How Do I Choose the Best Accounts Receivable Training?
Choosing the best accounts receivable training depends on your employment context and future career plans. The accounts receivable function forms one component of a company's accounting system. Certain types of companies operate accounts receivable departments, while others integrate accounts receivable into general accounting. Your work position will determine which type of training program best suits your needs.
Buyers sometimes make purchases on credit, accepting receipt of merchandise or services on the promise to pay for the goods later. Accounts receivable refers to the record of credit that a company has extended to its customers. Basically, it is a ledger of every customer who owes the company money and the status of their credit account. Companies that sell products or services directly to other businesses often have a manageable accounts receivable process that is maintained by the same staff that handles accounts payable, or the money that the company owes on credit. Other companies extend consumer credit or have a large number of business-to-business credit accounts.
Companies with complex accounts receivable operations often separate the process out into its own department. People who work in accounts receivable tend to be either accounts receivable specialists or accounting generalists. An accounting generalist will likely have a bachelor's degree in accounting and may eventually pursue certification as a licensed accountant. If you fall into this category, the best accounts receivable training will provide practical experience that also satisfies credentialing requirements.
Accounts receivable specialists may not have an accounting degree or wish to pursue licensing as a certified accountant. In this case, the best accounts receivable training provides in-depth knowledge of accounts receivable processing and cash deposits. It will be offered in a format that fits your schedule and will expose you to the accounts receivable software system that your company or a target company uses.
To identify the best accounts receivable training, look for programs that cover invoice and cash deposit entry, review, approval and posting. Batch processing and sales tax accounting should be part of the training, as well as extensive review of the different types of accounts receivable reports that businesses use to manage the process. A key consideration in choosing the best accounts receivable training is to pick a program that actually uses the accounting system that your employer uses or that is predominant in the industry.
Another practical consideration in picking the best accounts receivable training is to select the most comprehensive training that fits your schedule and style of learning. This type of training is offered in a wide range of formats, including traditional in-class and online, as well as in extended and condensed formats. If you can only take a training course on your days off, a two-day condensed format in-person or online might be best. People with more time might choose a four-week program that spreads the learning out over time, for example.
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