Aged Trial Balance Report

Decent Essays
Efficiently operating an organization or business requires upper-level department heads to collaborate cohesively in efforts of meeting organizational demands. Although departmental managers work independently, they contribute collectively. In this paper, I will discuss the collaboration of the finance director and the department administrator and how they collaborate to carry out organization goals. I will explain contributions the finance manager and the administrator make in efforts of reducing accounts receivable days. I will also describe bonuses paid based on profitability.
Reducing accounts receivables requires strategic financial planning. Finance managers and the department administrators role in this process is crucial. The finance manager would be assignment with generating reports; frequently, in efforts of reducing accounts receivable days, an aged trial balance statement is created. The aged trial balance report is a document that lists accounts in their respective order. The administrator would be able to create a plan that prioritizes accounts from oldest to newest; also, the administrator would formulate a system for medical billing staff to ensuring codes for services are correctly entered to avoid rejections and ensuring services are properly classified as charitable or uncollectible debts. The financial statements generated by the
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There are two approaches to evaluate financial performance profitability and liquidity. An important measure of profitability includes four elements of measurement which include operating margins, total profit margins, return on assets, and cash flow margins. Alternatively, liquidity is another technique for financial performance that involves four select measures for financial performance analysis which include current ratios, days accounts receivable, and average payment
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