Maximize your collections
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This document provides guidance on effective credit management strategies for businesses. It outlines key steps like establishing clear credit policies, thoroughly checking customer references when extending credit, monitoring accounts receivable regularly, and using professional debt collection agencies when needed to recover past due amounts. The goal is to maximize collections while minimizing bad debt by taking a proactive approach to credit risk assessment and payment follow-up.
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This document discusses receivables management and credit policies. It defines receivables as debts owed by customers from credit sales. Managing receivables involves granting credit, analyzing costs and risks associated with credit, and setting credit terms and collection policies. The key steps in receivables management are credit analysis of customers, establishing credit standards and terms, monitoring receivables, and following collection procedures. Credit analysis involves obtaining financial and reference information on customers and evaluating their creditworthiness.
Creating A Credit Policy That Prevents Delinquent Accounts
Creating a credit policy involves gathering customer information through credit applications, determining criteria for extending credit, and setting terms, due dates, and penalties for late payments. The policy should limit risk by getting personal guarantees, deposits, or revoking credit for delinquent accounts. When customers are past due, the policy should outline organized steps like phone calls, reminders, and withholding sales commissions until accounts are paid in full.
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This document outlines four essential elements of an effective collection policy: consistency and credibility, dealing with debtors, practices within the policy, and enforcing the policy. It states that while many businesses have a written credit policy, some fail to back it with a written collection policy that takes effect when payments are past due. The first two elements discuss maintaining a consistent attitude toward debtors and outlining who is authorized to negotiate and make exceptions.
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The document discusses various aspects of credit management and receivables management. It covers topics like determining credit policy, credit evaluation techniques, financing receivables, and controlling receivables. Credit policy involves balancing sales growth with costs of bad debts and investment in receivables. Methods for credit evaluation include traditional analysis of five C's (character, capacity, capital, collateral, conditions), numerical credit scoring, and risk classification. Receivables are monitored using days' sales outstanding, ageing schedules, and collection matrices.
Introduction to credit control
The document discusses various aspects of credit management and control, including:
1. Liquidity and external methods to improve liquidity such as credit insurance, factoring, and invoice discounting.
2. The credit control process and sources of information on customers both internally and externally.
3. Granting credit, setting up customer accounts, and factors to consider such as ownership, overseas customers, and sales policies.
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This document discusses receivables management and credit policies. It defines receivables as debts owed by customers from credit sales. Managing receivables involves granting credit, analyzing costs and risks associated with credit, and setting credit terms and collection policies. The key steps in receivables management are credit analysis of customers, establishing credit standards and terms, monitoring receivables, and following collection procedures. Credit analysis involves obtaining financial and reference information on customers and evaluating their creditworthiness.
Creating A Credit Policy That Prevents Delinquent Accounts
Creating a credit policy involves gathering customer information through credit applications, determining criteria for extending credit, and setting terms, due dates, and penalties for late payments. The policy should limit risk by getting personal guarantees, deposits, or revoking credit for delinquent accounts. When customers are past due, the policy should outline organized steps like phone calls, reminders, and withholding sales commissions until accounts are paid in full.
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This document provides an overview of debt collection, including:
1. Defining debt collection and describing the types, including first/third party collections and different types of debts.
2. Outlining key laws governing debt collection practices in the US, such as the Fair Debt Collection Practices Act.
3. Describing strategies used by collectors to liquidate accounts, such as lettering, skip tracing, engaging consumers in payment plans, and maintaining documentation.
4 Essential Elements of a Collection Policy
This document outlines four essential elements of an effective collection policy: consistency and credibility, dealing with debtors, practices within the policy, and enforcing the policy. It states that while many businesses have a written credit policy, some fail to back it with a written collection policy that takes effect when payments are past due. The first two elements discuss maintaining a consistent attitude toward debtors and outlining who is authorized to negotiate and make exceptions.
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This document discusses effective credit policy management for consumer lending and credit cards. It outlines how sound credit policy that is integrated across business units can maximize profits while minimizing losses. Key points include aligning credit risk management with marketing, analytics and data-driven decision-making, dynamic pricing strategies, and focusing on customer retention through targeted programs. Regular review, communication and maintenance of the credit policy are also emphasized for optimal implementation.
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Topics include components of a credit policy, steps used in establishing a credit policy, how a credit policy is implemented, types of credit policies, components of a credit manual, etc.
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The document discusses various aspects of credit management and receivables management. It covers topics like determining credit policy, credit evaluation techniques, financing receivables, and controlling receivables. Credit policy involves balancing sales growth with costs of bad debts and investment in receivables. Methods for credit evaluation include traditional analysis of five C's (character, capacity, capital, collateral, conditions), numerical credit scoring, and risk classification. Receivables are monitored using days' sales outstanding, ageing schedules, and collection matrices.
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The document discusses various aspects of credit management and control, including:
1. Liquidity and external methods to improve liquidity such as credit insurance, factoring, and invoice discounting.
2. The credit control process and sources of information on customers both internally and externally.
3. Granting credit, setting up customer accounts, and factors to consider such as ownership, overseas customers, and sales policies.
4. Additional topics covered include discounts, credit insurance, legal considerations around contracts, remedies for breach of contract, and terminology.
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This document discusses receivables management and factoring. It covers the nature and goals of credit policies, including maximizing sales and profits while minimizing costs and losses. It also discusses determining the optimal credit policy by comparing the incremental rate of return to the required rate of return. Additionally, it outlines key variables that influence credit policies, such as credit terms, standards, and collection procedures. The document also describes evaluating individual customer accounts through analyzing credit reports and financial statements and monitoring receivables through aging schedules and collection experiences.
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The document discusses receivable management and outlines several objectives and factors related to managing accounts receivable. The key objectives of receivable management are to obtain optimal sales volume, control credit costs, maintain an optimal investment in accounts receivable, and maximize firm value. The nature of maintaining receivables involves risk, economic value, futurity, and credit sales/collection periods. Costs of maintaining receivables include credit department costs, credit evaluation costs, opportunity costs, discounted payment costs, selling/production costs, and bad debts costs. Factors affecting receivable size are credit sales volume, credit policy, trade terms, and seasonality of business.
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This document discusses receivables management. It defines receivables as money owed to a firm by customers from sales. Effective receivables management optimizes profits by balancing investment in receivables with sales levels and costs of maintaining receivables like capital costs and collection costs. Firms must determine appropriate credit policies including credit terms, credit limits, and collection efforts to maximize returns while minimizing bad debts and collection period. Tools like credit analysis, aging schedules, and ratio analysis help firms monitor receivables and collection performance.
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This document discusses the management of receivables. It begins by defining receivables as debts owed by customers who have purchased goods on credit but not yet paid. It then discusses the objectives and costs associated with receivables, as well as the benefits. Factors affecting the size of receivables and the importance of having a credit policy to manage receivables are also covered. The document also briefly discusses the management of payables.
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This document outlines the goals, procedures, and activities of a credit and receivables management team. The team aims to decrease overdue accounts, increase security deposit collection, and improve efficiency in collecting various accounts receivables. Key procedures include drawing from security deposits for unpaid bills, notifying customers, and requesting replenishment. The team works to reconcile accounts, pursue legal actions, and implement write-offs for delinquent customers according to documented policies and procedures.
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Receivables are sales made on credit. Managing receivables effectively requires establishing credit policies, evaluating customers, monitoring receivables aging, using collection methods like lockboxes and factoring, and controlling receivables through metrics like days sales outstanding and ABC analysis. Factoring allows firms to arrange receivables by having a third party collect payment and assume credit risk in exchange for an upfront payment.
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Go through this presentation and evaluate how these “best practices” employed by top financial institutions in the world can be adopted by your organisation.
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This document provides tips for improving credit control procedures. It discusses the importance of effective credit control for business cash flow. It then provides steps businesses can take before, during, and after a sale to improve credit control, such as creating a clear credit control process, knowing customers, compiling stop lists, reviewing performance, and outsourcing credit control if needed. It also discusses tips for chasing unpaid invoices such as updating cash flow forecasts and using debt collection agencies if needed. The overall document aims to provide a comprehensive guide to establishing and maintaining strong credit control.
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Receivables management aims to promote sales and profits by funding receivables until the cost of funding exceeds returns. It increases total sales, profits, and helps meet competition. Maintaining receivables incurs interest, administrative, collection, and default costs. The size of receivables depends on credit sales, policies, trade terms, expansion plans, profits, and collection efforts. Credit policies encompass standards, periods, discounts, and collection programs. Credit evaluation checks customer worthiness through character, capacity, collateral, financial ratios, bank references, and experience.
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The document discusses various topics related to accounts receivable and inventory management. It provides examples of how relaxing credit standards or credit terms like payment periods and introducing cash discounts can impact a firm's profitability. The key trade-off is between the potential for increased sales versus the higher costs of carrying more receivables. It also examines how adjusting collection policies and analyzing credit applicants can help firms manage default risk and bad debt losses.
Effective management of accounts receivable
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This document introduces receivables management and is presented by a group. It defines receivables as debt owed by customers from credit sales. Receivables management involves crucial decisions around credit policies, terms, and collection policies. The objectives of receivables management are to promote sales and profits while weighing the costs of extending credit against the benefits. Costs include collection, capital, delinquency, and default costs, while benefits include increased sales, profits, and customer satisfaction. The group's presentation discusses finding the right balance between risks and profits in receivables management.
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The role of a credit investigator is to evaluate the creditworthiness of individuals and businesses applying for loans. They do this by reviewing financial history and market conditions to determine the likelihood of repayment. The credit investigation process involves gathering information from applicant interviews, financial statements, credit reports, other banks, references, and visits to applicant worksites. Credit investigators analyze financial records, compile reports, and make recommendations to help lenders minimize risk and maximize successful repayment of loans.
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This document discusses receivables management and factoring. It covers the nature and goals of credit policies, including maximizing sales and profits while minimizing costs and losses. It also discusses determining the optimal credit policy by comparing the incremental rate of return to the required rate of return. Additionally, it outlines key variables that influence credit policies, such as credit terms, standards, and collection procedures. The document also describes evaluating individual customer accounts through analyzing credit reports and financial statements and monitoring receivables through aging schedules and collection experiences.
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This document provides strategies for collecting unpaid invoices. It discusses maintaining accurate client credit files, monitoring accounts receivable, establishing clear payment terms, and when to consider legal action or outside collection help. Key steps include acting quickly when invoices are unpaid, developing rapport with clients, and having proper documentation to substantiate debts if claims are disputed.
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Credit management is the process of granting credit, setting the terms it's granted on, recovering this credit when it's due, and ensuring compliance with company credit policy, among other credit related functions
The goal within a bank or company in controlling credit is to improve revenues and profit by facilitating sales and reducing financial risks.
A credit manager is a person employed by an organization to manage the credit department and make decisions concerning credit limits, acceptable levels of risk, terms of payment and enforcement actions with their customers
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Topics covered are how to conform to the legal and ethical requirements of credit investigations, the difference between direct and indirect credit investigations, how to gather information, etc.
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The document discusses receivable management and outlines several objectives and factors related to managing accounts receivable. The key objectives of receivable management are to obtain optimal sales volume, control credit costs, maintain an optimal investment in accounts receivable, and maximize firm value. The nature of maintaining receivables involves risk, economic value, futurity, and credit sales/collection periods. Costs of maintaining receivables include credit department costs, credit evaluation costs, opportunity costs, discounted payment costs, selling/production costs, and bad debts costs. Factors affecting receivable size are credit sales volume, credit policy, trade terms, and seasonality of business.
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The document provides a checklist for credit professionals to ensure success. It outlines defining credit and redefining it as a sales tool, marketing tool, and financial vehicle. It stresses knowing your company's vision, goals, mission, culture, and constructing comprehensive policies and procedures that encompass all credit and collection functions. It also discusses mastering key concepts like understanding your customers, the legal environment, and qualities of true credit professionals.
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Take a look at this slide deck to learn the benefits of accounts receivable management software and how automating accounts receivable can help you increase cash flow, reduce bad debt, and much more.
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This document discusses receivables management. It defines receivables as money owed to a firm by customers from sales. Effective receivables management optimizes profits by balancing investment in receivables with sales levels and costs of maintaining receivables like capital costs and collection costs. Firms must determine appropriate credit policies including credit terms, credit limits, and collection efforts to maximize returns while minimizing bad debts and collection period. Tools like credit analysis, aging schedules, and ratio analysis help firms monitor receivables and collection performance.
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This document discusses the management of receivables. It begins by defining receivables as debts owed by customers who have purchased goods on credit but not yet paid. It then discusses the objectives and costs associated with receivables, as well as the benefits. Factors affecting the size of receivables and the importance of having a credit policy to manage receivables are also covered. The document also briefly discusses the management of payables.
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This document outlines the goals, procedures, and activities of a credit and receivables management team. The team aims to decrease overdue accounts, increase security deposit collection, and improve efficiency in collecting various accounts receivables. Key procedures include drawing from security deposits for unpaid bills, notifying customers, and requesting replenishment. The team works to reconcile accounts, pursue legal actions, and implement write-offs for delinquent customers according to documented policies and procedures.
Receivables Management
Receivables are sales made on credit. Managing receivables effectively requires establishing credit policies, evaluating customers, monitoring receivables aging, using collection methods like lockboxes and factoring, and controlling receivables through metrics like days sales outstanding and ABC analysis. Factoring allows firms to arrange receivables by having a third party collect payment and assume credit risk in exchange for an upfront payment.
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The 12 steps to achieve excellence in C&R embed business knowledge that EXUS has accumulated all these years through the cooperation with field experts.
Go through this presentation and evaluate how these “best practices” employed by top financial institutions in the world can be adopted by your organisation.
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This document provides tips for improving credit control procedures. It discusses the importance of effective credit control for business cash flow. It then provides steps businesses can take before, during, and after a sale to improve credit control, such as creating a clear credit control process, knowing customers, compiling stop lists, reviewing performance, and outsourcing credit control if needed. It also discusses tips for chasing unpaid invoices such as updating cash flow forecasts and using debt collection agencies if needed. The overall document aims to provide a comprehensive guide to establishing and maintaining strong credit control.
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Receivables management aims to promote sales and profits by funding receivables until the cost of funding exceeds returns. It increases total sales, profits, and helps meet competition. Maintaining receivables incurs interest, administrative, collection, and default costs. The size of receivables depends on credit sales, policies, trade terms, expansion plans, profits, and collection efforts. Credit policies encompass standards, periods, discounts, and collection programs. Credit evaluation checks customer worthiness through character, capacity, collateral, financial ratios, bank references, and experience.
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The document discusses various topics related to accounts receivable and inventory management. It provides examples of how relaxing credit standards or credit terms like payment periods and introducing cash discounts can impact a firm's profitability. The key trade-off is between the potential for increased sales versus the higher costs of carrying more receivables. It also examines how adjusting collection policies and analyzing credit applicants can help firms manage default risk and bad debt losses.
Effective management of accounts receivable
Miami University implemented an aggressive accounts receivable write-off policy and outsourced some collection activities to improve cash flow and reduce outstanding receivables. Key metrics such as collection rates increased while write-offs and year-end receivables decreased, contributing to improved financial results. Continuous benchmarking and process improvements while maintaining customer service helped achieve these goals.
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This document introduces receivables management and is presented by a group. It defines receivables as debt owed by customers from credit sales. Receivables management involves crucial decisions around credit policies, terms, and collection policies. The objectives of receivables management are to promote sales and profits while weighing the costs of extending credit against the benefits. Costs include collection, capital, delinquency, and default costs, while benefits include increased sales, profits, and customer satisfaction. The group's presentation discusses finding the right balance between risks and profits in receivables management.
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Maximize your collections
- 1. Maximize Your Collections Crucial Steps for Proactive Credit Management Presented by Michelle Dunn
- 2. What is Credit Management? Management of business credit, A/P & A/R Policies & procedures regarding payments A plan for revolving credit customers Guidelines for collecting money A Streamlined system for contacting customers Avoiding bad debt
- 3. Objectives Payment options Setting credit limits To eliminate bad debt Collecting money Dealing with past due customers
- 4. A Credit Policy Must: Be tough & flexible Offer specific guidelines for action Be enforced!
- 5. Credit & your Customers Be fair, reasonable and follow the law Protect yourself & your business Always check all references
- 6. Extending Credit Credit applications Fill out & sign Keep original & give customer a copy Check all references Determine & set a credit limit Send customer deny or accept letter New Customer Packets 1. Credit application 2. Credit policy
- 7. Extending Credit Make it Easy Make it Quick Make it Painless
- 8. Credit Risk To Minimize your Credit Risk: Get a personal guarantee Offer month-to-month credit Offer ship-to-ship credit Get a security deposit Get a 50% deposit on every order
- 9. When checking references ask: How long have you known the customer? How long have they done business w/ you? What payment method do they use? Do they pay within terms, late or use discounts? What is their average monthly orders? How often do they order from you? What is their balance due now? Is any of that past due? How much past due? What are your terms with them? Do they make any returns?
- 10. When checking a bank reference ask: Is this a business, personal, savings or checking account? When was the account opened? What is their average daily balance? Have they had any NSF or other returned checks? Do they have any outstanding loans? What types of loans? Are the loans unsecured or secured? Are they current on loan payments?
- 11. Credit Management Skills Understanding of credit applications Understanding of state laws, FCRA & the FDCPA Communication skills Negotiation skills Skip tracing/location skills Mediation skills Organization skills Patience
- 12. What’s in a Credit Policy? How to apply for credit Late fees, interest fees, collection, court or bad check fees Repayment terms & conditions Credit limits Buyer responsibilities Seller liability
- 13. Correcting debt collection mistakes Enforce your credit policy Research the debtor or past due customer Ask for payment immediately Research & retain a debt collection agency so when the time comes you are ready
- 14. How much credit is enough? Do they pay their other bills on time or late? Are they always past due? Is there a seasonal pattern? Is the poor payment because of marital issues, the economy or employment issues? What are their anticipated monthly purchases? Will they pay COD while you make a decision?
- 15. Quick Fix! 1. Print out Credit Applications Give one to every customer Have it filled out and signed Check ALL references Decide if you want to extend them credit
- 16. When a customer is past due Refer to your credit policy Make a collection call Send a friendly reminder Send a not-so friendly reminder Revoke their credit Follow up!
- 17. Change bad habits Review your A/R Weekly Collect as much money as possible Stay focused, deal with excuses firmly
- 18. Resources Free Credit Applications www.MichelleDunn.com/free.html FDCPA – www.ftc.gov FDCPA e-course – MichelleDunn.com FDCPA e-book – MichelleDunn.com