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MANAGEMENT OF ACCOUNTS RECEIVABLE IN A COMPANY Abstract Accounts receivable management directly impacts the profitability of a company. Firstly, the purpose of the empirical part of the study is to analyze accounts receivable and to demonstrate a correlation between the accounts receivable level and profitability expressed in terms of Retun on Assets (ROA) of companies. Secondly, the aim of theoretical research is to explore cost and benefits of changes in credit policy, determine the independent variables which have an impact on net savings and establish a relationship among them in order to develop a new mathematical model for calculating net savings following a revision of credit policy. On the basis of research result, a mathematical model for calculating net savings and following a revision of credit policy, has been developed and with this model a company can consider different credit policies as well as changes in credit policy in order to improve its income and profitability and establish a credit policy that results in the greatest net profitability. Keywords: accounts receivable, profitability, net savings, credit policy 21 sample  EKON. MISAO PRAKSA DBK. GOD XXII. (2013.) BR. 1. (21-38) Kontu?, E.: MANAGEMENT OF ACCOUNTS... 1. INTRODUCTION Accounts receivable is the money owed to a company as a result of having sold its products to customers on credit. The primary determinants of the companys investment in accounts receivable are the industry, the level of total sales along with the companys credit and the collection policies. Accounts receivable management includes establishing a credit and collections policy. Credit policy consists of four variables: credit period, discounts given for early payment, credit standards and collection policy. The three primary issues in accounts receivable management