Managing Credit, Accounts Receivable and Debt Recovery

About

ABOUT COURSE

Managing Credit, Accounts Receivable & Debt Recovery delivers the tips, techniques and shortcuts to streamline your organisation’s processes, improve risk management, and maximise the effectiveness of debt collection techniques. 

 

NEW SKILLS YOU WILL LEARN

  • Implement a practical and comprehensive credit management strategy
  • Manage the legal aspects of debt recovery
  • Identify a practical approach for balancing credit risk and customer relationships 

 

Your Facilitator: Kevin Lee

Kevin has hands on experience of managing credit, accounts receivable and debt recovery in a number of organisations.  Kevin’s knowledge and experience include both the technical & legal processes, people skills, profiling customers, documentation, systems, negotiation and court proceedings in New Zealand.  Kevin has a range of practical strategies to collect debt and manage credit that will get you to the top of the debtors payment list.  Kevin experienced his biggest challenge, when in the UK, as CFO of two major manufacturing organisations which relied on strong knowledge of credit management and debt collection for business survival in tough times. 

WHO SHOULD ATTEND

  • Credit Controllers, Managers & Supervisors
  • Accounts Receivable Officers, Supervisors & Clerks
  • Anyone with accounts receivable and credit collection responsibility
  • Debt Managers
  • Accounting Officers
  • Financial Administrators
  • Office Managers

Outline

COURSE OUTLINE

Managing credit and debt collection: Why is it important and how does it add value to your organisation?

  • Understanding the purpose of credit control and debt collection
  • Defining the three stages of credit
  • How managing credit, accounts receivable and debt collection links into the supply chain
  • Critical success factors for accounts receivable teams

 

Developing a successful credit policy and collection process

  • Creating a comprehensive credit policy for your organisation
  • Tools and techniques for successful debt collection
  • Designing a good credit application and critical terms that you should include
  • Assessing a customer’s creditworthiness: A checklist of factors that you should utilise

 

Strategies for handling customer behaviours

  • Examining the mindset of debtors and why they do not pay their debts on time
  • Techniques for dealing with customer excuses
  • Managing disputed accounts correctly
  • Communication methods: written, telephone, in person and email
  • Advanced communication techniques: using personality profiling to determine your communication approach and obtain the outcomes you want

 

Making sure your own house is in order: Key areas where performance, efficiency, accuracy and security can be improved

  • Techniques to increase efficiency for credit collection
  • Effective filing techniques: How to set up a records system that gives you access to vital information
  • Developing effective performance measures for credit management and debt collection
  • What steps can you take to minimise fraud in accounts receivable and debt collection?

 

Using financial and non financial information to identify and manage the risk of default

  • Understanding the types of available information
  • The need for and usefulness of trade references
  • The advantages of using third party reports
  • How to analyse balance sheets of key customers
  • Understanding the need for customer visits
  • The importance of field sales reports
  • Detecting early warning signals and strategies to counter them
  • Investigating ways in which industry groups can improve the quality of your “early warning” systems

 

Examining the legal aspects of credit management and debt recovery

  • What are the important factors to consider before taking court action?
  • Examining the court structure and the costs of taking action
  • The steps required for a court judgement
  • Identifying the correct documents to initiate proceedings
  • What are the avenues for enforcement?
  • How to file for bankruptcy
  • The requirements for receiverships and company liquidations

 

Key communication techniques

  • Identifying successful communication methods for dealing with other people
  • Techniques for working with difficult people
  • Using the collection waterfall to resolve problems arising within your organisation
  • Examining potentially difficult situations that may arise

 

Tips for effective credit management and collection

  • Selecting the best communication method
  • The importance of escalation procedures
  • Detecting early warning signals and initiating the right strategy to counter them
  • Collecting and improving the quality of information
  • Effectively measuring performance and raising the profile of credit management and debt collection

Facilitator

Kevin Lee

Kevin Lee BA (Hons), Pg Dip, MBA, ACMA runs a consultancy for business skills development.  He is a Chartered Management Accountant with 20 years experience of Government Agencies, Corporates and SME’s.  Kevin is a member of the New Zealand Association for Training and Development, the Human Resources Institute for New Zealand and accredited as a Belbin Team Role facilitator.  His post-graduate qualifications include a post-graduate diploma in business administration with distinction and an MBA in which he majored in finance.  

Kevin specialises in helping managers and staff to develop practical financial skills and knowledge.  He is passionate about making finance relevant, understandable and fun.  He enables people to develop their business acumen and to apply financial management practices that suit their organisation’s needs and circumstances. 

Kevin’s approach is highly practical, using only the financial theory that people need to know, and then building skills and knowledge through case studies, examples and small group work.  He is able to provide “real life” advice based on his experience in CFO roles and his experience of managing major Capex projects, implementing financial systems, improving financial processes and procedures and achieving ongoing efficiency savings.   

Kevin’s passion, enthusiasm and commitment result in excellent feedback from participants at all levels: Directors, General Managers, Accountants, Senior Managers, Middle Managers, Supervisors and Support Staff.     

In-house Training

Do you have a number of staff who would benefit from this course? Find out more about running Managing Credit, Accounts Receivable and Debt Recovery , in-house at your organisation or ask us about our team training discounts:

Contact the Training Team on 09 912 3616 or email training@brightstar.co.nz or fill in the form below.
Visit www.brightstar.co.nz/inhouse to learn more about our in-house training options & training packages.

Do you have a number of staff who would benefit from this course? Find out more about running Managing Credit, Accounts Receivable and Debt Recovery , in-house at your organisation or ask us about our team training discounts:

Contact the Training Team on 09 912 3616 or email training@brightstar.co.nz or fill in the form below.
Visit www.brightstar.co.nz/inhouse to learn more about our in-house training options & training packages.