Accounts Receivable Manager Goals and Objectives Examples
Reduce the number of past-due invoices by 10%.
Increase the collection rate by 5%.
Improve customer satisfaction scores related to billing and collections by 15%.
Develop and implement a new credit policy within six months.
Establish a process for resolving disputed invoices within five days of receipt.
Implement an automated billing system within six months.
Train team members on negotiation techniques to improve collections.
Develop and maintain accurate aging reports for all customers.
Reduce Days Sales Outstanding (DSO) by 10%.
Implement a process for daily cash application within three months.
Reduce the number of accounts over 90 days past due by 20%.
Establish a weekly meeting with sales team to discuss accounts receivable issues and resolutions.
Design and implement a streamlined credit application process within four months.
Set achievable monthly collection goals for individual team members.
Review and adjust credit limits for all customers at least once per year.
Develop and maintain relationships with key customers to expedite payments.
Develop a strategy for recovering bad debt and implementing it within six months.
Identify opportunities to offer payment plans or other arrangements to assist customers in making payments on time.
Maintain accurate records of customer accounts and transactions.
Ensure that all invoices are sent out in a timely manner, no later than five days after goods or services are provided.
Establish performance metrics for the accounts receivable team and monitor progress on a regular basis.
Monitor and manage chargebacks and deductions from customer payments.
Implement a process for monitoring and collecting on returned checks within two weeks of receipt.
Ensure compliance with all state and federal regulations related to collections and credit reporting.
Develop a process for tracking and reconciling any discrepancies between invoices and payments.
Provide regular training to team members on industry best practices and new trends in collections.
Maintain regular communication with the sales team to ensure that all account information is up-to-date.
Review and reconcile customer accounts on a monthly basis.
Develop and maintain relationships with external collection agencies.
Create a process for reviewing and approving customer credit applications within three days of receipt.
Ensure that all necessary documentation related to collections is accurate and up-to-date.
Design and implement a system for tracking payment disputes, including resolution timelines.
Analyze and report on key accounts receivable metrics on a monthly basis.
Work with accounting team to ensure accurate financial reporting related to accounts receivable.
Develop a process for tracking and reporting on unapplied customer payments.
Monitor and address any issues related to online payments or billing portals.
Conduct regular audits of accounts receivable records to ensure accuracy and completeness.
Establish a process for handling credit card chargebacks and disputes.
Provide ongoing support to sales team for customer credit applications.
Implement a process for tracking and collecting on NSF checks.
Monitor and address any issues related to sales tax calculations or exemptions.
Develop and maintain relationships with external auditors and regulators as needed.
Develop and maintain relationships with key vendors and third-party service providers.
Design and implement a system for tracking and managing customer payment plans.
Review and approve all adjustments to customer accounts receivable records.
Work with legal counsel to develop policies related to collections, bankruptcy, and litigation.
Ensure compliance with all internal controls related to accounts receivable management.
Monitor and manage any intercompany transactions related to accounts receivable.
Develop and maintain relationships with key internal stakeholders, such as finance, legal, and IT teams.
Design and implement a process for handling debt recovery and write-offs.
Monitor and track all customer refunds and credits.
Develop and maintain relationships with external credit agencies and bureaus.
Ensure that all customer payment information is securely stored and protected.
Design and implement a process for monitoring and reporting on customer credit balances.
Review and approve all journal entries related to accounts receivable.
Develop policies and procedures for managing customer data privacy and security.
Establish a system for tracking and reporting on customer account disputes.
Work with IT team to optimize billing and collections software systems.
Provide regular reports to management on key accounts receivable metrics.
Monitor and manage all customer deposits and prepayments.
Develop and maintain relationships with key industry associations and groups.
Ensure compliance with all Sarbanes-Oxley (SOX) requirements related to accounts receivable.
Monitor and address any issues related to foreign currency transactions or conversions.
Develop and maintain relationships with key financial institutions and banks.
Review and approve all revenue recognition entries related to accounts receivable.
Work with HR team to develop policies related to hiring, training, and termination of accounts receivable staff.
Monitor and address any issues related to sales commissions or other incentives.
Design and implement a process for tracking and resolving customer complaints related to billing or collections.
Implement a system for measuring customer retention rates based on payment behavior.
Provide regular updates to senior management on changes or trends in the accounts receivable landscape.
Ensure that all necessary documentation related to collections is properly archived and retrievable.
Work with marketing team to develop strategies for promoting timely payments from customers.
Design and implement a process for tracking and managing customer credits and offsets.
Provide regular training to team members on how to handle difficult collection situations.
Ensure that all customer-facing communication related to collections is professional and courteous.
Develop policies related to employee use of personal devices for work-related tasks related to accounts receivable.
Monitor and address any issues related to payment gateway integrations or other technical issues.
Establish a process for handling customer disputes related to billing or collections in a timely manner.
Provide ongoing support to finance team for budgeting and forecasting related to accounts receivable.
Ensure that all customer-facing staff are trained on the company’s mission, values, and culture as they relate to collections and customer service.