Control accounts receivable directly affects the profitability of the company and determines the discount and credit policy for inefficient buyers, ways to accelerate the collection of debts and reduce bad debts, as well as the choice of sale conditions that ensure guaranteed income Money.
Receivables management techniques include: accounting for 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 interval between the completion of the sale of goods and the issuance of an invoice to the buyer. The possible costs associated with receivables, i.e., lost profits from not using funds, instead of investing them, should be assessed.
Accounts receivable management is associated with two types of time reserves - for issuing an invoice and sending by mail. The time to issue an invoice is the number of days from sending the goods to the buyer until the invoice is sent. Obviously, the company should send invoices at the same time as the goods. The postal delivery time is between the preparation of the invoice and its receipt by the buyer. Postal transit times for documents can be reduced by decentralizing invoicing and mailing
The key to receivables management is the timing of the credit (provided to customers) that affects sales and cash receipts. For example, providing longer credit terms is likely to increase sales. The terms of the loan are directly related to the costs and income associated with receivables. If the terms of the loan are tight, the company will have less cash invested in receivables and losses from bad debts, but this can lead to lower sales, lower profits and a negative reaction from buyers. On the other hand, if the terms of the loan are not specific, the company can achieve an increase in sales and more income, but also risks an increase in bad debts and high costs associated with the fact that inefficient buyers delay payment.
When assessing the solvency of a potential buyer, the honesty of the buyer, financial stability and property security should be taken into account. Buyer creditworthiness can be assessed quantitatively by regression analysis, which considers the change in the dependent variable that occurs when the independent (informative) variable changes. This method is especially useful when you need to evaluate a large number of small buyers. Potential bad debt losses should be carefully assessed if your company sells to many customers and does not change its credit policy for a long time.
Loan extension entails additional costs: administrative costs of activities credit department, computer service, as well as commissions paid to special agencies that determine the creditworthiness of borrowers or the quality of securities.
Useful information from credit bureaus retail and professional credit help desks. There are many ways to maximize returns on accounts receivable and minimize potential losses.
Invoicing. In cyclical billing, they are billed to customers at different time periods. Invoices to buyers must be sent within twenty-four hours from the time they were made.
To speed up the collection of payments, you can send invoices customers while their order is still being processed in the warehouse. You can also bill for services at intervals if the work is completed within a certain period, or you can charge fees upfront, which is preferable to making payments after the work is completed. When business develops passively, seasonal billing dates may be applied: we suggest extending the payment deadline to stimulate demand among buyers unable to make payments earlier than at the end of the season.
In general, accounts receivable management includes:
The logical result of development economic crisis in Russia is a decrease in lending to the real sector of the economy and, consequently, a decrease in the sources of maintaining the liquidity of enterprises. One of the consequences of this situation is an increase in non-payments and an increase in receivables. According to the Ministry economic development of the Tula region, the receivables of large and medium-sized organizations of the region as of May 1, 2015 amounted to 219,042.7 million rubles (104.3% by January 1, 2015), of which overdue - 11,466 million rubles (5.2% of the total debt, 113 ,1% by January 1, 2015). If we compare the figures with the pre-crisis level, then the growth of accounts receivable by January 1, 2013 amounted to 159.3%, and the growth rate of overdue debt amounted to 165.0%.
By itself, accounts receivable is a certain guarantor of the receipt of funds from buyers and indicates the presence of demand from consumers. So, S. Chadin believes that “accounts receivable on the balance sheet is the result of a gap between the transaction for the sale of goods and payment. Essentially, this is the kind financial investments one company to another along with, for example, the purchase of promissory notes or the provision of classic loans to business partners. However, its sharp increase leads to distraction financial resources enterprises and increase the risk of bad debts. And in conditions of unavailability of credit resources, it can lead to a deterioration in the solvency of enterprises and the emergence of a situation of financial insolvency. In the current conditions, the urgency of the problem of effective management of receivables is increasing.
In the educational and scientific literature, you can find many articles on methods of analysis, structuring, monitoring the state of the level of receivables and issues of repayment of doubtful receivables. However, I would like to consider this issue in a comprehensive manner, since in practice it is more important not to divert forces to reduce the level of overdue receivables, but to prevent its occurrence. This will not only ensure financial stability, but also optimize tax payments and reduce the costs of the enterprise. When solving this issue, specialists of financial and economic services are influenced by other departments of the enterprise in different directions. On the one hand, the supply service is interested in transferring advance payments to suppliers in order to promptly provide production with materials, production and service departments also seek to advance contractors in order to obtain guarantees for the timely completion of ordered work, repairs, and energy supply for production. On the other hand, shipping products to customers with deferred payment helps to stimulate sales and expand the sales market. It is very important that the listed processes are balanced and do not lead to "inflating" receivables and unjustified losses.
In the process of integrated management of receivables of the enterprise, the following elements should be distinguished:
An integrated approach to receivables management allows not only to reduce losses from writing off bad receivables, but also to reduce legal costs and current management expenses by identifying and preventing problems at an early stage.
Scientific adviser:
Sorvina Olga Vladimirovna,
Doctor of Technical Sciences, Associate Professor, Tula State University, Tula, Russia
Unlike production stocks and work in progress, which cannot be changed dramatically, accounts receivable is a very variable and dynamic element of working capital, significantly depending on the policy adopted by the organization in relation to buyers of products. Since receivables represent the immobilization of own working capital, that is, in principle, it is not beneficial for the organization, then the conclusion about its maximum possible reduction is obvious. Accounts receivable can be reduced to a minimum, however, this does not happen for many reasons, including competition.
From the point of view of reimbursement of the cost of the supplied products, the sale can be carried out in one of three ways:
Prepayment (the goods are paid in full or in part before being transferred by the seller);
Payment for cash (the goods are paid in full at the time of the transfer of the goods, that is, there is a kind of exchange of goods for money);
Payment on credit (the goods are paid for after a certain time after their transfer to the buyer).
When developing a lending policy for buyers of its products, an organization must decide on the following key issues:
The term for granting a loan (most often in an organization there are several standard contracts providing for the deadline for payment for products);
Credit standards (criteria by which the supplier determines the financial solvency of the buyer and the resulting possible options payment);
The system for creating reserves for doubtful debts (it is assumed that, no matter how the system of working with debtors is debugged, there is always a risk of non-receipt of payment, at least due to force majeure; therefore, based on the principle of caution, it is necessary to create a provision for losses due to with the insolvency of the buyer);
Payment collection system (this includes procedures for interacting with buyers in case of violation of payment terms, a set of indicators indicating the significance of violations in payment, a system for punishing dishonest counterparties, etc.);
Discount system.
No matter how effective the buyer selection system is, in the course of interaction with them all sorts of overlaps are not excluded, so the organization is forced to create some system of control over the fulfillment of payment discipline by buyers.
The formation of an organization's receivables management policy (or its credit policy in relation to product buyers) is carried out according to the following main stages.
Stage one. Analysis of accounts receivable of the organization in the previous period.
The main objective of this analysis is to assess the level and composition of the organization's receivables, as well as the effectiveness of investments invested in it. financial resources. Analysis of accounts receivable for settlements with customers is carried out in the context of commodity (commercial) and consumer credit.
Stage two. Formation of principles of credit policy in relation to buyers of products.
In modern commercial and financial practice, the sale of products on credit (with a deferred payment for it) has become widespread both in our country and in developed countries. market economy. The formation of the principles of credit policy reflects the conditions of this practice and is aimed at improving the efficiency of the operating and financial activities of the organization.
In the process of forming the principles of credit policy in relation to buyers of products, two main issues are resolved:
In what forms to sell products on credit;
What type of credit policy should be chosen by the organization.
In the process of choosing the type of credit policy, the following main factors should be taken into account:
Modern commercial and financial practice of trading operations;
The general state of the economy, which determines the financial capabilities of buyers, their level of solvency;
Current conjuncture commodity market, the state of demand for the organization's products;
The potential ability of the enterprise to increase the volume of production while expanding the possibilities of its implementation by providing a loan;
Legal conditions for ensuring the collection of receivables;
Financial capabilities of the enterprise in terms of diverting funds into receivables;
The financial mentality of the owners and managers of the organization, their attitude to the level of acceptable risk in the implementation process economic activity.
When determining the type of credit policy, it should be borne in mind that its hard (conservative) version negatively affects the growth of the organization's operating activities and the formation of sustainable commercial relations, while its soft (aggressive) version can cause excessive diversion of financial resources, reduce the level solvency of the organization, subsequently cause significant debt collection costs, and ultimately reduce profitability current assets and used capital.
Stage three. Determination of the possible amount of working capital directed to accounts receivable for a commodity (commercial) loan.
When calculating this amount, the following must be taken into account:
Planned sales volumes of products on credit;
The average period for granting a deferred payment for certain forms of credit;
The average period of delay in payments, based on the prevailing business practice (it is determined by the results of the analysis of receivables in the previous period);
The ratio of the cost and price of products sold on credit.
Stage four. System formation credit conditions.
These conditions include the following elements:
1) Loan term ( credit period) characterizes the limiting period for which the buyer is granted a deferred payment for sold products. An increase in the term of the loan stimulates the volume of sales of products (ceteris paribus), but at the same time leads to an increase in the amount of funds invested in receivables and an increase in the duration of the financial and entire operating cycle of the organization. Therefore, when setting the size of the credit period, it is necessary to assess its impact on the results of economic activity in the complex.
2) The amount of the loan provided ( credit limit) characterizes the maximum limit of the amount of the buyer's debt on the provided commodity (commercial) or consumer credit. It is established taking into account the type of credit policy being implemented (the level of acceptable risk), the planned volume of sales of products on the terms of deferred payments, the average volume of sales transactions finished products(at consumer credit -- average cost goods sold on credit) financial condition organization - the creditor and other factors. The credit limit is differentiated according to the forms of credit provided and the types of products sold.
3) The cost of providing a loan is characterized by a system of price discounts when making immediate payments for purchased products. In combination with the term of the loan, such a price discount characterizes the rate interest rate for the provided credit, calculated for comparison on an annualized basis. The system of penalties for delay in fulfilling obligations by buyers, formed in the process of developing credit conditions, should provide for appropriate penalties, fines and penalties. The amount of these penalties must fully compensate for all financial losses of the creditor organization (loss of income, inflationary losses, compensation for the risk of reducing the level of solvency, and others).
4) The system of penalties for delay in fulfilling obligations by buyers, formed in the process of developing credit conditions, should provide for appropriate penalties, fines and penalties. The amount of these penalties must fully compensate for all financial losses of the creditor organization (loss of income, inflationary losses, compensation for the risk of reducing the level of solvency, and others).
Stage five. Formation of standards for assessing buyers and differentiation of conditions for granting a loan
The basis for establishing such standards for evaluating buyers is their creditworthiness. The creditworthiness of the buyer characterizes the system of conditions that determine its ability to attract credit in different forms and in full and within the stipulated time to fulfill all related financial obligations.
The formation of a system of customer evaluation standards includes the following main elements:
Determination of a system of characteristics that assess the creditworthiness of individual groups of buyers;
Formation and examination of the information base for assessing the creditworthiness of buyers;
The choice of methods for assessing individual characteristics of the creditworthiness of buyers;
Grouping buyers of products according to the level of creditworthiness;
Differentiation of credit conditions in accordance with the level of creditworthiness of buyers.
The grouping of buyers of products according to the level of creditworthiness is based on the results of its assessment and usually provides for the allocation of the following categories:
Buyers to whom credit can be granted to the maximum extent, i.e. at the level of the established credit limit (a group of "first-class borrowers");
Buyers to whom credit can be granted in a limited amount, determined by the level of acceptable risk of default;
Buyers to whom credit is not provided (with an unacceptable level of risk of default, determined by the type of credit policy chosen).
Differentiation of credit conditions in accordance with the level of creditworthiness of buyers, along with the size of the credit limit, can be carried out according to such parameters as:
term of the loan;
The need for credit insurance at the expense of buyers;
Forms of penalties, etc.
Stage six. Formation of the collection procedure for receivables
As part of this procedure, the terms and forms of preliminary and subsequent reminders to buyers of the payment date, the possibilities and conditions for prolonging the debt on the granted loan, and the conditions for initiating bankruptcy proceedings against insolvent debtors should be provided for.
Stage seven. Ensuring the use of modern forms of refinancing receivables in the organization
Development of market relations and infrastructure financial market make it possible to use a number of new forms of receivables management in the practice of financial management - its refinancing, i.e. accelerated transfer to other forms of current assets of the organization: cash and highly liquid short-term securities.
The main forms of refinancing of receivables currently used are:
Factoring;
Accounting for bills of exchange issued by buyers of products;
Forfaiting.
Control of the movement and timely collection of receivables is organized as part of the construction common system financial control in the organization as an independent block of it.
One of the types of such systems is the ABC-system in relation to the organization's receivables portfolio. Group "A" includes the largest and most doubtful types of receivables (the 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 financial performance of the organization.
In addition to the considered stages of the formation of the receivables management policy, it should also be noted that it is necessary to constantly monitor the level of accounts payable, i.e. analyze the level of funds attracted from suppliers
Erofeeva V.A.,
e. PhD, professor of the department accounting
Smolyakova N.O.,
Competitor of the Department of Accounting
St. Petersburg Institute of Trade and Economics,
In modern economic conditions, characterized by a crisis of non-payments and the growth of mutual debts, the problem of managing receivables is of particular importance. The reason for this was the financial crisis, which gave rise to a number of factors: violation of the existing economic ties, decline in production, bankruptcy of enterprises, which led to failures in settlement and payment transactions between business entities, unreasonable and uncontrolled growth of receivables and, as a result, to a significant increase in risks in the sale of products with deferred payment.
As you know, in the formation of accounts receivable, which is a kind of debt obligations and determined by the presence of a temporary gap between the sale of goods and / or the provision of a service and its payment, there are two reasons: the first is associated with the provision of a deferral (installment plan) of payment for shipped products to buyers, and the second - with the implementation of advance payments by the organization itself.
Naturally, any enterprise is interested in selling its products with immediate payment, but fierce competition forces it to respond to changes in the external environment, build a flexible policy for lending to customers, providing a deferred payment. At the same time, the enterprise itself, fulfilling the terms of contracts with its counterparties, makes advance payments against future deliveries, which also leads to the formation of receivables.
Accounts receivable not repaid on time leads to the diversion of funds from the economic turnover of the enterprise, giving rise to such problems as a shortage of cash assets, an increase in the risk of non-payments on their obligations, the need to attract external forms of financing current activities in the form bank lending and payment of interest, which ultimately leads to a decrease in the profitability of the business, and in individual cases and a threat to the existence of the company.
Since receivables have a significant impact on the size and structure of current assets, liquidity and solvency indicators, as well as on the financial condition of the organization as a whole, an important task of its viability is to increase the efficiency of receivables management.
In modern economic conditions, the management of the organization's receivables should be carried out on the basis of a systematic approach, which consists in the complex application of interrelated and interdependent procedures aimed at:
- for a comprehensive analysis of receivables;
- synchronization cash receipts and payments;
- determination of the amount of funds allocated for investment in receivables;
- formation of a credit policy in relation to buyers;
- development of a procedure for collection of receivables;
- expansion of the practice of using alternative methods of repayment of receivables;
- creation of a motivation system for personnel involved in the process of receivables management;
- formation of an effective system of control over the movement and timely collection of receivables.
At the first stage of managing the accounts receivable of the organization, it is necessary to analyze it for the period preceding the reporting period.
First of all, the legal validity of the transaction is subject to verification, and only then the level, composition and dynamics of receivables, as well as the effectiveness of the financial resources invested in it, are analyzed. The initial information is accounting data on debts of counterparties, containing information about the amount of debt and the timing of its occurrence. To obtain information on the maturity of debt, an analysis of contracts with counterparties is carried out; based on the information received, a register of "aging" accounts of debtors is compiled with the identification of overdue, doubtful and bad debts.
Determining the real state of receivables allows you to assess the likelihood of bad debts, taking into account the timing of the debt.
An important condition is the determination of the receivables turnover ratio, which characterizes the efficiency of collecting payments for shipped products, work performed and services rendered, defined as the ratio of the company's turnover to the average annual value of receivables.
Others important indicator of the organization's work is the efficiency of investing funds in receivables, which is determined by comparing the amount of additional profit from the sale of products by providing a commodity (commercial) loan with the amount
additional costs for its execution, as well as financial losses associated with writing off bad debts.
An important step in the management of receivables is the synchronization of cash receipts and payments. Drawing up a payment calendar, in which, based on the terms of contracts and the experience of previous settlement operations, daily payments and receipts are planned, will reduce the balance of funds on the current account, reduce the amount of borrowed funds and debt servicing costs, as well as optimize the repayment of own accounts payable.
Based on the data obtained, it is possible to determine the amount of funds planned for investment in receivables under a commodity (commercial) loan. When determining this amount, one should take into account the planned volume of sales of products on the terms of deferred payment, the average credit period, as well as the average period of delay in payment, focusing on the experience of economic practice.
If the financial capabilities of the organization do not allow investing in full the estimated amount in receivables, then with the unchanged lending conditions, the volume of sales of products sold on credit should be adjusted.
Since the emergence and repayment of receivables are a direct consequence of the credit policy of the organization, covering the whole range of issues commercial lending, including a system of credit conditions and assessment of the financial situation of buyers, a necessary condition for improving the financial efficiency of sales operations is the preparation of a scientifically based commercial lending policy.
The system of credit relations adopted by the organization should determine the term for granting a loan (credit period), the amount of credit provided (credit limit), the system of discounts provided for early payment, as well as the policy of penalties applied for delay in the performance of obligations by buyers.
The key link in the formation of the organization's credit policy is the development of standards for evaluating buyers based on creditworthiness, which characterizes the financial and economic condition of the buyer, his ability to effectively use borrowed funds and fulfill all
related financial obligations in full and in stipulated by the agreement terms.
An important stage in the implementation of a systematic approach to receivables management is the formation of a debt collection procedure, which should define the forms of preliminary and subsequent reminders to buyers about payment terms, conditions for extending the loan term and initiating bankruptcy proceedings for insolvent debtors.
In conditions of an acute shortage of funds, organizations can use alternative (non-monetary) methods of repaying debt obligations, which are:
- transfer of debt;
- offset of mutual requirements;
- assignment of the right to claim;
- compensation;
- innovation;
- commodity exchange operations.
Modern economic conditions allow you to use new form receivables management, which is refinancing. The main types of refinancing of receivables used in the practice of organizations are:
- factoring;
- bills of exchange issued by buyers of products;
- forfaiting.
Obviously, the effectiveness of receivables management is largely determined by the professionalism of the personnel involved in this process. The professional level of employees, the measure of responsibility that is assigned to them job descriptions, as well as the remuneration system for personnel dealing with accounts receivable to a large extent
determine the effectiveness of sales and the timeliness of receiving payments.
An important direction in improving management efficiency is to improve the mechanism for controlling the movement of receivables, including:
- determination of the period of repayment of receivables as close as possible to the average market indicators;
- comparison of indicators of cash receipts with the volume of receivables;
- formation and implementation of the credit policy of the organization;
- insurance of receivables;
- Immediate issuance of invoices to the buyer with control over the shipment of products;
- focus on a large number of buyers in order to reduce the risk of non-payment of debt by one of the clients;
- selectivity of sales, which determines which groups of goods and in what periods are not sold on credit;
- drawing up a file of debtors with constant monitoring of their financial condition with the identification of negative facts and the development of measures to work with debts.
The implementation of these areas involves the creation of accounting and information support for a receivables management system that meets modern management requirements. Given the new conditions, information must undergo serious qualitative changes, especially in terms of its necessary analyticity and promptness of presentation. In this regard, of particular importance is the formation of such an accounting system that will allow obtaining operational data with a sufficient degree of detail for managers to perform functions aimed at improving the efficiency of receivables management.
From the standpoint of an analytical approach, information should primarily reflect the state of accounts receivable and the possibility of its repayment in the context of various characteristics.
The grouping of receivables according to various characteristics is possible due to the development in the organization of a working chart of accounts that provides for accounting using sub-accounts of the second, third and subsequent orders. To do this, it is proposed to present the classification of receivables in the context of six levels (Table 1).
At the 1st level, grouping is carried out depending on the type of settlements and the basis for the occurrence of receivables, which will allow generating information for the preparation financial reporting. At the 2nd level, structuring of receivables is carried out depending on the currency of settlements used.
Depending on the nature of the debt, an analytical section of receivables is provided for the implementation of control, with the allocation of current and overdue debts.
In order to specify the repayment terms of receivables, it is advisable to classify them by repayment periods: up to 30 days, 31-45 days, 46-60 days, 61-90 days, 91-120 days, over 120 days.
At the same time, it is important to note that information on the maturity of debts is formed on the basis of the terms of contracts with counterparties and accounting data on shipments of products. Based on the information received, the due date for payment of invoices is calculated, which is defined as the date no later than which payment must be made on the granted commercial loan. To control the payment term in accordance with the contract, it is necessary to take into account the duration of the deferred payment, as well as the date the receivables arise. For the purposes of the operational management of receivables, it is advisable to apply the methodology for calculating the payment term, which is determined by adding the number of days of deferred payment established by the contract to the date the receivables arise. An example of calculating the payment term for products shipped to customers in an analytical context primary documents presented in table. 2.
It seems appropriate to organize the accounting of advances issued in the context of counterparties and contracts, reflecting the timing of the fulfillment of contractual conditions for the supply of goods, works, services. The recommended form of the report on receivables in the context of counterparties for advances issued on a certain date is presented in Table 3.
Structuring receivables by maturity will allow you to see the status of settlements with buyers and suppliers, identify overdue debts, evaluate the dynamics of its repayment by individual representatives of debtors and assess possible non-payments.
Accounts receivable should be taken into account depending on the type of collateral: in the form of collateral, bank guarantee, sureties or unsecured debts. This separation is aimed at obtaining qualitative information about the degree of debt reliability in the context of individual debtors and can be used to analyze the state of receivables.
An important direction is the accounting of receivables of buyers in the context of the types of shipped products, which thus provides the ability to control the effectiveness of sales and make prompt changes to the assortment policy of the organization.
Ultimately, the reports on the status of receivables generated by management levels will make it possible to assess its dynamics and structure, to carry out current monitoring of the quality of settlement operations and control over the execution of payment discipline, contributing to more efficient use free cash and avoid bad debts.
Proposed system analytical accounting receivables will allow to identify its impact on taxable profit, especially in the period of formation of the amount of the reserve for doubtful debts, as well as to ensure control over overdue and uncollectible debts, while reducing the taxable profit of the enterprise.
It should be noted that the need for information on the state of receivables is determined by the tasks that are solved in the process of managing this object in relation to a specific level so that each of the links of the overall management system successfully performs its functions. Thus, information on the state of receivables for the purposes of managing it by middle managers should be more analytic, and information for top level management in the person of owners, founders is subject to transformation by consolidating indicators.
Information intended for any level of management must meet the requirement of efficiency, however, the interval for its compilation and presentation is determined by the needs of management. So, if information about deviations from the given parameters for the top management echelon is sufficient for a quarter, then at the middle level the intervals of its circulation, depending on the tasks being solved, should be shorter: weekly, ten-day, and in some cases - daily.
Slowdown or failure to provide the necessary information on time can reduce or nullify previously taken actions, and in some cases disrupt the established rhythm of the functioning of the entire system as a whole.
The proposed system for organizing analytical accounting of receivables serves the purpose of generating information for the administrative apparatus at different levels of management in the required degree of detail and generalization based on a systematic selection according to selected criteria. Various groupings of receivables make it possible to differentiate accounting information in an analytical context and, therefore, make it more efficient and flexible.
The modern competitive environment has a significant impact on the formation and adoption of economically sound management decisions. The use of the proposed methodology for accounting for receivables will help improve the quality and efficiency of information, thereby ensuring effective control over the status of settlements with debtors and reducing the risk of overdue debts, contribute to the formation of a rational policy for granting loans, strengthening the financial condition of an enterprise in rapidly changing market conditions, reducing labor intensity accounting and reporting procedures and increase the efficiency of the use of funds by business entities. Only a systematic approach to managing the organization's receivables, which consists in the complex application of all the listed measures to optimize the size of this debt, will have an effective impact on increasing financial stability enterprise and will be the key to its successful development.
Literature
1. Bakhrushina N. Creation of a receivables management system // Financial Director. - 2005. - No. 5.
2. Van Horn J.K. Fundamentals of financial management: Per. from English. - M. : Finance and statistics, 2003.
3. Financial management: textbook / ed. e. n., prof. A.M. Kovaleva. - 2nd ed., revised. and additional - M. : Infra-M, 2009.
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