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There was a lot of gnashing of teeth on the part of the sales team at the beginning, but invoice accuracy improved in each subsequent month as sales began transmitting accurate pricing and terms to order processing, thereby reducing downstream disputes and payment deductions. it just might help them pay you sooner!
The experts at Your Virtual Credit Manager have default risk probabilities and other financial benchmarks for analyzing your AR portfolio and revealing actionable insights. If you charged shipping costs, but your agreement is to bill a “delivered” price, the customer will deduct the freight from the face amount of the invoice.
Pricing Problems: A supplier of medical devices implemented a new ERP system, but flaws in the pricing application caused it to frequently default to list price (nearly every accounts had exceptions), thereby generating hundreds of incorrect invoices. Customers refused to pay as billed, frequently demanding corrected invoices.
There was a lot of gnashing of teeth on the part of the sales team at the beginning, but invoice accuracy improved in each subsequent month as the sales began transmitting accurate pricing and terms to order processing, thereby reducing downstream disputes and payment deductions.
The other policy conditions (deductibles, co-pays, etc.) Try to get a guaranty from a financially strong related party who will pay the AR if the customer defaults. These customers will require more intense follow up of pastdueinvoices (e.g., at 4-7 days pastdue versus the two weeks or more that is typical).
For example: When off-schedule pricing is not clearly communicated to the billing function, customer disputes, often in the form of payment deductions, cause partial payments, delays in payment, increased administrative costs involved in resolving the problems, and diminished customer satisfaction. Do you need help improving cash flow?
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