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Collection Secrets Presentation
The document provides tips and strategies for effective accounts receivable management and debt collection. It recommends verifying customer information, having clear terms of sale, following up with customers systematically, using positive communication, and educating oneself on best practices. It also lists sample forms that can be used and provides resources for additional information on credit and collections.
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Collection Secrets Presentation
- 1. Collection Secrets Presentedby: Nannette Bringard Accountant / Credit Manager Deluca Liquor & Wine Coors of Las Vegas June 6, 2007
- 2. Collection Secrets Whoare 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 Doesyour customer posses the 6 C’s of Credit? Character Capacity Capital Collateral Conditions Credit Record
- 4. Collection Secrets Startwith 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 Whatare the terms of your sale? Terms and Conditions of Account Personal Guaranty
- 6. Collection Secrets Motivateand train your customer to pay on time Start with the first order Use follow up calls, reminder of payment terms
- 7. Collection Secrets Organizeyour collection calls Know the balance and the background Prepare a past due log or call sheet Document your conversation
- 8. Collection Secrets Havea 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 Watchfor 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 Bepart of the solution Payment plans Know when it is time to turn the account over to collections
- 12. Collection Secrets Educateyourself Attend seminars Subscribe to credit and collection magazines
- 13. Collection Secrets Considerjoining CMA and industry credit groups
- 14. Collection Secrets Attachedsample 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
Editor's Notes
- #2 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.