外文翻譯--公司應(yīng)收賬款的管理（節(jié)選）

1、<p>　　中文3500字，2200單詞，1.2萬英文字符</p><p>　　出處：Kontu? E. MANAGEMENT OF ACCOUNTS RECEIVABLE IN A COMPANY[J]. Ekonomska Misao I Praksa, 2013:21-38.</p><p>　　MANAGEMENT OF ACCOUNTS RECEIVABLE IN A

2、COMPANY</p><p>　　Eleonora Kontu?, M. S.</p><p><b>　　Abstract</b></p><p>　　Accounts receivable management directly impacts the profitability of a company. Firstly, the pu

3、rpose of the empirical part of the study is to analyze accounts receivable and to demonstrate a correlation between the accounts receivable level and profitability expressed in terms of Retun on Assets (ROA) of sample co

4、mpanies. Secondly, the aim of theoretical research is to explore cost and benefits of changes in credit policy, determine the independent variables which have an impact on net savings a</p><p>　　Keywords: ac

5、counts receivable, profitability, net savings, credit policy</p><p>　　1.INTRODUCTION</p><p>　　Accounts receivable is the money owed to a company as a result of having sold its products to custo

6、mers on credit. The primary determinants of the company's investment in accounts receivable are the industry, the level of total sales along with the company's credit and the collection policies.</p><p

7、>　　Accounts receivable management includes establishing a credit and collections policy.</p><p>　　Credit policy consists of four variables: credit period, discounts given for early payment, credit standar

8、ds and collection policy. The three primary issues in accounts receivable management are to whom credit should be extended, the terms of the credit and the procedure that should be used to collect the money.</p>&

9、lt;p>　　The major decision regarding accounts receivable is the determination of the amount and terms of credit to extend to customers. The total amount of accounts receivable outstanding at any given time is determine

10、d by two factors: the volume of credit sales and the average length of time between sales and collections. The credit terms offered have a direct bearing on the associated costs and revenue to be generated from receivabl

11、es. If credit terms are tight, there will be less of an investment in </p><p>　　We hypothesize that by applying scientifically-based accounts receivable management and by establishing a credit policy that re

12、sults in the highest net earnings, companies can earn a satisfactory profit as well as a return on investment.</p><p>　　The purpose of this study is to determine ways of finding an optimal accounts receivabl

13、e level along with making optimum use of different credit policies in order to achieve a maximum return at an acceptable level of risk. In striving to fill in the gaps relating to net savings from changes in credit p

14、olicy, the study makes its own contribution to research and thereby to managers by giving them general recommendation. With the aim of completing these gaps, the study will investigate accounts</p><p>　　When

15、 a company is considering changes in its credit policy in order to improve its income, incremental profitability must be compared with the cost of discount and the opportunity cost associated with higher investment in ac

16、counts receivable.</p><p>　　The outcome represents a new mathematical model for calculating net savings from changes in credit policy and with this model a company can consider different credit policies as w

17、ell as changes in credit policy in order to improve its income and profitability.</p><p>　　2. ERATURE REVIEW</p><p>　　2.1 Accounts receivable management</p><p>　　Accounts receivable

18、 represents a sizable percentage of most firms' assets. Investments in accounts receivable, particularly for manufacturing companies, represent a significant part of short-term financial management. Firms typically

19、sell goods and services on both cash and a credit basis. Firms would rather sell for cash than on credit, but competitive pressures force most firms to offer credit. The extension of trade credit leads to the establishme

20、nt of accounts receivable. Receivables repres</p><p>　　the customer does not pay an account, a bad debt loss is incurred.</p><p>　　When a credit sale is made, the following events occur: invento

21、ries are reduced by the cost of goods sold, accounts receivable are increased by the sales price, and the difference is profit, which is added to retained earnings. If the sale is for cash, then the cash from the sale ha

22、s actually been received by the firm, but if the sale is on credit, the firm will not receive the cash from the sale unless and until the account is collected. Carrying receivable has both direct and indirect costs, b<

23、;/p><p>　　According to Chambers and Lacey there are three primary issues in the management of accounts receivable: to whom to extend credit, what the terms of the credit should be, and what procedure should be

24、used to collect the money. Extending credit should be based upon a comparison of costs and benefits. The analysis must build in uncertainty because we are uncertain of future payment, and we will handle this by computing

25、 the expected costs and expected benefits through payment probabilities. The pot</p><p>　　The decision of how much credit to offer must be made when the customer initially requests credit and when the custom

26、er requests additional credit. The fundamental principle that guides financial decisions can be used: marginal benefit versus marginal cost. The marginal cost is the additional potential lost costs of the product. The co

27、sts of past uncollected sales are sunk costs and should not be included as a marginal costs. The marginal benefits are the potential sales and interest revenues </p><p>　　Once the decision to grant credit

28、has been made, the firm must establish the terms of the credit. Credit terms are often separated into two parts: the credit period and the credit discount.</p><p>　　Collection of accounts receivable is an im

29、portant process for a corporation and requires a well-designed and well-implemented policy. One technique is the factoring of accounts receivables. In a typical factoring arrangement, one firm will sell their accounts re

30、ceivable outright to another firm for an agreed-upon price. There is usually no recourse in such transactions, such that the buyer (also known as the factor) takes the loss if the purchaser of the goods does not ultimate

31、ly pay for them. </p><p>　　Another technique to expedite the receipt of accounts receivable is to utilize lock boxes. Lock boxes are payment collection locations spread geographically so as to reduce the amo

32、unt of time required for checks mailed to the firm to be deposited and cleared. The lock boxes are typically post office box addresses from which deposits go directly to a bank on the day of receipt. The reduction of mai

33、ling time and check clearing time for the banks can produce significant savings when large sums of m</p><p>　　Payments of accounts receivable should be closely monitored to detect potential problems such as

34、would be indicated by slow payments. Following up on slow-paying customers is an important function of the credit department. Procedures should be carefully developed and consistently implemented.</p><p>　　T

35、he major decision regarding accounts receivable is the determination of the amount and terms of credit to extend to customers. The total amount of accounts receivable is determined by two factors: the volume of credit sa

36、les and the average length of time between sales and collections. The credit terms offered have a direct bearing on the associated costs and revenue to be generated from receivables.</p><p>　　In evaluating a

37、 potential customer’s ability to pay, consideration should be given to the firm’s integrity, financial soundness, collateral to be pledged, and current economic conditions. A customer’s credit soundness may be evaluated

38、through quantitative techniques such as regression analysis. Bad debt losses can be estimated reliably when a company sells to many customers and when its credit policies have not changed for a long period of time. In ma

39、naging accounts receivable, the following pro</p><p>　　? establish a credit policy</p><p>　　? establish a policy concerning billing</p><p>　　? establish a policy concerning collecti

40、on.</p><p>　　The establishment of a credit policy can include the following activities:</p><p>　　? A detailed review of a potential customer’s soundness should be made prior to extending credit.

41、 Procedures such as a careful review of the customer’s financial statements and credit rating, as well as a review of financial service reports are common.</p><p>　　? As customer financial health changes, cr

42、edit limit should be revised.</p><p>　　? Marketing factors must be noted since an excessively restricted credit policy will lead to lost sales.</p><p>　　? The policy is financially appropriate w

43、hen the return on the additional sales plus the lowering in inventory costs is greater than the incremental cost associated with the additional investment in accounts receivable.</p><p>　　The following proce

44、dures are recommended in establishing a policy concerning billing:</p><p>　　? Customer statements should be sent within 1 day subsequent to the close of the period.</p><p>　　? Large sales should

45、 be billed immediately.</p><p>　　? Customers should be invoiced for goods when the order is processed rather than when it is shipped.</p><p>　　? Billing for services should be done on an interim

46、 basis or immediately prior to the actual services. The billing process will be more uniform if cycle billing is employed.</p><p>　　? The use of seasonal dating’s should be considered.</p><p>　　

47、In establishing a policy concerning collection the following procedures should be used:</p><p>　　? Accounts receivable should be aged in order to identify delinquent and high-risk customers. The aging should

48、 be compared to industry norms.</p><p>　　? Collection efforts should be undertaken at the very first sign of customer financial unsoundness6.</p><p>　　2.2 Managing the credit policy</p>&

49、lt;p>　　The success or failure of a business depends primarily on the demand for its products.</p><p>　　The major determinants of demand are sales prices, product quality, advertising, and the company’s cr

50、edit policy. The financial manager is responsible for administering the company’s credit policy. Receivables management begins with the credit policy. Credit policy consists of four major components: credit standards, cr

51、edit terms, the credit limit and collection procedures.</p><p>　　Credit standards refer to the required financial strength of acceptable credit customers.</p><p>　　Based on financial analysis an

52、d non-financial data, the credit analyst determines whether each credit applicant exceeds the credit standard and thus qualifies for credit. Lower credit standards boost sales, but also increase bad debts. The minimum st

53、andards a customer must meet to be extended credit are: character, capital, capacity, conditions and collateral.</p><p>　　The credit period, stipulating how long from the invoice the customer has to pay, and

54、 the cash discount together comprise the seller’s credit terms. A company’s credit terms are usually very similar to that of other companies in its industry.</p><p>　　Discounts given for early payment includ

55、e the discount percentage and how rapidly payment must be made to qualify for the discount.</p><p>　　If credit is extended, the dollar amount that cumulative credit purchases can reach for a given customer c

56、onstitutes that customer’s credit limit. The customer periodically pays for credit purchases, freeing up that amount of the credit limit for further orders. The two primary determinants of the amount of a customer’s cred

57、it limit are requirements for the supplier’s products and the ability of the customer to pay its debts. The latter factor is based primarily on the customer’s recent payment </p><p>　　Detailed statements reg

58、arding when and how the company will carry out collection of past-due accounts make up the company’s collection procedures. These policies specify how long the company will wait past the due date to initiate collection e

59、fforts, the methods of contact with delinquent customers, and whether and at what point accounts will be referred to an outside collection agency.</p><p>　　Collection policy is measured by its toughness or l

60、axity in attempting to collect on slow-paying accounts. A tough policy may speed up collections, by it might also anger customers, causing them to take their business elsewhere10</p><p>　　A firm may liberali

61、ze its credit policy by extanding full credit to presently limited credit customers or to non-credit customers. Full credit should be given only if net profitability occurs. A financial manager has to compare the earning

62、s on sales obtained to the added cost of the receivables. The additional earnings represent the contribution margin on the incremental sales because fixed costs are constant. The additional costs on the additional receiv

63、ables result from the greater number of b</p><p>　　If a firm considers offering credit to customers with a higher-than-normal risk rating, the profitability on additional sales generated must be compared wit

64、h the amount of additional bad debts expected, higher investing and collection costs, and the opportunity cost of tying up funds in receivables for a longer period of time. When idle capacity exists, the additional profi

65、tability represents the incremental contribution margin (sales less variable costs) since fixed costs remain the same.</p><p><b>　　公司應(yīng)收賬款的管理</b></p><p><b>　　摘要</b></p&

66、gt;<p>　　應(yīng)收賬款管理直接影響公司的盈利能力。首先，研究的實證部分的目的是分析應(yīng)收賬款，并顯示應(yīng)收賬款水平與利潤率之間的相關(guān)性，表現(xiàn)為樣本公司的資產(chǎn)回報率。第二，理論研究的目的是探索信貸政策變化的成本和收益，確定影響凈儲蓄的自主變量，建立關(guān)系，以便開發(fā)新的數(shù)學(xué)模型，以計算凈儲蓄修訂信貸政策。在研究成果的基礎(chǔ)上，開發(fā)了一種計算凈儲蓄和修訂信貸政策的數(shù)學(xué)模型，通過該模式，公司可以考慮不同的信貸政策以及信貸政策的變化，以

67、提高其收入和盈利能力，建立信用政策，實現(xiàn)凈利潤最大化。</p><p>　　關(guān)鍵詞：應(yīng)收賬款，盈利能力，凈儲蓄，信貸政策</p><p><b>　　1.引言</b></p><p>　　應(yīng)收賬款是指由于企業(yè)將其產(chǎn)品銷售給客戶而應(yīng)向購買單位收取的款項。公司應(yīng)收賬款投資的主要決定因素是整個行業(yè)、總銷售額水平以及公司的信用和收賬政策。</p&

68、gt;<p>　　應(yīng)收賬款管理包括建立一個信用和收賬政策。</p><p>　　信用政策包括四個變量:信用期，提前付款給折扣，信貸標(biāo)準(zhǔn)和收賬政策。應(yīng)收賬款管理的三個主要問題是誰應(yīng)該擴展信貸，信貸的方式和程序應(yīng)該用于收集資金。</p><p>　　應(yīng)收賬款的重大決策即決定客戶貸款的數(shù)量和條件。應(yīng)收賬款總額未在任何給定的時間償還主要取決于兩個因素:信用銷售的數(shù)量，銷售與收賬間的平

69、均時間間隔。提供的信用證條款對相關(guān)成本和應(yīng)收賬款產(chǎn)生的收入有著直接影響。如果信用證條款嚴格，就會有更少的應(yīng)收賬款投資在和壞賬損失，但也會降低銷售減少利潤。</p><p>　　我們假設(shè)，通過應(yīng)用以科學(xué)為基礎(chǔ)的應(yīng)收賬款管理和通過建立信貸政策，來使凈收益最高，企業(yè)可以獲得令人滿意的利潤以及投資回報。</p><p>　　本研究的目的是確定一種找到最優(yōu)的應(yīng)收賬款水平與利用不同信貸政策的方法，在一

70、個可接受風(fēng)險范圍內(nèi)獲得最大收益。在信貸政策不斷變化的環(huán)境中，努力填補凈儲蓄的空白，這項研究對此作出了重大貢獻，也給企業(yè)經(jīng)理人提供了一般性的建議。有了填補此鴻溝的目標(biāo)，本研究將調(diào)查公司的應(yīng)收賬款、，高層管理現(xiàn)狀，并探索信貸政策變化以及凈利潤率條件下的成本和收益。</p><p>　　當(dāng)一家公司正在考慮改變其信貸政策以提高收益，應(yīng)當(dāng)比較增量盈利率與成本折扣，應(yīng)收賬款中較高的投資與機會成本相關(guān)聯(lián)。</p>

71、<p>　　結(jié)果代表了一個新的數(shù)學(xué)模型，計算信貸政策變化中的凈儲蓄，公司通過這種模型可以考慮不同的信貸政策，并在信貸政策的變化中提高其收入和盈利能。</p><p><b>　　2.文獻綜述</b></p><p><b>　　2.1應(yīng)收賬款管理</b></p><p>　　應(yīng)收賬款在大多數(shù)公司資產(chǎn)中占有相當(dāng)大

72、的比例。在應(yīng)收賬款的投資，尤其是對于制造企業(yè)，是其短期財務(wù)管理的重要組成部分。公司通常以現(xiàn)余和信用貸款的方式出售商品和服務(wù)。公司寧愿出售換取現(xiàn)金而不是接受信貸，但競爭壓力迫使大多數(shù)公司提供信貸。貿(mào)易信貸的擴展導(dǎo)致的應(yīng)收賬款的出現(xiàn)。應(yīng)收賬款說明信用銷售款未收賬。客戶付賬之后，公司才算收回之前的銷售款。如果客戶不支付，公司就會產(chǎn)生壞賬損失。</p><p>　　一旦建立起信貸銷售，就會出現(xiàn)以卜情祝:庫存降低增加商品銷

73、售成本，銷售價格提高應(yīng)收賬款增加，不同的是利潤，被添加到留存收益。如果出售換取現(xiàn)金，公司才實際獲得到了銷售額，但如果采取信貸銷售的方式，該公司將不會立即獲得銷售額直到公司收賬完成。應(yīng)收賬款會產(chǎn)生直接和間接成本，但它也有一種重要的且有益于銷售達成的方式。</p><p>　　根據(jù)錢伯斯和萊西的觀點，應(yīng)收帳款管理中有三個主要問題:向誰提供貸款，信貸的條款應(yīng)該是什么，應(yīng)當(dāng)通過怎樣的程序來收款。信貸展期應(yīng)當(dāng)在比較成本與收

74、益的基礎(chǔ)上進行。因為我們不確定未來的支付能否達成，其分析就可能在不確定的條件下進行，因此，我們將通過支付概率來計算預(yù)期成本和預(yù)期收益，從而解決此問題。客戶將不會支付擴大信貸的潛在成本。盡管計算足價產(chǎn)品的成本是一種非常好的方式，但通常更適合使用產(chǎn)品的實際成本。信貸展期的潛在好處不僅僅交易中的利潤;相反它的潛在價值在于一個長期的客戶關(guān)系。</p><p>　　客戶最初請求貸款以及當(dāng)客戶請求追加貸款時，你就必須決定能為

75、他提供多少信貸了?？梢允褂没驹瓌t指財務(wù)決策:邊際收益與邊際成本。邊際成本是指產(chǎn)品額外的潛在損失成本。過去未收款的銷售成本是沉沒成本，不應(yīng)包括邊際成本。邊際收益是指潛在的銷售和利息收入一一包括追回過去仍未收款銷售的潛力。</p><p>　　一旦決定給予信貸，公司必須建立信貸條款。信貸條款通常分為兩個部分:信貸周期和信用折扣。</p><p>　　應(yīng)收賬款的收賬程序?qū)緛碚f十分重要，需要

76、設(shè)計精良和實施得當(dāng)?shù)恼?。其中一個方法是應(yīng)收賬款代理。標(biāo)準(zhǔn)的代理協(xié)議中，一家公司將他們的應(yīng)收賬款以商定的價格直接出售給另一個公司。此類交易中通常沒有追索權(quán)，這樣，如果買方的貨物最終沒有支付他們，買方(也稱為因素)將承擔(dān)損失。</p><p>　　另一個方法是利用鎖箱加快應(yīng)收賬款的收據(jù)。鎖箱是回款的地域分布位置，主要為了減少寄支票給公司的時間。鎖箱通常是郵政信箱地址，直接到銀行去存款獲得收據(jù)。當(dāng)涉及大量的資金時，減

77、少銀行的郵寄時間和票據(jù)清算或結(jié)算時間可以最大程度的節(jié)省成本。</p><p>　　支付的應(yīng)收賬款應(yīng)密切監(jiān)測可能發(fā)現(xiàn)的問題，如通過緩慢的支付來控制。追蹤支付緩慢的客戶是信貸部門的一個重要職責(zé)。程序應(yīng)當(dāng)慎重開發(fā)并持續(xù)實施。</p><p>　　關(guān)于應(yīng)收賬款的重要決定是對于信貸展期與數(shù)量的測定。應(yīng)收賬款的總量取決于兩個因素：信用銷售的數(shù)量以及銷售和匯款之間的平均期限。提供的信貸條款和相關(guān)的應(yīng)收賬

78、款產(chǎn)生的成本和收入有直接關(guān)系。</p><p>　　評估一個潛在客戶的支付能力，應(yīng)該充分考慮這個公司的信用度、財務(wù)穩(wěn)健性、有無抵押品以及當(dāng)前的經(jīng)濟條件?？蛻舻男庞脿顩r可以通過定量技術(shù)如回歸分析來評估。當(dāng)一個公司出售產(chǎn)品給許多客戶或者當(dāng)其信貸政策長期未得到改變時，我們就能如實的評估其壞賬損失。管理應(yīng)收賬款，建議遵循以下程序：</p><p><b>　　?確立信貸政策</b&

79、gt;</p><p>　　?確立一個涉及賬單的政策</p><p>　　?建立一個有關(guān)回款的政策</p><p>　　建立信貸政策包括以下內(nèi)容：</p><p>　　?對潛在客戶的財務(wù)穩(wěn)健性的詳細審查應(yīng)在信貸展期前進行。常見的程序包括仔細審查客戶的財務(wù)報表、信用等級以及金融財務(wù)報告。</p><p>　　?當(dāng)客戶財務(wù)

80、狀況發(fā)生變化時，應(yīng)當(dāng)及時修改信貸限額。</p><p>　　?必須關(guān)注營銷因素，因為過分限制信貸政策會導(dǎo)致銷售損失。</p><p>　　?當(dāng)額外的銷售回報加上降低的庫存成本大于邊際成本與其他相關(guān)的應(yīng)收賬款投資時，財務(wù)政策是適當(dāng)?shù)摹?lt;/p><p>　　建立一個涉及賬單的政策包括以下幾個方面：</p><p>　　?客戶報表應(yīng)該在結(jié)束后1天之

81、內(nèi)發(fā)送。</p><p>　　?大批量的銷售應(yīng)立即開賬單。</p><p>　　?客戶應(yīng)當(dāng)在處理訂單時而不是發(fā)貨時拿到商品發(fā)票。</p><p>　　?賬單服務(wù)應(yīng)在實際服務(wù)時作出。如果采用周計費方式，開票流程將更加統(tǒng)一。</p><p>　　?應(yīng)考慮季節(jié)性的日期的應(yīng)用。</p><p>　　建立回款政策應(yīng)包括以下內(nèi)容：

82、</p><p>　　?為了識別拖欠賬款和具有高風(fēng)險的客戶，應(yīng)分析應(yīng)收賬款的賬齡。賬齡要與行業(yè)規(guī)范相關(guān)。</p><p>　　?收款工作應(yīng)在客戶財務(wù)狀況出現(xiàn)不穩(wěn)定跡象時進行。</p><p><b>　　2.2管理信貸政策</b></p><p>　　企業(yè)的成敗主要取決于客戶對其產(chǎn)品的需求。</p><

83、;p>　　需求的主要因素是銷售價格、產(chǎn)品質(zhì)量、廣告和公司的信貸政策。財務(wù)經(jīng)理負責(zé)管理公司的信貸政策。應(yīng)收賬款管理始于信貸政策。信貸政策包括4個主要組成部分：信貸標(biāo)準(zhǔn)、信用條件、信貸限制和收款程序。</p><p>　　信貸標(biāo)準(zhǔn)指的是可接受的信用客戶所需的財務(wù)實力。</p><p>　　基于財務(wù)分析和非財務(wù)數(shù)據(jù)，信貸分析師確定每個信貸申請人超過信貸信用的標(biāo)準(zhǔn)從而有資格。降低信貸標(biāo)準(zhǔn)促進

84、銷售，但也會增加壞賬。客戶延長信貸必須滿足最低標(biāo)準(zhǔn)：品格、資本、能力、條件和擔(dān)保人。</p><p>　　信貸時期，規(guī)定從發(fā)票的開具到客戶必須支付時間以及現(xiàn)金折扣一起構(gòu)成賣方信貸條款。公司的信貸條款通常與行業(yè)內(nèi)的其他公司相同。</p><p>　　提前付款給折扣包括：折扣率以及如何快速付款有資格獲得折扣。</p><p>　　如果延長信貸時間，累積信用獲得的金額可達

85、一個給定客戶的信用額度?？蛻舳ㄆ谥Ц顿d購的貨品，在接下來的訂單中就會獲得更大的信用額度?？蛻粜庞妙~度的兩個主要決定因素是對供應(yīng)商產(chǎn)品的需求以及客戶償還債務(wù)的能力。后者主要因素是基于客戶與賣方和其他人的近期付款記錄以及回顧與分析客戶的近期財務(wù)報表。</p><p>　　詳細陳述關(guān)于該公司何時、如何進行逾期賬款的收賬構(gòu)成公司的收款程序。這些政策規(guī)定公司將等待多長時間進行收款工作，應(yīng)付拖欠賬款客戶的方法，是否以及在什么

86、情況下需要外部收款機構(gòu)的協(xié)助。</p><p>　　收賬政策的衡量標(biāo)準(zhǔn)是對于緩慢支付賬戶的收賬態(tài)度。強硬的政策可能會加速收賬的實現(xiàn)，也可能激怒客戶，最終導(dǎo)致其把業(yè)務(wù)轉(zhuǎn)移到其他公司。</p><p>　　公司可以對目前信用限額客戶或非信用客戶實行信用展期，以此開放信貸政策。全額抵免只能在實現(xiàn)凈利潤時給予。財務(wù)經(jīng)理必須比較獲得的銷售收益和應(yīng)收賬款的增加成本。因為固定成本不變，額外收益表示增加銷