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What are the similarities and differences of lockbox systems and regional collection offices?
Wiki User
∙ 15y ago
Lock box systems and Regional collection Offices are the two ways of colleting cash from the debtors. Through this they could efficently manage there collection system.. Lock box System In lock box system the entity puts its boxes at generally visited public places so that public can deposit there bills in the boxes and later on an authority from entity will come and deposit in the bank.. In this way people can easily deposit there debts.. It is mostly preferred by mobile companies.. The cost of operating this type system is also less as compare to regional collection offices.. Regional Collection Offices In this system a office is maintaind by the entity in the area were it is having prime business.. Here the customer personally visits that place and pay there debts.. This system is very time consuming and also expensive as compare to lock box system.. Hence this were the probable differences and similarities.. For any more queries contact me on nikhilgokharu@Yahoo.co.in
Wiki User
∙ 15y ago
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What will reduce a firm's collection float?
Lock-box system: Under this system, firms hire a post office lock-box at important collection centres. Lockbox system is a collection procedure in which payers send their payments/cheques to a nearby post box that is emptied by the firm's bank several times and the bank deposits the cheque in the firm's account. It reduces the float by shortening the lethargy as well as postal and bank floats. installing a lockbox system is answer
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Explain how the lockbox system can improve the efficiency of cash management.
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The association's treasurer can answer your question directly.
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