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Accounting Best Practices, Fifth Edition by Steven M. Bragg Englewood, Colorado

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Collection Management

7–1Clearly define account ownership
7–2Educate the sales staff about revenue recognition
7–3Utilize collection call stratification
7–4Base deduction management on transaction volume
7–5Conduct consumer confidence calls with sales staff
7–6Grant percentage discounts for early payment
7–7Conduct immediate review of unapplied cash
7–8Outsource collections
7–9Sell your bankruptcy creditor claim
7–10Simplify pricing structure
7–11Write off small balances with no approval
7–12Create an accurate bad debt forecast

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