In today's global marketplace, competitive pressure and industry practice mandate that products and services be sold on a credit vs. cash-on delivery basis. This practice often produces a receivables asset that is one of the largest tangible assets on a company's balance sheet. This course discusses the importance of managing accounts receivable and provides proven principles for achieving benefits such as increased cash flow, higher margins, and a reduction in bad debt loss. The focus is primarily on commercial (business to business) receivables management.
The best practices outlined in this course are real-world, field-tested practices developed, refined, and improved by the author over a 16-year period while working with over 100 companies in a wide range of industries to generate measurable improvements in the management of customer receivables. Examples drawn from those engagements are used throughout the course to illustrate real-world problems and solutions that drive results. This course is designed for all managers who are responsible for managing the receivables asset, either directly, such as directors of customer financial services and credit managers or indirectly, such as controllers, treasurers, and CFOs.
Upon successful completion of this course, participants will be able to:
- Identify the lifeblood of a company.
- Recognize the first step in fulfilling a customer order.
- Select the optimal timing for beginning contract renewal.
- Specify an acceptable billing quality index.
- Identify what obscures the true amount owed by a customer.
- Recognize when unpaid large accounts should be contacted.
- Select the best method for contacting customers for accounts receivable management.
- Specify which open items are best resolved using reconciliation and recovery.
- Identify the problem with deductions.
- Select the requirement for successful implementation of late payment fees and prompt payment discounts.
- Recognize who should be responsible for manual adjustments to unmatched clutter transactions.
- Identify the paramount aspect of payment processing.
- Identify required receivables management technology tool capabilities.
- Identify the primary disadvantage of specialized job content.
- Recognize which receivables task typically requires one of the highest skill sets and cost.
- Recognize effective metrics comparisons.
- Identify the function within receivables management that is most conducive to incentives.
- Identify the critical best practice for cleaning up a receivables portfolio.
- Recognize support required when outsourcing the receivables function.
- Identify the responsible party for payment term decisions.
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