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Management of Accoulic
sector is to collect monies due and to assist in meeting cash flow requirements.
An effective accounts receivable function can assist in achieving the desired
cash flow outcome through the timely collection of outstanding debts.
All agencies also have an objective of continually improving customer service.
A large number of agencies which operate as businesses are required to
perform public services under a full or partial cost recovery arrangement.
Effective accounts receivable management can assist agencies improve
customer service through providing timely information on customer
requirements and by making dealing with the agency as easy as possible.
All government agencies, including those operating in a monopoly, are required
to demonstrate contestability - that is delivery of a high quality standard of
service at a cost that is comparable to providers of similar services operating in
similar environments. Improvements in accounts receivable management which
reduce the cost of collecting monies can improve an agency’s ability to
demonstrate contestability and accountability.
Importance of Organisational Culture
An international receivables management benchmarking study commissioned
by the Australian Taxation Office has highlighted the importance that
organisational culture has in the successful management of accounts
receivable. The study, which involved the survey of five international taxation
agencies and eight domestic organisations for which accounts receivable is a
strategic issue, indicated that management attitudes need to support practices
for minimisation of debt.
All agencies should adopt a culture whereby staff are encouraged to obtain
payment, where required, and not just focus on program or service delivery.
The Accounts Receivable Process
A typical accoun