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Collection Secrets Presentation

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WRCC Collection Secrets - for collecting past due debt in a business to business enviroment

WRCC Collection Secrets - for collecting past due debt in a business to business enviroment

Published in: Business, Economy & Finance

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  • Good Morning! My name is Nannette Bringard, I am currently the accountant for Deluca Liquor & Wine and Coors of Las Vegas and I oversee the Credit and Accounts Receivable Department as well. I recently obtained my Bachelors of Science in Accounting at the University of Phoenix and am currently pursuing my MBA. I also just started a new partnership, Vegas Valley Accounting, where my partner and I will be assisting small business owners and private individuals with a variety of accounting services. In my free time, I love to paint and decorate my house, play in my pond and accessorize my yard, go camping, hang out with family and friends, and occasionally sit and watch tv. I enjoy playing with numbers and making sure that everything is in balance. My collection practices might be a little different than others, I don’t play hard ball – instead I like to find win-win strategies that work. I am firm in my expectations, I work with my customers but I don’t let them take advantage of the situation, at the end of the day my performance is judged on the past due balances that are reflected on our agings. Along with keeping the customers happy I have to keep my number one customer happy as well – my boss. Today I am going to take you through the collection process, starting with the credit application and ending with a variety of collection options and resources to help you perform your job the best that you can.
  • Transcript

    • 1. Collection Secrets
      • Presented by: Nannette Bringard
      • Accountant / Credit Manager
      • Deluca Liquor & Wine
      • Coors of Las Vegas
      • June 6, 2007
    • 2. Collection Secrets
      • Who are you selling to?
        • Get to know your customer by doing your homework before the first sale
      • What are you selling?
      • What are your terms of sale?
    • 3. Collection Secrets
      • Does your customer posses the 6 C’s of Credit?
        • Character
        • Capacity
        • Capital
        • Collateral
        • Conditions
        • Credit Record
    • 4. Collection Secrets
      • Start with your Credit Application
        • Ask the right questions, and then
        • Verify the information given
            • Verify trade references
            • Verify their payment history
            • Verify bank information
            • Verify corporation with the Secretary of State. (Nevada Secretary of State website is http://sos.state.nv.us
    • 5. Collection Secrets
      • What are the terms of your sale?
        • Terms and Conditions of Account
        • Personal Guaranty
    • 6. Collection Secrets
      • Motivate and train your customer to pay on time
        • Start with the first order
        • Use follow up calls, reminder of payment terms
    • 7. Collection Secrets
      • Organize your collection calls
        • Know the balance and the background
        • Prepare a past due log or call sheet
        • Document your conversation
    • 8. Collection Secrets
      • Have a systematic follow up procedure in place
      • Send out monthly statements
        • Use stickers or hand written notes
          • www.renton.com
    • 9. Collection Secrets
      • Make “Feel Good” collection calls
      • Portray a positive customer service attitude
      • Use thank you cards
    • 10. Collection Secrets
      • Watch for warning signs that a company is in trouble
        • Stall tactics
          • Check has been cut but is pending final signature, or no one is here to sign the check
          • Missing an invoice and needs a copy (several times)
          • The check is “in the mail”
          • We just don’t have any money right now
          • NSF checks
    • 11. Collection Secrets
      • Be part of the solution
        • Payment plans
      • Know when it is time to turn the account over to collections
    • 12. Collection Secrets
      • Educate yourself
        • Attend seminars
        • Subscribe to credit and collection magazines
    • 13. Collection Secrets
      • Consider joining CMA and industry credit groups
    • 14. Collection Secrets
      • Attached sample forms
        • Credit Application
        • Terms and Conditions/Personal Guaranty
        • Sample letters to customers
        • 10 Tips to Improve Collection Procedure pulled from CMA News website http://www.imakenews.com/anscers/
        • Effective Communication Tips
        • Guidelines For An Effective Collection Call
    • 15. Collection Secrets
      • Questions?
      • If you have any questions after you leave, I can be reached by:
        • Email: [email_address]
        • Phone: 734-5228