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The Accounts Receivables Management Process

The ARM Process is geared to help you achieve excellence in receivables management. It follows a set, systematic path, yet is flexible enough to meet the changing demands of businesses and their managers.
The ARM process consists of the following key functions:
  1. Timely and accurate invoicing - Ensuring that the invoices have been generated on a timely basis and that they are accurate and complete

  2. Invoice delivery confirmation - Confirming that the invoice has been received by the clients - in case the invoice has not been received, resending the invoices

  3. Invoice acceptance - following up with the clients to ensure that the invoice has been accepted by them and that they have commenced processing the invoice

  4. Lock in invoice payment date - requesting the client to confirm by when they expect to release the payments

  5. Dispute management and resolution mechanisms - In-case the clients have issues with the invoice or the product or the service handing the dispute management and escalating the issues to the client servicing teams and the management

  6. Customer account reconciliations - conducting account reconciliations, balance confirmations, collecting TDS certificates and statutory forms etc.

  7. Confirming the receipt of payment - ensuring that the customer has paid by the due date and following up with the customer, in case of nonpayment by the promised date

  8. Attending to other AR issues in a timely fashion - attending to such AR issues as may be required by the clients from time to time.

Contrast with this the AR process followed in most companies - processes are not defined, ARM is not appreciated as a critical function, there are no timely follow-ups, AR responsibility is not assigned to a specific department.

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