Fin_370_Wk3_Team_-Anthony's_Part[1]

Fin_370_Wk3_Team_-Anthony's_Part[1] - must include best and...

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Working Capital Management Activity Page 1 Working Capital Management Activity Team B University of Phoenix FIN 370 Finance for Business December 13, 2009
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Working Capital Management Activity Page 2 Intro –Anthony’s Part In today’s economic climate, companies are facing unprecedented trends in business cycles while feverishly gathering information to create and sustain a competitive advantage. Uncertain economic times have forced the greatest financial minds to rethink the next step to increasing shareholder equity and restoring consumer confidence. Financial decisions made today must create cash flow and emergency capital resources for future fiscal pitfalls. This paper will give a brief background of the credit collection industry, share the risks and rewards of 60 and 90 day collection practices, and share the most fiscally sound method for The Bandwagonesque Corporation to follow to maximize company revenues. Credit Collection Industry When firms begin to embark on the journey of business ownership, the business plan
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Unformatted text preview: must include best and worst case revenue collection practices to ensure that cash is managed efficiently. Product, service and technology-based firms who sell to clients outside of the corporate walls must have contingency plans for various scenarios that could hinder the fiscal growth of the company. Debt collection principles fall under The Fair Debt Collection Practices Act enacted in 1977 and need to be updated to reflect a changed business climate. According to Democratic Senator Carl Levin of Michigan, “The law was written before the advent of e-mail, cell phones and even fax machines and doesn't address modern problems (GAO to Congress: Update Debt-Collection Law, 2009).” Working Capital Management Activity Page 3 References GAO to Congress: Update Debt-Collection Law. (2009, October 30). CardLine 9, no. 44: 26. Retrieved December 7, 2009 from EBSCO host database....
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