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[T98]Teaching Strategies For Writing

by Chris Anderson, Chr

Part One:

Next Week: Sales

We’ve already found $250,000…so let’s find another $250,000…

Laying the Foundation

Last week, we raised the question: what would your business do with $1,000,000? To lay the foundation we introduced inventory as the first of four areas that will lead toward our million dollar goal. And you saw exactly how to achieve the first $250,000 in cash savings by avoiding delays with an increase in velocity, as well as an increase in discipline and competency. But how exactly? With time – as you saw with inventory and as you’ll see this week.

Tackling Accounting Procedures

Let’s continue that crucial theme of time with another major source on your balance sheet – specifically, accounts receivable (A/R). If you have $500,000 or more in accounts receivable then STOP! We have found it again.

Reducing Average Days Collection

Why? Because if we focus on reducing your average days collection by 50%, then your accounts receivable balance will fall to $250,000 and the result will be an extra $250,000 in your bank account. And just like that, we’re halfway to our $1,000,000 goal.

So now, let’s see how this actually works in a real-life business scenario.

Accounting Procedures Service Business Example

A service organization with $700,000 in average A/R balances needed assistance. So we examined their A/R function to understand and quantify the workflow and workload issues. Then we designed and implemented a process to improve the A/R performance.

The metrics we developed reduced their “over 60” accounts receivables by 85% and their overall A/R balance by 50% within 90 days of implementing the new procedures. With these new processes and reports, the company now tracks Average Days Collection and past due rather than just Days Sales Outstanding (DSO) as the measure of their collection effectiveness.

The result: an extra $350,000 in cash. And, again, we explicitly see the crucial role of time and how an increase in velocity and discipline directly yields an increase in efficiency and cash savings. So how can you use time to your advantage?

Methods to Design the New Accounting Process

Decrease collection cycle. Examine customer accounts that go beyond your terms. Do not wait until twice the net terms to take action.

Tighten credit policy. Examine credit process for slippage. Do you have a credit approval process? Do you perform credit checks? What standards are used to extend credit?

Reduce credit terms. Change the credit terms you offer your customers. If you offer terms of net 45, reduce it to net 30. You might offer a discount of 1% if paid within 10 days else net due in 30 days. This is equivalent to 18 % annual interest and most businesses will take those terms.

Shorten the invoice process. Bill your customers immediately. This is a big one. Many service organizations wait until the end of the month to tally billable hours and determine customer charges. Do not wait until the end of the month. This could reduce your day’s receivable by as much as 15 days right there. Email or fax your invoices to save another day or two (e.g. QuickBooks accounting software contains this feature).

Reduce billing errors. Most customers delay payments because of invoice errors. Customers won’t recognize the invoice until it is corrected and may not even notify you, the vendor, of the error until you call for collection. Again, avoiding this delay in error and time will amount to cash savings.

Train Accounts Receivables personnel. Make sure that all personnel involved are training to understand the performance metrics for their jobs. For example, a company will manage $500,000 in monthly A/R balances (that’s $6 Million a year!) using an A/R clerk who makes $30,000. But then the supervisor uses nothing more than On-The-Job (OJT) training for the clerk. Then the CFO thinks that he or she (the CFO) is really managing the money. But, in reality, that’s not the case; the clerk is managing the money day-to-day. So shouldn’t the A/R clerk receive enough training to manage such a significant amount? After all, it only takes a 6% change in A/R in one month to equal the A/R clerk’s entire annual salary. Isn’t the A/R savings worth a little extra time in training?

Maximize the Accounting Process. With the Accounts Receivable department you should use each element of the process to gain the most benefit for your business. And with time-saving procedures set in place, you will let your efficiency work for you.

Grabbing Your Policy Goal

With well-defined processes and procedures in place, you will increase efficiency by reducing your Average Days Collection. And of course a reduction in Average Days Collection means your Accounts Receivable balance will also fall, creating more cash in cash on hand. And just like that we’re halfway to our $1,000,000 goal. All you have to do is grab it.

Next week, we will look at finding still another $250,000 in the Sales function – which will give us $750,000 toward our goal of 1 Million in cash savings. So, again, not only do you aim to reap the rewards of extra savings to your bottom line, but also see more cash in the bank - $1,000,000 cash to be exact.

Hidden pitfalls are on watch for your paper success in every paragraph of the essay you write. They are notorious misprints, insidious misspellings and numerous stylistic, syntax and format errors. Indeed they are your restless essay writing enemies, which are always on the alert, putting obstacles on your way to excellent grades for your writing assignments.

The drastic truth is that even slight mistakes make you freak out and lose the train of your thoughts. They evoke a fear of losing the main thread, give rise to uncertainty in your strengths and potential, dissipate your motivation to write and give the way to other distractions. Ultimately, make it challenging for you to complete your task at hand.

These minutiae seem to be minor for the inexperienced writer, but in fact they obscure an overall picture of your essay and occur to be crucial for the estimation of your work by professors, reflecting on your poor grades. Hence, essay writing pitfalls must be eradicated by all possible means.

Take these helpful hints to avoid crafty writing traps and forget about poor grades for your writing assignments once and all the time.

# Say No to poor thesis statement

Everything you write should develop around a clear central thesis statement. Good thesis statement zeroes in one main idea and states it clearly, avoiding ambiguous and vague phrases.

It should be specific, analytic and has to evaluate the significant insights of your essay. Strong thesis statement usually introduces the original approach to the traditional view on the problem.

# Avoid weak introduction and open-ended conclusion

Focus on one primary function of the introduction - to introduce your thesis statement clearly and precisely so that to grab the attention of the audience. The success strategy of writing your introduction is to start with the broad statement of your main idea and to close it with the actual thesis of your essay.

Don't leave the unfinished and open-ended feeling at the end of your essay. Always remember that your paper must make its point clear right from the beginning and up to the logical ending.

Make your conclusion coherent and smooth and be sure to stress the significance of your work in the concluding part of your essay, pointing the ways in which your invaluable contributions can be applied.

# Beware of undeveloped essay

This problem is particularly common and results from not understanding clearly the essence of the chosen topic. Selecting your essay topic make sure to familiar with it completely and to ask yourself what you really feel passionate about and don't forget to research it preliminary very thoroughly.

Your paper won't produce an undeveloped impression if you provide your work with a solid argumentative ground, explaining clearly your view on the researched topic and elucidate the past attempts of the solution of this problem. So that to show the professor that you've got the core of the chosen topic at your finger tips.

# Never use slang language

Bear in mind that slang language and curse words are absolutely inappropriate in your work. Always remember that your targeted audience is educated professors. More over that college writing commonly implies the utilization of the formal style, which has definite frameworks.

# Don't just recollect the events in your paper

Simple recollecting of the events is boring and unrecognizable to the reader and can become an absolute failure to the writer. ?A good essay is one with imaginary appealing to the five senses.? Try to harness this strategy in your essay writing. Make your audience feel, taste, smell and hear everything you are narrating about.

Hope that these useful hints will help you gain the upper hand over your restless essay writing enemies, strengthen your writing skills and ultimately help you get excellent grades for your writing assignments.

Article Source : student writing skills

About Author

Both Chris Anderson & Sudhir. K. Sharma are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Chris Anderson has sinced written about articles on various topics from Finances, Real Estate and Real Estate. . Chris Anderson's top article generates over 33100 views. to your Favourites.

Sudhir. K. Sharma has sinced written about articles on various topics from Business Plan, Shopping and Business Plan. About The Author:-Please browse for more information at our website. . Sudhir. K. Sharma's top article generates over 18100 views. to your Favourites.