Earnings cycle â€“ Process
Earning cycle is the process that involves the complete management from the purchase to the sale of particular goods or services. The process of the earnings cycle is explained below:
The first step in the process of the earnings cycle is the order that the business organization will receive from its customer. This step involves the recording of the order received from the customers.
The second step in the process of the earnings cycle is working on the order. In this step, the business organization will start processing the order received by its customers and prepare them to provide timely delivery.
The third step of the earnings cycle is recording bills to be provided to the customers of the business organization and preparing the related invoices.
The fourth step of the earnings cycle is delivering those processed goods to the customers and providing the prepared invoice to a customer, the confirmation of which should be received by the customers. If the goods are sold on credit, the business organization will record the accounts receivable.
The last step in the process of the earnings (cash or operating) cycle is receiving payments from the customers and records the earnings from the particular transaction.
Advantages of earnings (cash and operating) cycle
Maintain cash flow – The main advantage of the earnings cycle is that it helps in maintaining the cash flow of the business organization. This process of earnings cycles takes into consideration all the steps from the placement of order to recording earnings of the business organization. With the help of this cycle, the business organization can maintain a record of cash flow.
Making comparisons – The earnings cycle helps the professionals of the business organization in making comparative decisions and improving all the drawbacks of this cycle by making comparisons with the related cycles. It also helps the business organization in providing the delivery of the order placed by them on time.
Reducing credit period – The other benefit of the earnings cycle is that it help the business managers to analyze and accordingly control the credit period. The credit period is related to credit sales. The time duration of credit payments would reduce, and the chances of bad debts will also reduce.
Disadvantages of the earnings cycle
Each and everything had advantages as well as disadvantages. The disadvantage of the earnings cycle is explained below:
Proper training required – The business organization to manage the earnings cycle should train the employees properly. This training is required because any single mistake would spoil the entire cycle.
To increase manpower – The other disadvantage of the earnings cycle is that to implement the earning cycle, the business organization has to allocate different personnel to different departments. Therefore, the business organization has to increase its workforce, increasing the fixed cost of that business organization.
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