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Accounting and Finance : Effective Debt Collection Strategies

Debt collection strategies, finance, Accounting and finance,


Simpliv LLC

Summary

Price
Save 79%
£80.72 inc VAT (was £385.77)
Or £26.91/mo. for 3 months...
Offer ends 31 December 2022
Study method
Online, self-paced
Duration
2 hours
Access to content
Lifetime access
Qualification
No formal qualification
Additional info
  • Tutor is available to students
  • Certificate of completion available and is included in the price

2 students purchased this course

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Overview

About this Course

Effective Debt Collection Strategies is proactively controlling customer debt and getting paid on time.

In this course I will teach you how to reduce the current debt and how to manage the future overdue customer debt effectively

The strategies include improving office procedures and many downloadable resources such as collection letters.

Description

What you will learn

  • You will learn how to proactively control customer debt and get your customer to pay their invoices by due date
  • If you have a large unpaid ledger this course will give you strategies on how to reduce that debt
  • How to make sure your customer understands your terms of trade to reduce the risk of unpaid invoices
  • You will also learn an overdue invoice strategy and there is a phone script for those who have difficulty in knowing what to say to a customer.

This course will cover the following topics

Introduction

  1. Introduction to course
  2. What will you get from this course?
  3. Why don't customers pay?

Cost of the Ledger

  1. Cost in labour
  2. Cost to the business when a sale is written off
  3. Reduce the Ledger by 50%

Office Procedure Evaluation

  1. Inefficiencies in office procedures

Policies and Procedures

  1. Why Policies and Procedures are important to your business

Reduce the current customer debt

  1. Strategy to reduce the current customer debt

Debt collection activities

  1. Payment, complaints and reports
  2. The Overdue Invoice Strategy
  3. Customer Excuses
  4. Meetings
  5. The preparation for the phone call
  6. The phone call script
  7. Cash flow problems

Conclusion

  1. Conclusion

Who is this course for?

  • Small, Medium & Large Business organizations
  • Bookkeepers, accountants, business managers

Requirements

  • I recommend that the learner has basic bookkeeping and business management knowledge to be able to understand the concepts in this course

Career path

The average pay for a Financial Controller is $81,146 per year.

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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 Quality Licence Scheme and TQUK - have developed endorsement schemes as a way to help students select the best skills based courses for them.