A-Z of Credit Control

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.

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

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.