Effective Credit Control Training
Highly interactive, case studies based effective and proven to work techniques, this program on Credit Control is uses a very useful approach in dealing with day to day credit department’s needs.
Collecting accounts receivable without having adequate skills of negotiation could mean leaving money on the table.
What you will get from this course?
In this workshop, the facilitator hopes to share his 15+ years of practical experience in credit control, management, collection strategies, accounts receivable management, accounting and finance.
- Understand the meaning and reasons for Credit Control
- Appreciate the important of credit policy in defining the objectives, function and responsibilities of credit department to achieve maximum profitability from trading.
- Realize the need of credit assessment due to selective risk-taking in the interests of increasing overall profitability.
- Establish a Collection Policy that not only ensure recovery of debts, but also provide follow up procedures in monitoring and collection of debts
Bad debt, the opposite of profit, unfortunately, is a part of doing business, but not something that cannot be managed and control to a minimum thus ensure the company stays on the right track of profitability.
- Manage your company’s risks to minimize bad debts
- Credit evaluation and credit limit review
- Understanding of the credit assessment policy and its control mechanism
- Optimal resource utilization, increased cash conversion
- Reduced credit risk and excellent return on investment
Who Must Attend
- Credit Assistants, Executives & Managers
- Finance, Accounts & Admin. Executives and Managers
- Executives to Senior Managers
- Marketing Professionals in-charge of collection
COURSE OUTLINE/ AGENDA
- The origin of credit, its role and impact on the future
The Effects of Credit
- The financial effects of credit on cost, profits, liquidity, and the effect of bad debts on profits
- What is credit management?
- Its objectives
- Its relationship with Sales
- Credit management and Customer ledgers
- Define guidelines governing the operation of credit department and is divided into two parts:
- Policies and Procedures
- Evaluation of credit risk of customers through analyzing sources of information and interpretation of financial statements
- How to deal with new customer?
- Customers – geographical risks
- Establishing Creditworthiness/ Know your Customer
- Basic information sources
- In-depth information sources
- Credit limits and terms
- Three parts to effective collection
- Collection Policy
- Collection Procedures
- Debt Collection Agencies
- Legal Action > Planning stage, Process & remedies
- Interactive input & presentation
- Case Studies
- Discussions, Q&A (Question and Answer)