Accountants and Succeeding During a Credit Crunch

NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.

NB: All your data is kept safe from the public.

Table of Contents

Introduction
Discussion
Conclusion
Reference

Introduction

Company operations are run using cash acquired through accounts receivable collection. Remarkably, accountants can apply information from this article to assist their companies in succeeding during a credit crunch.

Discussion

Practicing accountants can learn about several approaches to achieve effective borrowing and enhance cash collections after reading this article. For instance, practicing accountants can explore the disadvantages of manual cash collections from this article and understand how technology can increase visibility, unlock hidden cash, and improve compliance. The author indicates that if cash collections are automated and best practices leveraged, companies will be able to manage credit crunch (Wimley, 2009). This article can be helpful to practicing accountants planning out their companies’ bad debt reserves.

Accountants are likely to face challenges when quantifying and managing claims, disputes, deductions, and chargebacks. The author emphasizes the need to implement technology and automated systems because they can resolve credit and cash collection disputes (Wimley, 2009). Therefore, practicing accountants can learn how to accomplish credit scoring and segregate collections process’ disputes, which will influence a positive impact. Some accountants may be used to or prefer manual cash management. However, this article can change their perspectives toward technology and enable them to adapt to automated practices. This will result in companies using better and more advanced approaches to address bad debt reserves and collect accounts receivable.

Conclusion

Yes, there are several other unresolved accounting problems that could have been explored in this article. Accountants and other relevant professionals lack IT literacy associated with accounting. This issue has contributed to the poor or failed implementation of technology and systems in accounting departments. Another unresolved issue entails new skill requirements in the accounting profession. The article could have emphasized the importance of accountants advancing their studies to adapt to the ever-changing economic and business processes.

Reference

Wimley, C. J. (2009). Managing during the credit crunch. Business Credit, 111(6), 54–57.

Click Here To Order Now!

Accountants and Succeeding During a Credit Crunch

Do you need this or any other assignment done for you from scratch?

We have qualified writers to help you.

We assure you a quality paper that is 100% free from plagiarism and AI.

You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)