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(d) The factors to be considered in formulating a trade receivables policy relate to credit analysis, credit control and receivables collection.
Credit analysis
In offering credit, a company must consider that it will be exposed to the risk of late payment and the risk of bad debts. To reduce these risks, the company will assess the creditworthiness of its potential customers. In order to do this, the company needs information, which can come from a variety of sources, such as trade references, bank references, credit reference
agencies, published accounts and so on. As a result of assessing the creditworthiness of customers, a company can decide on the amount of credit to offer, the credit terms to offer, or whether to offer credit at all.
Credit control
Having extended credit to customers, a company needs to consider ways to ensure that the terms under which credit was granted are followed. It is important that customers settle outstanding accounts on time and keep to agreed credit limits.
Factors to consider here are, therefore, the number of overdue accounts and the amount of outstanding cash. This information can be provided by an aged receivables analysis.
Another factor to consider is that customers need to be made aware of the amounts outstanding on their accounts and reminded when payment is due. This can be done by providing regular statements of account and by sending reminder letters when payment is due.
Receivables collection
Cash received needs to be banked quickly if payment is not made electronically by credit transfer. Overdue accounts must be followed up in order to assess the likelihood of payment and to determine what further action is needed. In the worst cases,legal steps may need to be taken in order to recover outstanding amounts.A key factor to consider here is that the benefit gained from chasing overdue amounts must not exceed the costs incurred.