B & A Collection Presentation ##1 Ba

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B & A Collection Presentation ##1 Ba

  1. 1. COLLECTION PROGRAM <ul><li>C OMMUNICATION </li></ul><ul><li>A CTION </li></ul><ul><li>R ESULTS </li></ul><ul><li>E DUCATION </li></ul>by: Robert Berkfeld BERKFELD & ASSOCIATES SESSION # 1
  2. 2. Mission Statement <ul><li>TO PROMOTE A COLLECTION PROGRAM THAT WILL MAINTAIN A CUSTOMER RELATIONSHIP WHILE IMPROVING COMMUNICATION AND CASH FLOW. </li></ul>
  3. 3. Goals and Objectives <ul><li>DEFINE THE DIRECTION </li></ul><ul><li>DEVELOP COLLECTION PROCEDURES </li></ul><ul><li>DETERMINE THE COMPANY’S NEEDS </li></ul><ul><li>SETTING OF GOALS </li></ul>
  4. 4. Today’s Situation <ul><li>DELINQUENCIES </li></ul><ul><li>NEED FOR ORGANIZED EFFORTS </li></ul><ul><li>UNRESOLVED ISSUES WITH CUSTOMERS </li></ul><ul><li>REDUCED CASH FLOW </li></ul>
  5. 5. Collection Approach <ul><li>CUSTOMER SERVICE !!!!!!!!!! </li></ul><ul><li>TIMELY FOLLOW UP </li></ul><ul><li>DOCUMENTATION OF EFFORTS </li></ul><ul><li>COMMUNICATION WITH THE INTERNAL AND EXTERNAL CUSTOMERS </li></ul>
  6. 6. Collection Program <ul><li>ASSIGNMENTS </li></ul><ul><li>COLLECTION TOOLS </li></ul><ul><li>REPORT NEEDS </li></ul><ul><li>INVOLVEMENT OF OTHER DEPARTMENTS </li></ul><ul><li>ESTABLISHMENT OF GOALS </li></ul><ul><li>WHEN ACTIVITIES BEGIN </li></ul>
  7. 7. COLLECTIBILITY <ul><li>CURRENT COLLECTIBILITY 98.2% </li></ul><ul><li>1 MONTH PAST DUE 93.8% </li></ul><ul><li>2 MONTHS PAST DUE 85.2% </li></ul><ul><li>6 MONTHS PAST DUE 57.8% </li></ul><ul><li>9 MONTHS PAST DUE 42.8% </li></ul><ul><li>12 MONTHS PAST DUE 26.6% </li></ul><ul><li>24 MONTHS PAST DUE 16.6% </li></ul>
  8. 8. ASSIGNMENTS VARIATIONS <ul><li>BY ALPHA </li></ul><ul><li>BY SIZE OF THE BALANCE </li></ul><ul><li>BY AGING </li></ul><ul><li>BY SALESPERSON </li></ul><ul><li>BY TYPE OF BUSINESS </li></ul><ul><li>BY TYPE OF COMMODITY </li></ul><ul><li>BY TERMINALS </li></ul>
  9. 9. COLLECTION TOOLS <ul><li>PHONE ACTIVITIES </li></ul><ul><li>LETTERS </li></ul><ul><li>CREDIT CARDS </li></ul><ul><li>FEDEX </li></ul><ul><li>WIRE TRANSFERS </li></ul><ul><li>LOSS OF DISCOUNTS </li></ul><ul><li>USE OF A THIRD PARTY </li></ul>
  10. 10. REPORTS <ul><li>WEEKLY AGING SUMMARY REPORT </li></ul><ul><li>DETAILED AGING </li></ul><ul><li>DAILY CASH REPORT </li></ul>
  11. 11. INVOLVEMENT <ul><li>SERVICE RELATED (OPERATIONS) </li></ul><ul><li>DISCOUNTS (SALES/BILLING) </li></ul><ul><li>BILLING ERRORS (BILLING) </li></ul>
  12. 12. GOALS <ul><li>SALES GOALS: </li></ul><ul><li>WEEKLY / MONTHLY / QUARTERLY </li></ul><ul><li>ACCOUNTS RECEIVABLE AGING: </li></ul><ul><li>CUR 1-30 31-60 61-90 91-120 120+ </li></ul><ul><li>60% 25% 7 % 4% 2% 2% </li></ul><ul><li>CASH GOALS: </li></ul><ul><li>MUST DETERMINE FORMULA </li></ul>
  13. 13. BERKFELD & ASSOCIATES <ul><li>“ The Buck Starts Here” </li></ul><ul><li>P.O. Box 1413 Mulberry, Fl. 33860 </li></ul><ul><li>Phone: (863)-860-2722 Fax: (888)239-9507 </li></ul><ul><li>E-Mail: [email_address] </li></ul>

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