Report Spotlight: Keeping Track of Accounts Receivable Using the Aged Receivables Report
Operations | Meghan White and Miriam Kasseris, Arthur J Gallagher Risk Management LLC | Nov 28 2023
One of the biggest frustrations with Agency Bill is making sure your client’s accounts are up to date, and that payments are not overdue. The Aged Receivables report can be used to keep an eye on the accounting to ensure things proceed smoothly.
In our organization, the Aged Receivables report is sent to all account managers/customer service representatives on a weekly basis. The main advantages of this weekly report are:
- Excellent resource to determine when premiums are paid so notices of cancellation can be avoided
- Helps agents realize when a client hasn’t paid their premiums and need a reminder
- Helps determine when clients are due back credits so we can request funds to be returned
- Ensures funds are available for Account Current payments in a timely manner
- Helps apply credits to debits and keep the accounts in balance
The Aged Receivables report is an easy way to keep track of client balances and should be a part of every organization’s auditing workflow.
Tags: Operations , Reports