Dunning (process)

Dunning is the process of methodically communicating with customers to ensure the collection of accounts receivable. Communications progress from gentle

reminders to almost threatening letters as accounts become more past due. Laws in each country regulate the form that dunning can take. It is generally

unlawful to harass or threaten consumers. It is acceptable to issue firm reminders and to take all allowable collection options.

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Collection agency

A collection agency is a business that pursues payments on debts owed by individuals or businesses. Most collection agencies operate as agents of creditors

and collect debts for a fee or percentage of the total amount owed.Some agencies, sometimes referred to as "debt buyers", purchase debts from creditors for a

fraction of the value of the debt and pursue the debtor for the full balance.Creditors typically send debts to a collection agency in order to remove them

from their accounts receivable records.the difference between the amount collected and the full value of the debt is then written off as a loss.



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Credit Management

Credit Management is a branch of accountancy, and is a function that falls under the label of "Credit and Collection' or 'Accounts Receivable' as a

department in many companies and institutions. They will usually deal with the credit vetting of customers, the resolution of any invoice queries or

disputes, allocations of payments or cash application, internal fund movements, reconciliations and also maintaining positive working relationships with

customer during the debt collection or credit review and approval process.


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What does mean Transaction,is not it we using this word our day to day life but sometime we are not ...............

Any exchange dealing of goods or services for cash or on credit by the business with any other business or customer is called transaction. It is an economic activity of the business that causes a change in an organization's financial position or net worth,resulting from normal business activity.

Six Sigma

Six Sigma was originally developed as a set of practices designed to improve manufacturing processes and eliminate defects, but its application was subsequently extended to other types of business processes as well.In Six Sigma, a defect is defined as anything that could lead to customer dissatisfaction

Six Sigma is a registered service mark and trademark of Motorola, Inc.Motorola has reported over US$17 billion in savings from Six Sigma as of 2006.

Six Sigma has made a huge impact on industry and is widely employed as a business strategy for achieving and sustaining operational and service excellence.However, there have also been various criticisms of Six Sigma.

Fixed Asset

Fixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence.
Tracking assets is an important concern of every company, regardless of size. Fixed assets are defined as any 'permanent' object that a business uses internally including but not limited to computers, tools, software, or office equipment. While employees may utilize a specific tool or tools, the asset ultimately belongs to the company and must be returned. And therefore without an accurate method of keeping track of these assets it would be very easy for a company to lose control of them.
With advancements in technology, asset tracking software is now available that will help any size business track valuable assets such as equipment and supplies. According to a study issued in December, 2005 by the ARC Advisory Group, the worldwide market for Enterprise Asset Management (EAM) was then at an estimated $2.2 billion and was expected to grow at about 5.0 percent per year reaching $2.8 billion in 2010.