Asked by Dustin Godtfring on Jul 15, 2024
Verified
Collecting your firm's mail earlier in the morning and delivering it directly to the people who process these payments should help reduce the total collection time for your firm.
Collection Time
The time duration that a business takes to recover the payments owed to it by its clients, often measured from the date of sale or service delivery.
- Recognize the impact of early collections and over-the-counter collections in reducing total collection time.
Verified Answer
MW
Martine WilliamsonJul 18, 2024
Final Answer :
True
Explanation :
Collecting mail earlier and delivering it directly to the people who process payments reduces internal processing time, which is a component of the total collection time, thereby potentially reducing the overall collection time.
Learning Objectives
- Recognize the impact of early collections and over-the-counter collections in reducing total collection time.