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A-Z of Credit Control

Classroom based course with study materials, lecturer support and CPD Hours included


London Training For Excellence

Summary

Price
£4,002 inc VAT
Study method
Classroom
Duration
5 Days, Full-time
Qualification
No formal qualification
CPD
20 CPD hours / points
Additional info
  • Tutor is available to students

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Location & dates

Location
Address
Templeton Place
South West London
London
SW59NB
United Kingdom

Overview

This course is ideal for new or inexperienced credit controllers, an intensive course that will offer a broad range of credit control processes. It will enable delegates to get the complete picture. This will help the participants prioritise and manage their time better between tasks, so that they become more efficient and effective in collecting cash.

CPD

20 CPD hours / points
Accredited by The CPD Standards Office

Description

Purpose of Credit Control

  • What is the meaning of credit and why is it important to sell with credit?
  • Increasing profitable sales
  • Enhancing cash flow and the business liquidity
  • Protecting the business against bad debts
  • Maintaining better customer relations
  • Working as a team with the sales people
  • Implementing the company’s credit policy

Terms and Conditions of Trade

  • Basic elements of a contract
  • Payment terms of Credit
  • Which terms to apply?
  • Interest chargeable on overdue accounts
  • Retention of title

Customer Identity

  • Understand various corporate entities
  • Differences in trading with partnerships and sole traders
  • Trading names and name changes
  • Understand the importance of credit control process

Credit Worthiness Assessment and New Accounts

  • Application forms – get the right information
  • Assessing the credit worthiness of customers
  • Gathering information to assess credit risk
  • Assessment of ability to pay and on-going monitoring of credit customers
  • Checking customer accounts to assess business viability
  • Checking credit reports

Review of the Legal System involved with Credit Control

  • Understand legal options to collect debts
  • Implications of going legal

Monthly Campaign

  • The idea of a monthly campaign
  • Collection methods
  • Collection communication strategies - letters, email, fax, telephone
  • Deciding priorities

Letter Cycle

  • What is a good collection letter?
  • How many letters to send?
  • How effective are these letters?

Effective Telephone Techniques

  • Behavior and Attitudes - the psychology of cash collection
  • What are assertive telephone collections
  • Telephone calls
    • call types
    • what are the stages in a telephone call
    • asking for payment and negotiating agreement
    • asking for a commitment
    • follow up the call

Collecting Tough Debts

  • Why hasn’t the customer paid? Can they actually pay?
  • What are the reasons for non-payment?
  • Handling excuses
  • Creating solutions to get debt cleared
  • Preparing payment plans
  • What are the alternatives to legal action

Query Management

  • Whose job is it to solve queries?
  • Best practice procedures
  • Analysis of internal/external errors and credits

Measuring Performance

  • Calculating day's sales outstanding
  • Forecasting cash flow
  • Target setting and monitoring performance

Who is this course for?

This intensive five-day course covers all aspects of the credit controller’s job. It will enable participants to understand the overall function of credit control so that they not only improve their expertise, but will also be able to plan their daily tasks in advance and become more organized.

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FAQs

What does study method mean?

Study method describes the format in which the course will be delivered. At reed.co.uk courses are delivered in a number of ways, including online courses, where the course content can be accessed online remotely, and classroom courses, where courses are delivered in person at a classroom venue.

What are CPD hours/points?

CPD stands for Continuing Professional Development. If you work in certain professions or for certain companies, your employer may require you to complete a number of CPD hours or points, per year. You can find a range of CPD courses on reed.co.uk, many of which can be completed online.

What is a ‘regulated qualification’?

A regulated qualification is delivered by a learning institution which is regulated by a government body. In England, the government body which regulates courses is Ofqual. Ofqual regulated qualifications sit on the Regulated Qualifications Framework (RQF), which can help students understand how different qualifications in different fields compare to each other. The framework also helps students to understand what qualifications they need to progress towards a higher learning goal, such as a university degree or equivalent higher education award.

What is an ‘endorsed’ course?

An endorsed course is a skills based course which has been checked over and approved by an independent awarding body. Endorsed courses are not regulated so do not result in a qualification - however, the student can usually purchase a certificate showing the awarding body’s logo if they wish. Certain awarding bodies - such as ABC Awards and TQUK - have developed endorsement schemes as a way to help students select the best skills based courses for them.

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