by John G. Salek (Author)
Praise for Accounts Receivable Management Best Practices
"An excellent reference tool on how to manage the accounts receivable process for any company. The use of real-life examples makes the concepts easy to understand. I recommend the book to anyone who wants to improve cash flow and reduce bad debt loss."
--Michael E. Beaulieu, Senior Vice President, Finance Cardinal Health
"Rather than simply explaining how to get the greatest return from an investment in accounts receivable, John G. Salek reveals how companies shoot themselves in the foot when management sets policies and procedures without consideration of the impact on cash flow. Accounts Receivable Management Best Practices isn't just for credit and collection professionals who often spend more time cleaning up process errors and other corporate 'garbage, ' instead of managing risk. It should be required reading for C-level executives, the sales staff, operations managers, and anybody else whose job impacts the order-to-cash cycle."
--David Schmidt, Principal, A2 Resources Coauthor of Power Collecting: Automation for Effective Asset Management
"Enhancing a company's competitive profile is all about giving enough customers the right product, at the right price, at the right time. This author's real-world approach to accomplishing this goal through the prism of receivables management makes this book a must-read for those companies looking to make their mark as an organization that cares about its customers as well as their own need to produce financial results."
--Bruce C. Lynn, Managing Director The Financial Executives Consulting Group, LLC
"I have worked with John Salek since 1992, both as his client and as a project manager working with his organization. His knowledge of receivables management . . . the technology, the processes, and the formula for success . . . are unsurpassed in the field."
--Stephen L. Watts, Manager, Global Receivables (retired) General Electric Medical Systems
"Mr. Salek has written a masterpiece on the intricacies and management of the accounts receivable portfolio. I would recommend this book to CFOs, controllers, treasurers, credit managers, and small business owners."
--Steve Kozack, Credit Manager Lennox Hearth Products
"Written by an author who has been in the trenches and cites actual examples. This is not written in theory, but from practice."
--Milt Dardis, Collection Consultant Dardis & Associates
Front Jacket
In today's global marketplace, competitive pressure and industry practice mandate that products and services be sold on a credit vs. cash-on-delivery basis. This practice often produces a receivables asset that is one of the largest tangible assets on a company's balance sheet. Surprisingly, management of this multimillion-dollar (and sometimes multibillion-dollar) asset rarely receives much senior-management attention, except when a serious problem develops. Accounts Receivable Management Best Practices examines the importance of managing accounts receivables and provides proven, field-tested principles for achieving such measurable benefits as increased cash flow, higher margins, and a reduction in bad debt loss.
Author John G. Salek is a veteran financial professional with a successful track record in receivables. Here, he addresses the best practices he has developed, refined, and improved on over a period of sixteen years, while working with more than one hundred companies in a wide range of industries to generate tangible, measurable improvements in the management of customer receivables. Examples, illustrations, anecdotes, and case studies throughout the book illustrate real-world problems and the solutions that inevitably drive measurable results.
Designed for all managers who are either directly responsible for managing the receivables asset--such as directors of customer financial services and credit managers--or indirectly responsible--such as controllers, treasurers, and CFOs--Accounts Receivable Management Best Practices:
- Shows how to maximize the effectiveness of an accounts receivable management system
- Illustrates the key benefits that can be achieved through implementation of best practices detailed in the book
- Provides real-world examples to illustrate key concepts covered
- Outlines best practices with a proven track record across a variety of industries--within U.S., multinational, and foreign companies--with customers in both private and public sectors
- Includes discussion of policy and procedures best practices to ensure compliance with Sarbanes-Oxley
The time to improve management of this critical asset is now, before interest rates rise further. Accounts Receivable Management Best Practices enables readers to better understand how to manage this important asset while learning the practical techniques that can be implemented immediately to drive improvement.
Back Jacket
Praise for Accounts Receivable Management Best Practices
"An excellent reference tool on how to manage the accounts receivable process for any company. The use of real-life examples makes the concepts easy to understand. I recommend the book to anyone who wants to improve cash flow and reduce bad debt loss."
--Michael E. Beaulieu, Senior Vice President, Finance Cardinal Health
"Rather than simply explaining how to get the greatest return from an investment in accounts receivable, John G. Salek reveals how companies shoot themselves in the foot when management sets policies and procedures without consideration of the impact on cash flow. Accounts Receivable Management Best Practices isn't just for credit and collection professionals who often spend more time cleaning up process errors and other corporate 'garbage, ' instead of managing risk. It should be required reading for C-level executives, the sales staff, operations managers, and anybody else whose job impacts the order-to-cash cycle."
--David Schmidt, Principal, A2 Resources Coauthor of Power Collecting: Automation for Effective Asset Management
"Enhancing a company's competitive profile is all about giving enough customers the right product, at the right price, at the right time. This author's real-world approach to accomplishing this goal through the prism of receivables management makes this book a must-read for those companies looking to make their mark as an organization that cares about its customers as well as their own need to produce financial results."
--Bruce C. Lynn, Managing Director The Financial Executives Consulting Group, LLC
"I have worked with John Salek since 1992, both as his client and as a project manager working with his organization. His knowledge of receivables management . . . the technology, the processes, and the formula for success . . . are unsurpassed in the field."
--Stephen L. Watts, Manager, Global Receivables (retired) General Electric Medical Systems
"Mr. Salek has written a masterpiece on the intricacies and management of the accounts receivable portfolio. I would recommend this book to CFOs, controllers, treasurers, credit managers, and small business owners."
--Steve Kozack, Credit Manager Lennox Hearth Products
"Written by an author who has been in the trenches and cites actual examples. This is not written in theory, but from practice."
--Milt Dardis, Collection Consultant Dardis & Associates
Author Biography
JOHN G. SALEK is the National Leader of the Receivables Cycle Management Practice of Parson Consulting, a large financial consulting firm with offices throughout the United States and United Kingdom. He is a veteran financial professional with proven performance in receivables cycle management, including order and contract processing, billing, dispute management, credit control, collections, and cash application. He has worked in a broad range of industries, including healthcare, publishing, leasing, distribution, and software. He has contributed white papers and articles to Credit Today and Parson Consulting's newsletter, Knowledge@Work, and has been quoted in the Wall Street Journal, Business Finance, and Modern Healthcare.