Essentials of Credit, Collections and Accounts Receivables Best Practices

Program Overview

Credit, collections and accounts receivables management are part science, part art and part gut-feel. To be able to ensure the right mix is not easy, it requires one to understand the insights and knowledge of these functions before one could truly management these functions effectively.

This program is designed based on practical guidance to offer participants the right knowledge to avoid potential bad sales, bad debts and non-payments. Accounts receivables asset is one of the largest assets on a company’s balance sheet, sales revenue is key but only if it does not turns into a non-payment issues or bad debt due to the booking of bad paymasters and mismanagement of the credit and collections processes.

The program will look at the essential areas that are of the most relevant, whether one is new to this functions or has been doing it for awhile, the program which is developed from studying thousands of companies will teach proven principles for achieving benefits such as booking credit-worthy customers, increased cash flow, higher margins and reduction in bad debts.

Participants can immediately take back learning and workable solutions that can be tailored and adapted to any businesses to ensure credit control and payment collections strategies drive measurable results. 

 COURSE OUTLINE

Day 1: CREDIT CONTROL MANAGEMENT

9am to 10.15 am
UNDERSTANDING WHY BUSINESS CREDIT IS IMPORTANT?

- Is it sales preventing function?
- Selling on Open Accounts

- and role of sales 

- Discounts on early payments
- Terms governing a credit granting
- Credit reports and verification processes
- Trade references and Financial statements – how real?
- Ratio analysis – which are important?
- Cash burn rates of company

10.15am to 10.30 am: Morning Tea break
10.30 am to 12.00 noon
NON-FINANCIAL CONSIDERATION IN CREDIT DECISIONS 

- Cs of credit: Character, capacity, capital, conditions & cognitive
- Buyer-Seller relationships
- Customer’s payment history
- Product profit margins
- Status of products, Status of sales of goods
- Customers’ co-operations
- Means

12.00 noon to 1.00 pm: Lunch break
1.00pm to 3.00 pm
HOW TO REVIEW NEW ACCOUNTS FOR SALES BOOKINGS

- Studies of various ways how companies evaluate new accounts
- Existing accounts and international customer credit control
- Customer’s credit files management
- Setting credit limits

3.00 pm to 3.15 pm : Afternoon break
3.15 pm to 4.00 pm.

-Credit policies design / Case studies

4.00 pm to 4.30 pm: Q&A , End day 1

Day 2: COLLECTIONS & ACCOUNTS RECEIVABLES TECHNIQUES

9 am to 10.30 am
UNDERSTAND THE ROLES OF A REVENUE COLLECTIONS  PERSON

- Goals of collections
- Balancing credit losses and customer service

10.30 am to 10.45 am: Morning Tea break
10.45 am to 12.00 pm:

KNOWING THE  PSYCHOLOGY OF DEBTORS

Applying the collections debt “DNA” and “Cs”:

- Character of defaulters
- Conditions of defaulters
- Capacity of defaulters
- Capital of defaulters
- Cognitive influences

12.00 noon to 1.00 pm- Lunch break
1.00 pm to 3.00 pm

LEARNING THE PROPER STEPS OF CUSTOMER CONTACTS

- Dealing with reasons and excuses in collections
- Gaining skills in collections communications
- Voice duns as an effective collections
- Face-to-face collections techniques
- Questioning probing techniques
- Listening skills to determine truth
- Lettering duns techniques

3.00pm to 3.15 pm – Afternoon break
3.15 pm to 4.30 pm

- Dealing and overcoming common excuses
- Negotiating for payment commitment

4.30pm to 5.00 pm; Q &A, End day 2

 TRAINER

Alan Go has over 16 years of sales, marketing and business development              
experience working in M.I.C.E, B2B trade services, education, technology and finance services sectors. Alan has held positions such as Marketing Communications Manager, Marketing Director, Regional Sales Director, CEO and Senior Vice President in the companies he has worked. As an independent trainer and consultant, Alan started CMCrecso Pte Ltd to provide corporate training and consulting services in marketing, sales and credit-sales and payment collections management.

Alan graduates with distinction from University of Oklahoma, USA with a Degree in Mass Communications majoring in Advertising and Business. He has conducted numerous programs in sales, marketing and revenue collections management where he share proven strategies and learning with executives of all levels. His training is highly practical, relevant and applicable to daily management of the sales, marketing and revenue processes.  

He is an excellent trainer and coach with a personal style that never fails to engage the audience.  A highly motivated trainer, he specializes in the business psychology of customers and teaches strategies to enhance the sales, marketing and revenue collections management processes to increase mindshare, market share, new market creations and value-innovations for product and services.

Some companies that have attended his trainings, workshops and seminars include Vietcombank, VietinBank, Techcombank, Banking & Training Consultancy Vietnam,  Proctor and Gambler, Inland Revenue Authority of Singapore, Singapore Expo, Resorts World Sdn Bhd, COURTS Megastore, Raffles Hotel, Thailand Institute of Finance and Banking Associations, DBS Bank, ABN AMRO Bank, Fedex, MobileOne, Raffles Hotel, American Express International, Canon, Abbott Laboratories, IBM, Asiatic Agricultural Industries, Mayne Pharma, GE Money, Thanachart Bank, Bank BNI, Bank BCA, Discovery Asia Inc, Avaya, IE Singapore, Data Security Systems Solutions, MediaCorp, ITE, Havi Food Services, Ingersoll-Rand, International School, Vicom Inspection Centre, Wincor Nixdorf, Natsteel, Cisco, Ingram Micro Asia, International Scientific, McCormick Ingredients, G-Tech Automation, Airmark Freight Services, AIA Insurance Co.,YHI International, Brunei Ministry of Finance, Orchard Hotel and DHL, Terrapinn and Singapore telecommuications  amongst others.  

Alan is based in Singapore.  To date, he has trained more than 3500 executives from over 2500 organizations from all industries in Singapore, Malaysia, Thailand, Indonesia, Brunei, Vietnam, Sri Lanka and Cambodia.  He is often been invited to speak at seminars and conferences in the region. 

DURATION: 2 Days

COURSE FEE: S$680.00 ( inclusive of lunch & teabreaks)

EARLY BIRD RATE: S$620 (register at 7 days before class date)

** This course is approved for SDF funding (eligibility criteria apply).  Visit www.sdf.gov.sg  for details ** 

ForSDF funding, in-house or any enquiries, please call +65-96930601/ 65422041 or email info@ovation-marketing.com 

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