of receivables in the organization - accelerated transfer to other forms of current assets of the enterprise: cash and highly liquid short-term securities.

The main forms of refinancing receivables currently used are factoring, accounting of bills issued by product buyers, and forfeiting.

8. Construction of effective systems for monitoring the movement and timely collection of receivables as part of the construction of a general system financial control in the organization as its independent block.

One type of such systems is the ABC system in relation to an organization's receivables portfolio. Group “A” includes the largest and most doubtful types of receivables (so-called problem loans); in group “B” - medium-sized loans, in group “C” - other types of receivables that do not have a serious impact on the results financial activities organizations

In order to effectively manage a company’s debts, it is necessary, first of all, to determine their optimal structure for a particular enterprise and specific situation: draw up a budget for accounts payable, develop a system of indicators characterizing both quantitative and qualitative assessment of the state and development of relations with the company’s creditors and accept certain values ​​of such indicators as planned. The second step in the process of optimizing accounts payable should be an analysis of the compliance of actual indicators with their framework level, as well as an analysis of the reasons for the deviations that have arisen. At the third stage, depending on the identified inconsistencies and the reasons for their occurrence, a set of practical measures should be developed and implemented to bring the debt structure into line with the planned (optimal) parameters.

Stages of developing an accounts payable management policy:

1. Development of a strategic line for attracting and using borrowed capital. In order for relations with creditors to be as consistent as possible with the security objectives financial stability(security) of the company and increasing its profitability and competitiveness, the company’s management needs to develop a clear strategic line regarding the nature of attracting and using borrowed capital.

The first fundamental question that, in this regard, faces the management of the company is: to conduct business using its own or borrowed funds? The second “dilemma” is the quantitative ratio of equity and debt capital. The answers to these questions depend on many factors, both external (industry characteristics, macroeconomic indicators, state of the competitive environment, etc.) and internal (the capabilities of the founders, creditworthiness, asset turnover, level of profitability, deficit Money, short-term goals and objectives, long-term plans of the company, etc.).

Managers, when developing a strategy for lending to their own business, should proceed from the solution of the following priority tasks - maximizing company profits, minimizing costs, achieving dynamic development company (expanded reproduction), statements of competitiveness, which determine the financial stability of the company. Funding for these tasks must be achieved in full. To do this, after using all own sources financing ( equity and profit are the cheapest resources), borrowed funds from creditors must be raised in a given amount. At the same time, the most significant limiting factor in the process of planning the use of borrowed capital must be considered its cost, which should allow maintaining the profitability of the business at a sufficient level.

2. Determination of the most acceptable tactical approaches when choosing borrowed money. The next step in developing a policy for the use of credit resources is to determine the most appropriate tactical approaches. There are several potential opportunities for attracting borrowed funds: 1) investor funds (expansion of the authorized capital, joint business); 2) bank or financial loan; 3) trade credit (deferred payment to suppliers); 4) use of one’s own “economic superiority.”

Investor funds. Since the process of attracting additional financial resources for the purposes of our own business is considered by us from the point of view of maximizing the security of this process, we should dwell on the two most important, in this aspect, characteristics of this loan method. The first is relative cheapness: as a rule, investors who exchange their funds for corporate rights count on dividends, which are recorded in the constituent documents in the form of interest. At the same time, if there is no profit at the enterprise, the capital invested in the business can be “free”. The second feature is the ability of investors to influence management processes in the created business company. Therefore, care should be taken to maintain controlling stake. Otherwise, initially equity capital may turn into capital transferred as loans to a new investor. This leads to the conclusion that the size of funds attracted from corporate investors is clearly limited: in general case there should not be more than the initial investment: even if the shares (shares) are “scattered” among several holders, there is still a risk of concentration of corporate rights under a single control.

Financial (monetary) credit is usually provided by banks. This is one of the most expensive types of credit resources. Limiting factors: high percent, the need for reliable support, the “creation” of solid balance sheets. Despite the “high cost” and “problematic nature” of attracting, opportunities bank loan must be used 100 percent by the company. If the project implemented by the company is truly “designed” for a competitive level of profitability, then the profit received from the use financial loan will always exceed the required interest.

Trade credit. Main positive distinctive feature This type of borrowing is the easiest way to attract. A commodity loan, as a rule, does not require collateral and is not associated with significant costs and duration of processing. In domestic conditions, trade credit between legal entities most often represents the supply of goods (works, services) under a purchase and sale agreement with deferred payment. At the same time, at first glance, it may seem that this “loan” is provided free of charge, since the agreement does not provide for the need to accrue and pay interest income in favor of the supplier. However, it should be noted that suppliers perfectly understand the principles of changes in the value of money over time, and are also able to fairly accurately estimate the amount of “lost profit” from slowing down the turnover of assets frozen in the company’s receivables. Therefore, compensation for such losses is included in the price of goods, which may fluctuate depending on the timing of the deferment granted.

Economic superiority. Very often it is built on trade credit relationships and other types of lending. The essence of using the advantages associated with one’s own economic superiority is the ability to dictate and impose on the supplier (lender) one’s own “rules” of the game in the market and the nature of contractual relations (or, as often happens, to violate these same contractual relations without “special” consequences for own “superior” business).

The economic superiority of the borrower over the lender may arise due to the following circumstances:

monopoly position of the buyer in the market (monopsony);

differences in economic potentials the buyer's total assets significantly exceed those of the supplier;

marketing advantages (for example, a small or start-up manufacturer seeking to promote its products (brand) to a network of large supermarkets or luxury stores is not “able” to dictate its terms or demand the fulfillment of “all” obligations, since it may find itself without the “right” customer );

the buyer “discovered” organizational shortcomings in the management of receivables from the creditor (“gaps” in accounting and control, legal “insolvency”, etc.).

3. Calculation and analysis of the compliance of certain indicators with their framework level. As we said above, in order to optimize accounts payable, it is necessary to determine its “planned” characteristics. The most commonly used ratios associated with the assessment of an enterprise's accounts payable are liquidity ratios: ratio absolute liquidity or full solvency (standard 0.2 - 0.4), quick liquidity ratio (standard 0.8 - 1.0), quick liquidity ratio (standard 1.0 - 2.0).

The coefficients are also used business activity: accounts payable turnover ratio, duration of accounts payable turnover.

Analysis of business activity consists of studying the levels and dynamics of various financial ratios turnover, which are relative indicators financial results activities of the enterprise.

Analysis of the causes of deviations that have arisen. The reasons for deviations (high accounts payable) at an enterprise can be a general market decline, an incorrectly chosen development strategy, or ineffective management. Regardless of this, universal tools can be used to bring a company out of a crisis: reducing costs, stimulating sales, optimizing cash flows, working with debtors and restructuring accounts payable.

Development of a set of practical measures to bring the debt structure into line with the planned (optimal) parameters.

For improvement financial condition enterprises need to develop and implement measures to improve financial performance.

Significant role in financial recovery enterprises played a role in the restructuring of accounts payable.

There are several main ways to restructure accounts payable: assignment of ownership rights to fixed assets, assignment of company shares, offsets, re-registration of accounts payable, repayment of accounts payable through the provision of bills of exchange.

To summarize, we can highlight that the formation of a policy for managing receivables of an enterprise is carried out according to the following main stages:

1. Analysis of the company's receivables in the previous period. 2. Formation of principles of credit policy in relation to buyers. 3. Determination of the possible amount of working capital allocated to trade credit receivables. 4. Formation of a system of credit conditions. 5. Formation of standards for assessing buyers and differentiating loan conditions. 6. Formation of a procedure for collection of receivables. 7. Ensuring the use of modern forms of refinancing of receivables in the organization. 8. Construction of effective systems for monitoring the movement and timely collection of receivables.

The stages of developing an accounts payable management policy include the following:

1. Development of a strategic line for attracting and using borrowed capital. 2. Determination of the most acceptable tactical approaches when choosing borrowed funds. 3. Calculation and analysis of the compliance of certain indicators with their framework level. 4. Analysis of the causes of deviations that have arisen. 5. Development of a set of practical measures to bring the debt structure in line with planned parameters.

The article discusses the main problems of managing accounts receivable at an enterprise and ways to solve them.

Keywords: accounts receivable, management, debtor, credit, risk.

In modern economic conditions The problem of managing accounts receivable for most enterprises operating in the Russian Federation still remains relevant. The validity of this statement is supported by the fact that in the structure of current assets of business entities, more than 50% is accounts receivable.

Late payment by debtors of their obligations leads to a shortage of funds and increases the organization’s need for current assets for financing current activities, worsens financial condition. This, in turn, leads to the need to change the settlement relationship between the organization and customers, and develop a rational policy for providing loans and collecting debts.

The condition of accounts receivable, its size and quality have a significant impact on the financial condition of the organization. According to Russian sources, accounts receivable on average account for about 33% of all assets of organizations.

The level of receivables is determined by many factors: the type of product and the degree of market saturation with it, market capacity, contractual terms and accepted system settlements at a particular enterprise, solvency and accuracy of debtors.

The formation of an enterprise's accounts receivable management policy should be carried out according to the following main stages:

– analysis of accounts receivable in the previous period;

– formation of credit policy principles in relation to product buyers;

– determination of the possible amount of financial resources invested in loan receivables;

– formation of a system of credit conditions;

– formation of standards for assessing buyers and differentiation of loan provision;

– formation of a procedure for collection of receivables;

– ensuring the use of modern forms of refinancing of receivables at the enterprise.

Accounts receivable are divided into two groups:

– accounts receivable for goods (works and services), the payment period for which has not yet arrived. When the payment deadline approaches, the customer must be reminded of this;

– accounts receivable for goods (works and services) not paid within the period stipulated by the contract. It, in turn, is divided into the following groups:

– expected within the timeframe agreed with the customer;

– difficult to implement;

– doubtful;

- hopeless.

The way each of these groups is managed is completely different. Since we are talking about customer debts, it is of fundamental importance to divide them into permanent and one-time (other). Delays in payments by regular customers may be random, and in this case debt collection measures may be limited to reminding the counterparty about it.

A system of measures is possible for the remaining debt. In relation to debt recognized by debtors who are unable to repay it due to financial problems, a search for mutually acceptable solutions is necessary. Most often, deferred or installment payments are used.

As a means of attracting buyers, deferment or installment payments for delivered products must be cost-effective, i.e. losses caused by diversion own funds from turnover must be offset by the benefits from increased sales volume.

If the enterprise itself is for financial security In its current activities, the acquisition of raw materials and supplies, it uses short-term bank loans, it is clear that, using bank loans for an average of 40 days, it is inappropriate to provide customers with a deferred payment for an average of 60 days.

The average period for providing credit to customers should be less than the average period for which the company receives a loan from a bank. Industry specifics are of great importance: enterprises in the light and food industries may not provide customers with deferred payments, but in mechanical engineering it is practically impossible to do without them.

When forming a system of credit conditions, the enterprise must decide on the following issues:

– term of the loan - most often, contracts standardized in terms of payment terms, including the duration of the loan, are used.

However, deviations from this policy are possible; When determining the maximum permissible period for payment for delivered products in a contract, one should take into account both the legal aspects of concluding supply contracts and economic consequences one or another option (in particular, taking into account the impact of inflation);

– creditworthiness standards - by concluding an agreement for the supply of products and defining payment terms in it, the enterprise can adhere to the criteria for financial stability established by it in relation to buyers. Depending on how creditworthy and reliable the buyer is, the terms of the contract, including those regarding the discount provided, the size of the product lot, forms of payment, and others, may change;

– a system for creating reserves for doubtful debts - when concluding contracts, an enterprise naturally counts on timely receipt of payments, however, the possibility of the appearance of overdue receivables and the complete inability of the buyer to pay off its obligations cannot be ruled out. Therefore, there is a practice of creating reserves for doubtful debts, which allows, firstly, to create sources to cover losses and, secondly, to have more real characteristics own financial condition;

– payment collection system - this section of work with debtors involves the development of: procedures for interaction with them in case of violation of payment terms and criterion values ​​of indicators, as well as those indicating the significance of violations, and a system for punishing unscrupulous counterparties;

– system of discounts provided - in the previous paragraph, emphasis was placed on repressive methods of working with unscrupulous debtors; Incentive methods have a much greater effect, which in this case include providing buyers with an option to receive a discount on the selling price.

The main indicators when analyzing debt are:

– indicators of the dynamics and structure of debt;

– timing of the debt;

– age of debt;

– indicators of debt movement;

– collection ratio;

– accounts receivable turnover ratio;

– period of repayment of receivables;

– receivables repayment ratio;

– the share of doubtful debts (with a maturity period of more than 12 months) in the total volume of accounts receivable;

– share of debt in total assets or liabilities;

– ratio of the ratio between receivables and payables for the billing period.

Providing discounts stimulates not only an increase in sales, but also a reduction in the time it takes to divert funds in settlements with customers. Price incentives are now common practice. Its effective implementation by the supplier allows him to reduce inventory in warehouses and significantly reduce accounts receivable.

The main forms that ensure the use of modern forms of refinancing of accounts receivable by an enterprise currently used are factoring.

Factoring is a range of services for manufacturers and suppliers leading trading activities on deferred payment terms.

At some enterprises, the use of factoring is inappropriate, since receivables are short-term and are expected to be repaid within 12 months.

Among the problems of managing receivables are:

– lack of reliable information about the timing of repayment of obligations by debtor companies;

– work with overdue receivables is not regulated;

– lack of data on the increase in costs associated with an increase in the size of accounts receivable and the time of its turnover;

– the creditworthiness of buyers and the effectiveness of commercial lending are not assessed;

– the functions of collecting funds, analyzing accounts receivable and making decisions on granting a loan are distributed among different departments. At the same time, there are no regulations for interaction and, as a result, there are no people responsible for each stage.

To solve the problems of managing accounts receivable at an enterprise, we can suggest:

1) to control and plan accounts receivable, the enterprise must organize work to obtain the following information:

– data on invoices issued to debtors that have not been paid at the moment;

– time of overdue payment for each invoice;

– the amount of bad and doubtful accounts receivable, assessed on the basis of established internal company standards;

– credit history counterparty (average overdue period, average loan amount).

2) automate the receivables management process. The main reason why a company should abandon accounting and control of accounts receivable in programs such as Excel is due to the difficulty of quickly updating data and setting up mandatory approval procedures.

3) You can reduce the risk of untimely return of funds and losses by concluding an insurance agreement for receivables.

Accounts receivable insurance involves insuring the risk of losses from late return of funds by the buyer or his bankruptcy. Of course, accounts receivable insurance will eventually become the norm for many Russian companies.

Concluding an insurance contract will not only allow you to make a reasonable assessment credit risks company, but also shift the risks themselves to the insurance company.

Thus, the provisions recommended above, which could form the basis of an enterprise’s receivables management policy, will allow it to avoid losses associated with the write-off of uncollectible receivables and increase the efficiency of settlements with customers.

Source: https://moluch.ru/archive/82/15062/

Accounts receivable management and ways to solve them

INTRODUCTION……………………………………………………………………………….3

Theoretical aspects of accounts receivable management…………5

Accounts receivable management methods…………………….…..10

1. Valuation of accounts receivable…………………………………….…..10

   Formation of a receivables management policy……..16

Problems of accounts receivable management and ways to solve them..31

1. Creation of an accounts receivable management system…………….31

   Personnel motivation………………………………………………………44

   Automation of accounts receivable management………….…….45

CONCLUSION……………………………………………………………..……..50

LIST OF REFERENCES USED…………………..……….….53

INTRODUCTION

Accounts receivable are an integral element of the sales activities of any enterprise. A fairly large part of it in the overall asset structure reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses of the company.

Modern conditions for the development of the economy of our country provide for the dynamism of the development of mutual settlements between contractors. In such conditions, special attention must be paid to accounts receivable.

The term “accounts receivable” is a purely accounting term that refers to the debts of third parties to any organization. Very often it is defined as a component of working capital, which represents requirements for individuals or legal entities regarding payment for goods, products, and services.

There is a tendency to equate accounts receivable with commercial credit. A commercial loan is provided to the buyer taking into account its cost (the company's resources are provided for use on a paid basis) and urgency (the period of use of the funds provided is limited).

According to accounting standards, accounts receivable is the amount owed by debtors to an enterprise as of a specific date.

Debtors can be both legal entities and individuals who owe the company cash, cash equivalents or other assets.

According to accounting data, you can determine the amount of debt as of any date, but usually this amount is determined on the balance sheet date.

The economic benefit from receivables is expressed in the fact that the enterprise, as a result of its repayment, expects to receive cash or cash equivalents sooner or later.

Accordingly, a receivable can be recognized as an asset only when there is a probability that it will be repaid by the debtor. If there is no such probability, the amount of the receivable should be written off.

If a debt cannot be properly valued, that is, its amount cannot be determined, it cannot be recognized as an asset and should not be shown on the balance sheet.

Thus, accounts receivable can be defined as a current asset of an enterprise that arises in its sales activities and characterizes the relationship of counterparties in paying the cost of the goods (work, services) received.

Working with accounts receivable, that is, the process of managing it, is an important point in the activities of any enterprise and requires close attention of executives and managers. Determining approaches to managing accounts receivable, stages and methods is a problem that does not have an unambiguous solution, depending on the specifics of the enterprise’s activities or the personal qualities of management.

In this regard, a problem arises: how to determine the optimal level of accounts receivable, which will allow you to obtain maximum profit given the available opportunities? In addition, for many companies the task of developing a holistic credit policy in relation to debtors is urgent. It should take into account financial capabilities, competitive advantages, strategic objectives and the general operating style of the company. Credit policy, clearly linked to other elements of financial policy, can become a company’s most powerful tool in the competition.

The purpose of the work is to study the problems of accounts receivable management and ways to solve them.

Job objectives:

studying theoretical foundations accounts receivable management;

studying methods of managing accounts receivable;

identifying problems in accounts receivable management and ways to solve them;

creation of an accounts receivable management system.

The work consists of an introduction, 3 chapters, a conclusion and a list of used literature.

1 Theoretical aspects of accounts receivable management.

Accounts receivable are an important component of working capital.

Under accounts receivable We understand the debt of organizations and individuals of this organization (for example, debt of buyers for purchased goods or services provided, debt of accountable persons for goods issued to them sums of money etc.). Accordingly, organizations and persons who are debtors of this organization are called debtors.

When one enterprise sells goods to another enterprise or organization, it does not mean that the goods will be paid for immediately. Unpaid invoices for delivered products (or accounts receivable) constitute the majority of accounts receivable.

A specific element of accounts receivable is bills receivable, which are essentially securities (commercial securities).

One of the tasks of a financial manager in managing accounts receivable is to determine the degree of risk of insolvency of customers, calculate the forecast value of the reserve for doubtful debts, and provide recommendations for working with actually or potentially insolvent customers.

Accounts receivable management directly affects the profitability of the company and determines discount and credit policies for low-performing buyers, ways to accelerate the collection of debts and reduce bad debts, as well as the choice of sales terms that ensure a guaranteed flow of funds.

Techniques for managing receivables include: recording orders, issuing invoices and establishing the nature of receivables.

Among the points to be considered, there are some that require special attention, such as the need to find ways to reduce the average time between the completion of a sale of goods and the issuance of an invoice to the buyer.

The possible costs associated with receivables must also be assessed, i.e., lost profits from not using funds instead of investing them.

To manage accounts receivable, an enterprise needs information about debtors and their payments: information about invoices issued to debtors that have not been paid at the moment; the time of overdue payment for each of the invoices; the amount of bad and doubtful accounts receivable, assessed on the basis of standards established by the company; credit history of the counterparty (average period of overdue, average loan amount). As a rule, such information can be obtained by examining the accounting system. However, before starting to study the system, it is worth defining the principles of accounting and control of receivables. It is proposed to highlight the following stages in the process of managing receivables.

The first stage of management - planning the amount of accounts receivable - was, is and will be one of the most important.

This is due to the fact that in the process of implementing work on planning the amount of receivables, it is necessary to take into account not only the parameters of receivables that characterize its condition, but also a number of external factors that can significantly affect the final results of management.

In the process of accounting for accounts receivable, information is collected on the financial position of debtors, on whom the status of accounts receivable depends.

The main difficulty at this stage lies in determining the minimum volume and range of data that allows the managing entity to have a clear idea of ​​the state of the control object. This circumstance is connected with two points.

The first point is due to the fact that collecting and processing accounting information requires funds, which are always limited. The second point is due to the fact that information may be duplicated and late, and this does not contribute to making an informed decision.

The third stage of management is control of the amount of accounts receivable, which involves comparing actual accounting data with planned or budgeted ones.

In the era of centralized planning, it was enough to develop planned indicators, but in market conditions, planned indicators must be formed while studying the market, which requires the development of business development plans and budgets.

Due to the lack of a system planned indicators of the enterprise, the control stage performs several different functions; in fact, control comes down to comparing accounting data only for the past and current (planned) period. Therefore, an effective management process must be based on common system enterprise management.

At the fourth stage - analysis of receivables - factors are examined and identified, the influence of which led to deviations in the actual parameters of the state of receivables from the planned indicators.

The fifth stage is the stage of developing a number of alternative solutions or determining the optimal solution.

To formulate several possible solutions aimed at improving the situation in which the enterprise is located, information collected at the analysis stage is sufficient.

Based on this information, you can create a system of restrictions regarding the corresponding target function, as well as rank the reasons that most influence the amount of receivables.

The same cause can cause several consequences, and the elimination of these causes is simulated in order to assess possible results. In this way, several alternative solutions are developed or even the optimal solution is determined.

The sixth stage is the phase of implementation of one or more alternative solutions - at this stage the implementation of the adopted optimal decision or several alternative solutions is carried out. At this stage, the necessary means are determined, as well as the procedure for implementing the decision.

An important issue when managing accounts receivable is its classification. Depending on what characteristic is used as the basis for its classification, you can use a variety of methods for managing receivables.

The traditional classification of receivables provides for their distribution according to legal criteria: urgent or overdue.

Urgent refers to accounts receivable, term the repayment of which has not yet occurred is less than one month and which is associated with the normal settlement terms defined in the agreements. Overdue is a debt in violation of contractual terms.

Next, it is important to understand the concept of doubtful debt, which is understood as a current receivable, regarding which there is uncertainty about its repayment by the debtor. It is clear that debts of this type continue to appear on the creditor’s balance sheet as long as there is at least a slight certainty of their repayment.

They will be written off from the balance sheet only when they become hopeless. Therefore, we will separately highlight the hopeless accounts receivable, to to which we attribute current receivables, in relation to which there is confidence in its non-repayment by the debtor or for which the statute of limitations has expired.

According to PBU 10, receivables are divided into long-term and short-term. Long-term receivables are debts that do not arise during the normal operating cycle and will be repaid after 12 months from the balance sheet date.

PBU 2 “Balance” defines the operating cycle - this is the period of time between the acquisition of inventories for carrying out activities and the receipt of funds from the sale of products or goods and services made from them.

There is no definition of a normal operating cycle in the standards, however, using the previously given definition of an operating cycle, we can conclude that this is an operating cycle in normal conditions activities. Usually the operating cycle does not exceed 12 months, but for some types of activities it can last more than one year.

Despite this, debt incurred during such an operating cycle is usually considered current rather than long-term.

Therefore, long-term debt is mainly non-operating debt.

Current receivables (short-term) are debts that arose during the normal operating cycle or were repaid within 12 months from the balance sheet date.

Thus, if the debt that has arisen is not related to the operating cycle, but it is envisaged that it will be repaid in less than 12 months, then such debt is recognized as current.

The balance sheet date is usually the last day of the reporting period.

From the previously given definitions of long-term and current receivables, one can conclude: since the classification of debt as current or long-term is tied to the balance sheet date, as of that date, long-term debt for individual debtors should be reviewed according to their maturity dates. If it turns out that there are less than 12 months left until the debt is due, the previous long-term debt should be displayed as current on the balance sheet date. The classification of receivables can be based on the distribution of receivables depending on the target groups of debtors. In this case, marketing approaches are used that are based on the study of consumer behavior. Accounting for various reasons for non-payments and the real possibilities of citizens to pay their debts is decided on the basis of accounting data on payments and debts.

Source: https://works.doklad.ru/view/0cW86UUkovs.html

2.3. Accounts receivable management. Accounts receivable management methods

All companies try to sell goods with immediate payment, but competition demands force them to agree to deferred payments, resulting in accounts receivable. The problem of accounts receivable liquidity becomes key in almost every organization.

It, in turn, identifies several problems: optimal volume, turnover, quality of receivables. Solving these problems requires qualified management of receivables, which is one of the ways to strengthen the financial position of the company.

The experience of reforming enterprises shows that measures for the collection of accounts receivable are among the most effective measures to increase efficiency through the internal reserves of an enterprise and can quickly bring positive results. Debt collection in a short time is a real opportunity to replenish scarce working capital.

Accounts receivable management can be identified with any other type of management as a process of implementing specific management functions: planning, organization, motivation, incentives and control.

The level of accounts receivable is influenced by many factors, both objective and subjective. Objective factors include the economic conditions in which business activities are carried out.

Subjective factors include the professional level of the financial manager, the credit policy of the enterprise, which affects sales. Average term payment of accounts receivable in days is one of the most important elements of accounts receivable analysis.

The average accounts receivable payment period, or accounts receivable turnover period, shows the average number of days required to collect (collect) the debt.

Analysis of current accounts receivable in the previous period is carried out in order to assess the level and composition of current accounts receivable.

At the same time, the loan provided to commodity form to buyers in instant payment (commercial loan), as well as a loan provided to the end consumer of goods and services (consumer loan).

First of all, the net realizable value of current receivables is highlighted, i.e. the amount of debts for goods and services minus the amount of doubtful debts. Then the level of receivables for the previous period and its dynamics are assessed.

After this, the average collection period for receivables is found. At the next stage, the composition of receivables is assessed according to the timing of their collection. And finally, the effect obtained from investing funds in receivables is determined.

The effect of investing funds in accounts receivable for settlements with customers is equal to the additional profit of the enterprise obtained from an increase in the volume of sales of products through the provision of a loan, minus the current costs of the enterprise associated with the organization of credit and collection, and the amount of direct financial losses from non-repayment of debt.

Choosing the type of credit policy in relation to buyers of products allows you to determine the forms of sales of products on credit and the type of credit policy for each form. The forms of credit policy include commercial and consumer loan. The type of credit policy can be conservative, moderate and aggressive.

The conservative type of credit policy is aimed at reducing risk by reducing the circle of high-risk buyers. Within this type, the terms of the loan and its size are minimized, the terms of the loan are tightened, its cost increases, and strict collection procedures are used.

The moderate type of credit policy focuses on average conditions, in particular the average level of risk.

An aggressive type of credit policy involves obtaining maximum profit from accounts receivable.

This policy is aimed at riskier groups of buyers, increasing the term and size of the loan, as well as reducing the cost of the loan.

When deciding on the type of credit activity of a company, strategic directions in the field of credit policy can be identified using the matrix method, one of the recognized methods of strategy analysis in management.

A set of tasks determined by the goals of the organization’s credit policy, the solution of which will also contribute to the reduction of receivables, includes:

• definition credit limits in relations with buyers (customers);
• monitoring the timing of repayment of receivables and taking subsequent measures to collect them (reminders, sanctions, etc.);
• collection and management of information about buyers (customers);
• assessment of the buyer's (customer's) solvency;
• control of payment terms of orders;
• monitoring of receivables (turnover period, turnover, age of receivables, etc.);
• analysis, planning and control of credit and debt relations;
• communication with marketing, pricing services, etc.

The question of the legality of comparing receivables and payables is very relevant. Here, the positions of the analyst and the accountant can be diametrically opposed: the first allows for the possibility of comparison, the second does not.

establish control over the status of settlements with customers;

monitor the ratio of receivables and payables, since a significant excess of receivables creates a threat to the financial stability of the enterprise and attracts additional expensive sources of financing;

use discounts for long-term payments.

Accounts receivable management methods

The entire set of methods and tools used for managing receivables can be divided into three large groups:

• investment and credit methods and tools make it possible to create optimal, i.e., parameters that correspond to the goals and objectives of managing receivables, parameters for investing working capital in receivables. It is these methods that are most in demand during a crisis;
• collection methods and tools - their use ensures the timely fulfillment by debtors of obligations under the provided commercial loan;
• methods and tools for refinancing receivables give the company the opportunity not only to receive funds invested in receivables, but also, by transferring receivables to third parties, to manage the quality of this asset.

The most common methods and tools of the first group include:

■ method of direct calculation of the optimal volume of “investment” in accounts receivable;

■ analytical method for determining the optimal volume of “investment” in accounts receivable;

■ the net present value method for determining the optimal volume of “investment” in accounts receivable;

■ a method for determining the optimal volume of “investment” in accounts receivable based on the probability of debt repayment;

■ payback method (loan period);

■ seasonal dating method;

■ scenario method;

■ creditworthiness standards.

The results of using these methods and tools depend on several factors: the traditions that have developed in a particular industry; the degree of influence of the company on the goods market; reliability of marketing information; availability and cost of financial sources; type of credit policy chosen; ratio of cost and product price, etc.

Cash collection methods and tools include methods of working with each specific client, ranging from analysis of his solvency, the profitability of this client for the company, assigning and changing a credit rating and ending with debt collection procedures.

This group includes methods and tools such as analysis of the structure of receivables, calculations of the amount of the discount for early payments during the period of granting this discount, collection policy, and a system of motivation for personnel involved in the management of receivables.

Methods and instruments for refinancing receivables include discounting invoices, transferring debt to a collection agency, factoring agreement, forfaiting, issuing short-term valuable papers, securitization and the use of derivatives (derivative securities).

Discounting of invoices – sale to a third party at a discount of the right to claim on one or more invoices.

A factoring agreement is an assignment of receivables to a financial institution in exchange for immediate financing and receivables management services for specific customers.

Forfaiting (export factoring) is similar to a factoring agreement, but in this case, the occurrence of assigned receivables is necessarily associated with an export operation.

Securitization involves the creation of a new company that issues securities and derivatives secured by receivables owned by the founder.

Derivatives (derivative securities) are financial contracts (for example, options, swaps, etc.), which are based on events related to receivables.

For example, a “credit default swap”, according to which one of the parties pays fixed periodic coupons for the maturity (duration) of the transaction, and the other party does not make payments until some event agreed upon by the parties occurs (for example, failure to pay receivables on time).

Note that effective management of accounts receivable means a system for making and implementing decisions regarding this asset, leading to optimization cash flow from the current activities of the enterprise, minimizing the costs of managing accounts receivable over a certain period of time. It is no coincidence that the word “optimal” is used in the definition, i.e. e.

the best, most appropriate to certain conditions and objectives, since the financial policy and strategy of a company at a certain stage of its development can be aimed at setting different goals and solving various problems (for example, maintaining, stabilizing or increasing cash flow, conquering a certain sector of the market with the allowance of losses at the initial stage, etc.))