Learn the most effective ways to manage credit, accounts receivable and debt collection within any business or organisation. This practical 2-day training course will show you how to improve your organisation’s processes to increase the efficiency of credit collection. You will understand the types of available customer data, why accounts become overdue, and how to detect early warning signs.
We look at how to best deal with customer excuses and manage disputed accounts correctly, and how to successfully negotiate repayment arrangements.
NEW SKILLS YOU WILL LEARN
• How to create an effective credit policy for your organisation
• Effective techniques for customer collections
• Manage the legal aspects of debt recovery
• How to streamline your organisation's processes
• Escalation procedures
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
How Accounts Receivable adds value to your organisation
• The role and purpose of credit in business
• Defining the three stages of credit
• The role of accounts receivable and debt collection in the supply chain
Practical Exercise: KPIs for a successful accounts receivable team
Critical elements of a successful credit policy
• Developing an effective credit policy framework
• Creating credit policies that work with your sales teams
• Designing a good credit application and critical terms to include
• Managing the risk of default
• Debt escalation procedures
Assessing a customer’s creditworthiness: Your checklist
• Understanding the types of information available about your customers
• Analysing both financial and non-financial information
• Trade references and third party reports
• How to analyse the balance sheets of key customers
• Field sales reports and customer visits
• Detecting early warning signs and acting upon them
Customer communication and disputed accounts
• Customer profiling: What is your customer's mindset? Why do they not pay on time?
• Dealing with difficult customers
• Managing disputed accounts correctly
• How to negotiate with customers
• Techniques to improve the success of your debt collection
Improving performance, efficiency, and accuracy in your processes
• Maximising staff productivity and collections
• Increasing the efficiency of your credit collection
• How to set up efficient and user-friendly filing and records systems
• Minimising fraud in accounts receivable
• Establishing key performance measures for credit management
Examining how and when to take legal action
• Important factors to consider before taking court action
• Uing the Disputes Tribunal
• District Court proceedings: Information capsules, interlocutory steps, timeframes and documentation
• Enforcement options: What is the best way to get paid?
Introduction to Insolvency for Credit Managers
• What happens if a customer goes into liquidation or bankrupt?
• Preferential payments: Where are you in the queue?
• Working with liquidators and receivers
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.