Maximize your accounts receivable revenue with SAO’s new resources
Apr 19, 2023
From accurate and prompt billing to well-designed collection procedures, accounts receivable requires a robust set of internal controls to ensure your government collects the money it is owed. A strong accounts receivable process can result in higher revenue for your government, while a weak process can lead to wasted staff time, accounting errors and lost revenue. When was the last time you took a close look at your accounts receivable?
We know that designing and evaluating internal control systems can be a time-consuming task, but it's well worth the investment. To help you get started, SAO's Center for Government Innovation has released two new resources: the Accounts Receivable Guide and its companion, the Accounts Receivable Internal Control Checklist. Use the checklist to assess your internal control system and discover potential weaknesses, and use the guide to gain ideas about how to improve your policies and process.
Here's a little more information about each of the new resources:
The Accounts Receivable Guide
The guide has something for each role in the accounts receivable process, whether you are:
- A leader developing or improving your accounts receivable policies
- A leader looking for ways to optimize revenue collection
- A manager wanting to reduce risks of revenue loss due to fraud, error or mismanagement
- A supervisor looking to improve monitoring over accounts receivable processes
- An accounting clerk hoping to improve effectiveness when billing or collecting amounts owed
Read the section(s) that pertain to your role, but be sure to share the other sections with your colleagues who play a different part in the process.
The Accounts Receivable Internal Control Checklist
You should be reevaluating your internal control systems annually, unless staffing or system changes prompt a more frequent review. Use this checklist to help get you started with your own self-assessment of your accounts receivable process. It will help you identify the controls that should be in place and potential weak spots that might require adjustment. Keep in mind that some governments may have more than one billing and collection system. That's OK, just complete a new checklist for each system.
Check out our Resource Library
All our guidance is available online at no cost. We have a lot of great information to share, so spend a few minutes in SAO's Resource Library to see what we have to offer!
How to reach us for more assistance
Remember, SAO can help. If you have technical questions, submit them using our HelpDesk in the client portal.
We also have internal controls specialists at SAO's Center for Government Innovation available to talk with you about best practices and resources. For assistance, reach out to us at Center@sao.wa.gov.