On that critical day, your accounts receivables management and planning efforts are about to come into the spotlight for your performance review. With accounts receivables, you get the best of both worlds: you have access to your receivables on demand, you have the ability to manage them accurately and efficiently, but you also have the tools of a financial institution at your disposal. You can access your accounts at any time of the day or night, with just a few clicks.
When you are running an account, all of these things work together to bring you the maximum returns on your efforts. But there is much more to managing receivables than just making sure they reach their intended customers in a timely fashion. For example, how do you make sure that your business is paying attention to your accounts receivables management plan and not simply putting up with that “anytime” mentality. Managers who can successfully identify when their receivables are on the wrong track and then make corrective changes that help you improve your customer service, loyalty, productivity and profitability will be rewarded for their hard work.
An accountant that is familiar with the concepts of accounts receivable management and account reconciliation has an edge over someone who does not. As part of the Certified Management Accountant (CMCA) program, you will have the opportunity to learn the ins and outs of all of the aspects of managing accounts receivables. You will become well-informed on the types of accounts that businesses need to focus their money on, which accounts to avoid, how to properly account for inventory, when to schedule payments and the importance of maintaining accurate financial records.
In order to become a Certified Manager for Accounts Receivables, you will first complete a CMCA-administered exam. The CMCA exam is one of the few certifying exams that is offered by the CMA membership organization and not by individual CMA organizations. The exam will prepare you to pass the exams required to become a CMA Master.
After you complete the exams and earn your Certified Manager Certification, you can start the process of getting clients by becoming a “Certified Receiving Assistant,” which will give you a helping hand on the account receivables management process. with the ability to advise customers and vendors on how best to handle the receivables process and the tools of accounting accuracy.
Your next step will be to pass the CMCA exam to become a CMA (Certified Master Manager. This is an important accomplishment because, as a CMA, you will have the responsibility of handling accounts receivables for the company that employs you.
The CMA designation is one of the highest levels of service available to business owners as a Certified Manager for Accounts Receivables. A CMA is responsible for managing the accounts receivables of an organization and for reporting their progress to the company’s owners.
Most business owners find that they have many clients that need to be paid on time or on the agreed upon date. By becoming a CMA, a business owner can take on this task. If an account is past due, you can offer the business owner a grace period to get it paid or let the business owner pay you.
Some business owners find it helpful to work with a third party that specializes in accounts receivables. and this can be a great option if you have experience in the accounting field.
A good accounts receivables management system will include an easy-to-use and comprehensive manual for keeping records and a variety of billing and account payment procedures that are easy to understand. When you have a good accounting program that makes using it a snap, it will benefit both you and your business.
Accounting is a highly specialized area of the accounting field that requires a degree to become a Certified Manager for Accounts Receivables. With a little training, you can be one step closer to becoming a CMA and having the satisfaction of being part of a business that pays you with an account that is paid.