Managing Accounts Receivable

Dynamic and proper management of accounts receivable provides the company with genuine ideal of their financial status. Better control of receivables is one of the best ways to improve cash flow, working capital, reduce debt and costs, results in ahead of the competition.

Managing Accounts Receivable

Dynamic and proper management of accounts receivable provides the company with genuine ideal of their financial status. Better control of receivables is one of the best ways to improve cash flow, working capital, reduce debt and costs, results in ahead of the competition.

This training course provides participants with all the knowledge of accounts receivable, and the professional tools to get your management on the same page and standardize procedures and problem-solving in this area.

 

The participant will gain in-depth knowledge of cash flow, working capital, debt management. Best practices collection tools and techniques and meaningful KPIs also covered in the course. Cross training with employees is especially effective with accounts receivable training courses.

Course Objectives

This course teaches Best Practices in Managing & Organizing Accounts Receivable training course, by the end of this course,  delegates will be able to:

  • Work effectively with the fundamentals of accounts receivable
  • Manage cash and working capital to reduce costs and improve cash flow
  • Accounting and working capital optimization
  • Understand and apply the fundamentals of Accounts Receivable systems
  • Have practical steps that reduce bad debt losses and uncollectible debtors
  • Review collection methods and cash management
  • Analyze the need to incorporate risk and uncertainty into accounts receivable analysis
  • Identify best practice across all industries

 Audience

  • Finance Executives and Professionals
  • Accountants
  • Accounts Receivable Managers
  • Accounts Receivable Supervisors
  • Accounts Receivable Personnel
  • Others who are working within accounts receivable process or who wish to develop a practical toolkit to complement their existing professional or technical skills

Course Content

An introduction to Accounts Receivable

    • The Role of Accounting
    • The Fundamental Equation of Accounting
    • Working Capital and Cash Management
    • Understanding the cost of credit
    • Understanding risk in credit
    • Accounts Receivable and effective customer service
    • Identifying underperforming areas to increase customer satisfaction

Use Payment Methods and Strategies

    • Types of payments
    • Types of difficult customers?
    • Collection Policy & Right attitude
    • Qualities & Attributes that can make you a Professional Collector
    • Key Activities & Responsibilities of a Collector
    • Strategy & Implementing the Collection Program

Effective Strategies to Maximise Cash Collection

    • Customer sensitive collection strategies
    • Collection techniques and letter cycles
    • Appropriate internal and external escalation steps
    • Using workflow management to maximise collector performance
    • Coping with Stress & Pressures experienced by the Collector
    • Compliance requirements.
    • Managing your time/ Prioritizing
    • Video clippings of Good/ Bad call
    • Role-Plays of entire Call

Best Practices of Collection Tools and Techniques

    • Eliminating barriers to payment
    • Online payment portal
    • Recognising excuses and delaying tactics
    • Providing solutions to non-payment
    • Telephone collection techniques
    • Negotiation skills for successful collections
    • Building relationships with customers

Track your Accounts Receivable KPIs

    • Developing effective internal relationships to maximize performance
    • Setting targets and tracking performance
    • Analyzing your collection effectiveness
    • Defining meaningful KPIs
    • Latest Developments in Accounts Receivable

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