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Learn how to set your Credit, Accounts Receivable and Collections processes to maximize your cash collections.

Cash is the life blood of any organization. But as any good accounting professional knows, simply making a sale does not automatically ensure stable cash flow. In fact, most small-to mid-size companies do not have an adequate system to grant credit, track accounts receivable or collect past due accounts and many large companies don't put sufficient diligence into these processes and leave cash on the floor.

This course gives you the main ingredients for an end-to-end process that will ensure that everyone in your organization understands the importance of vetting potential customers, granting credit where feasible and how to set up a system to collect when your customers are slow paying or--worse, not paying.

We discuss:

  • Why end-to-end A/R is important
  • How to identify all the risks inherent in A/R
  • How to do a better job, organizationally, in managing A/R
  • The importance of documenting your A/R processes

Learning Objectives

  • Identify current accounts receivable management techniques
  • Recognize best practices for a credit & collections function
  • Recognize when to use a loss mitigation company
Last updated/reviewed: October 06, 2017

28 Reviews (77 ratings)Reviews

5
Member's Profile
Excellent! Clear, concise, excellent flow, in context, and to the point with scripts and clear guidance. A/R, Credit & Collections and Sales Reps would benefit the most from this course. Help us all work together to get paid timely. If Credit & Collections needs to work, ensure that customer information has been obtained and payment expectations have already been clearly communicated.
5
Anonymous Author
I liked the course, fresh content. Maybe consider more in the way of how to analyze customers financial statements when determining if you should grant credit, or the amount. However, this is more about the overall process so this is probably out of scope.
Member's Profile
Having experience in this field this area is certainly one that needs the right people and processes. However, the test was an advertisement for collection firms, or firm.....
4
Member's Profile
Great overview. the only reason I didn't give it 5 stars is that I would like more detail or another class on how to set credit limits for new customers.
5
Member's Profile
Excellent presentation. Very current and relevant in how to manage the credit and collections process from inception to time of final payment.
5
Anonymous Author
Awesome course - a lot of great techniques for determining what customers to do business with and strategies for best to collect.
4
Member's Profile
I like the checklist and call script. I like that Scott points out that collections should not be up to the sales team.
5
Member's Profile
Great course - and Scott did an excellent job of covering all the bases, in a way that makes it easy to understand.
5
Anonymous Author
Good overview of the importance of AR - had problems with the Factoring recording portion - kept freezing
5
Member's Profile
Very good advice and practical knowledge on how to handle this sometimes touchy area of business.
4
Member's Profile
The course is so helpful, I have gained a lot of knowledge which I can use in my everyday tasks.
4
Anonymous Author
Very good overview and applicable to someone who manages this area or works in this area.
5
Member's Profile
Excellent course. Very useful and practical guidance. Well-organized and presented.
5
Anonymous Author
This was an excellent comprehensive presentation about AR from credit to collection.
4
Member's Profile
Great overview. Clear, practical information from a real battle-tested executive.
4
Anonymous Author
Good overview and tips. The checklist and script are very helpful.
5
Member's Profile
The scripts provided were very well produced as was the topic.
4
Anonymous Author
good --presentation could be improved so it is more engaging
4
Member's Profile
liked, very informative, right amount of info
5
Member's Profile
Excellent presentation. Great recommendations.
5
Member's Profile
Appropriate length, great material.
5
Anonymous Author
Comprehensive course very well done
5
Member's Profile
Thank you for this valuable course.
3
Anonymous Author
OK. But a lot of repetition.
5
Member's Profile
great course!
5
Member's Profile
Great Course!
5
Member's Profile
Very helpful
5
Member's Profile
Great job!

Prerequisites

Course Complexity: Advanced

Prerequisite: Experience with working capital management

 

Advanced Preparation: None

 

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .

1 QuestionCourse Questions and Answers

Instructor
Member's Profile

One comment says this course was an advertisement for collection firms. This is incorrect. The presentation talked a lot about using people who have the correct skills. Outsourcing is one means of obtaining the correct skill set. AR collections is however becoming more and more like payroll. 25 years ago, people had issues with outsourcing payroll, now a majority of companies outsource at least some portion, if not all, of their payroll function. It is a matter of efficiency and allowing your employees to concentrate on core competencies.

But if you can hire the right skills in house, more power to you.

Course Syllabus
INTRODUCTION AND OVERVIEW
Pre and Post Sales
  10:06Pre-Sale - Customer Vetting
  13:41Post-Sale Customer Activities
Factoring and Cash Applications
  14:54Factoring
  6:51Cash Applications
Collections
  25:29In-House Collections
  5:13Top 10 for Failing Internal Collection Initiatives
  7:16Outside Collections
Best Practices and Conclusion
  15:19Best Practices
  3:14Additional Resources and Conclusion
SUPPORTING MATERIALS
  PDFSlides: Commercial Credit Training
  PDFCommercial Credit Training Glossary/Index
  PDFCheck List and Call Scripts
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM