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Learn and Manage cash rules_5

xác suất mà doanh số bán hàng của Amgen nghiêng để thị trường quá hạn trong nước khách hàng hơn các đối thủ cạnh tranh nhiều hơn quốc tế có đầu óc. | Swing Factor 1 Accounts Receivable for management of receivables inventory and payables. On the A R side the reasons are clearly traceable to two key differences between Amgen and most of the rest of its industry. First Amgen relies more on wholesalers than do its competitors who sell more directly to retailers. The difference in A R terms is significant because wholesale trade terms bring cash in more than twice as fast as retail terms. Second Amgen s sales are far more skewed to the domestic market than are its more internationally minded competitors. The difference is important because in most foreign markets collection cycles are longer than in the U.S. It would be interesting to see how well Amgen would fare if cash-flow management comparisons with its industry were to be adjusted for these natural advantages. Even more to the point is the impact these issues might have if and when Amgen shifts to a more direct-channel strategy or seeks growth in export markets. In managing accounts receivable don t let marketing and accounting work at cross-purposes. Your A R staff needs to be sensitive to the probability that delinquent customers are valued clients and your marketing and sales people need to have some sense of urgency about getting -and keeping-their customers current on payment obligations. Industry Norms Often payment terms are so well established in an industry that not much can be done directly to increase the speed of collections. But indirect measures can often be helpful. For example if you have excess or inexpensive inventory storage available you might take on some of the client s warehousing function but still get paid as though the full order had been delivered. Here the trade-offs are issues of timing delivery and economical shipping quantity. Another indirect approach to A R management may involve advance deposits or other forms of prepayment on special orders. These reduce the A R balance by never even allowing it in the first place. 125 .