There are a number of teams that make up a Finance department and in my last videos I have talked about the role of capital accountants and the general accounting team, and the Accounts Payable team. Today I’m going to talk about Accounts Receivable.
As a project manager you’ll probably have less to do with this particular department. It might be a team of people; it might be somebody who deals with Accounts Receivable as part of their role if you are in a small company.
Accounts Receivable is money that the company receives in so for whatever services you provide, whatever goods you sell, as money comes in from your customers, Accounts Receivable are the people who will deal with it, process it and make sure it is recorded properly.
As a result, unless your project is making money and it’s perhaps part of a programme and you are tracking income as part of a benefits realisation effort, you are not likely to have an awful lot to do with the Accounts Receivable team. However, I’m sure they are very useful people to know in their own right and it is a good idea to have an understanding of what they do so if you ever do need them, you know how to call on them.