When Should You Write-off Rather Than Continue Trying to Collect

Steve Player's picture

CFO Magazine's July 2018 Metric of the Month: Uncollectible Balances, by APQC’s CFO Perry D. Wiggins discusses various collection practices associated with Top Performers under the metric of “Total Uncollectible Balances as a Percent of Revenue,” which is part of APQC’s Customer Credit and Invoicing Open Standards Benchmarking survey.

How to Develop Critical New Finance Competencies

Rachele Collins's picture

More and more, APQC is hearing talk of “the rise of the analytics competency” and the importance of finance professionals to develop knowledge, skills, and competencies not only in their operational finance areas (accounting, planning, auditing, internal controls, etc.), but also in analytics and data science.

The IRS has Mastered Accounts Receivable...and You Can Too!

Michael Sims's picture

Would you rather owe someone money or have someone owe you money? Maybe it’s just me, but I think both of these options are fairly uncomfortable. But, in the business world, owing and being owed money comes with the territory. And in no case is this truer than in that of the ultimate ower (and, much more often, owee) of money: the US Internal Revenue Service (IRS).

5 Ways To Consider Your Invoicing Beyond Just Cost

Steve Player's picture

My colleague, Perry D. Wiggins (CFO of APQC), recently has released the June 2018 Metric of the Month on CFO.com. It focuses on the “Cost to Invoice Customers” noting a range of $2.00 for top performers up to $9.00 for bottom performers with a mid-point of $3.94. This is quite a range when you consider the thousands and thousands of invoices sent each year by each company.

5 Collections Techniques to Keep Your Costs Down and Have A Customer Focus

Rachele Collins's picture

While no organization likes to admit that a certain percentage of their customer receivables may at some time become overdue, and some even become uncollectible, the reality is that it happens to most organizations. In fact, according to APQC’s Open Standards Benchmarking (OSB) Database on Accounts Receivable and Collections, the percentage of active customers that are delinquent at any time during the year ranges from 12 percent (top performers) to 20 percent (bottom performers).

How Design Thinking Can Help Finance Professionals Achieve their 2018 Goals

Michael Sims's picture

At the beginning of the year we surveyed a group of 260 finance professionals from across industries and regions to find out what their priorities were for 2018. The results were at once simple and complex.  The top two finance function priorities for 2018 were:

Using May’s Metric of the Month – Days Sales Outstanding - to focus on value

Steve Player's picture

CFO Magazine’s May Metric of the Month column (authored by my colleague, Perry D. Wiggins) discusses Days Sales Outstanding (DSO) with an excellent analogy to scuba diving. I highly recommend that column as Perry provides many useful ideas you can immediately use to improve DSO.

4 KPIs Set Good Accounts Payable Organizations Apart

Rachele Collins's picture

A core finance process, accounts payable (AP) involves all of the essential activities of an organization to pay its suppliers. As one of the primary organizational candidates for early automation, AP is ripe for innovation through process improvement and automation. These improvements can liberate AP professionals from transactional tasks in order to best make use of their valuable time.

Four Reasons Shared Services Don’t Deliver in Finance

Steve Player's picture

My colleague, Perry D. Wiggins, has recently authored another entry in CFO Magazine’s Metric of the Month column discussing Shared Services. In serving as the CFO for the APQC and in the many finance leadership roles in industry that Perry had before joining the APQC, he has seen many of these practices in action as well as the research on their benefits.

5 Things Best-in-class Finance Organizations Do That You Need to Borrow

Rachele Collins's picture

As many of the readers may be aware, APQC was foundational in the establishment of the Malcom Baldrige National Quality Award (MBNQA), and helped to develop the concept, criteria, funds, and ultimately secure Congressional approval for this award in 1985. Since that award’s establishment, more than 100 companies have won this prestigious award.