Credit Assessment and Collection Policy: The Foundations of Successful Collections

Effectively managing accounts receivable is about ensuring consistency in credit and collection processes. The secret is designing and implementing a focused and relevant credit & collection ploicy. Properly developed, communicated and adhered to, this policy has the power to give clear focus to your collectors.

This half day course will demonstrate how to implement proactive debt limiting procedures covering issues such as the Credit Assessments, Defined Credit Policies, Credit Limits, Authority Levels and Escalation Procedures and can define your Credit Philosophy.

Your ½ Day course agenda will include:

• Reviewing your Company Credit Policy - how clearly defining your company's credit rules can save thousands
• Understanding the elements of a good Credit Application and how this defines your legal relationship with the debtor
• Investigating Assessment of Credit - simple steps to correctly indicate a customer's creditworthiness, stability and limits
• Standardising the collections procedure - outlining the timing of contact, follow-ups, grace periods, hold & when to go legal
• Using thorough communication and training to ensure all staff understand and adhere to your company's credit policy
• Looking into your Escalation Process - Defining clear rules on how and when issues should get senior intervention
• The importance of Records and Paperwork - the role that a good paper trail plays in simplifying and improving collections
• Defining and Setting Collection Goals - setting targets monitoring to motivate and spot possible problems early