Great video Bill - regarding customers that are late payers or continually drag their feet - when we escalate a payment request we push it all the way up to we are going to "place a stop shipment" on there product until we see $$. That will usually get there attention and if continues we put in a "pay on receipt" policy.

@TheFinancialController

3 ай бұрын

Good one!

God bless you sir ! Your videoes are helping so many young finanacial consultants. If possible please make make more videos on accountant's interview , covering all possible kinds of questions

"GREAT KNOWLEDGE SHARING. KEEP IT UP. BLESSINGS AND LEARNING FROM INDIA."

@TheFinancialController

3 ай бұрын

Thank you, I will

young finance consultant here - great content, very helpful!!

@TheFinancialController

3 ай бұрын

Great to hear!

Great channel for financial knowledge

Hey Bill! First things first, you've got a unique educational channel and you should keep up with it as we're always eager for your content. Your insights are appreciated from 🇱🇧. I would like to know if you have any idea on the industry of Ad agencies (digital advertising) because it seems the accounting slightly differs there ( the case of AR for example, the AR team is not given green light for following up and a lot of dunning happens for the sake of "good" client relationships although sales teams do exist; a lot of campaigns (invoices) have N90 payment terms and it is advised by lawyers to not have official contracts with the clients for the sake of flexibility as big clients require rebate % to be compensated to them on the overall spending budgets with them on a yearly basis, is this the norm for the industry?). Your help would mean a lot if you could support or suggest and guide from where I can confirm the financial operations of this industry. Thank you :)

Hi Bill, as always, excellent videos. I would like to know if you are ever going to do a video related to Discounted Cash Flow?

@TheFinancialController

3 ай бұрын

Great suggestion!

Bill- Bring into the equation the degree of competitive advantage such product/service holds in the economy. If there are other players with deeper pockets they can offer better credit terms and your push for shorter terms gets affected....it's not so simple in the real world...timely billing + timely collection+ manage competition to not affect customer retention...these three need to be kept in equilibrium which is easier said than done in videos...Please take this video as a guideline from which there could be many deviations

Hi Bill, good overview, I'm just missing a note about factoring. That said I don't know how common is factoring in the US? I think accounting for factoring could be a tip for one of your future videos:)

I work for a company that only signs agreements with customers stating that we will not get paid until they get paid. This results in us not getting paid in over 90 days. Our AR is regularly over 2 million. Currently its 2.8m. We bill approx 800k per month. We constantly have a cash flow problem and have to take out LOC's in order to cover expenses. I'm not the controller of the company but wish there was a way to improve this problem.

We always have the discussion that revenue is excl. VAT, but AR is incl. VAT. For the ratio calculation AR to be adjusted?

@TheFinancialController

3 ай бұрын

This is a good point to check whether your AR includes VAT or is VAT going to a separate receivable account

Does anybody have any suggestions on how to get a entry level job as an accountant? Didn't know it was this hard lol, been applying for 3 months I have a degree in Finance.

@sierra9713

3 ай бұрын

Highly suggest finding an executive assistant or business manager position first. I had my staff accountant position before I got my finance degree because if you can EA for a corporate VP they'll trust you to do anything lol

@TheFinancialController

3 ай бұрын

I would suggest a low-paid internship to get into the field. The hard thing is, for entry level roles, employers will only provide very basic training (unlike the olden days). So they expect you've done some kind of accounting work before. Also, it's a numbers game, you need to apply to 40 jobs to get a call back from 2-3 of them.

@Centroid888

3 ай бұрын

Thanks for the suggestions guys, really appreciate it, I’ll give it a try

@nicholasduffus1375

3 ай бұрын

Target nonprofit and mom n’ pop businesses to start out. IMO it’s best to start out in a small to medium sized operations. You’ll learn a lot and gain a better understanding of the profession from the ground up; opposed to starting in a bigger company and having the expectation put on you to have a high level of understanding.