Corporate Training
Blue Ocean offers a wide array of bespoke corporate training solutions for organizations to enable their employees to become specialists in their industry. We offer over 600+ corporate training programs catering to a wide range of industries across government, semi-government and private organizations. The courses are designed to deliver strategic insights and learning for building high potential teams that can drive actionable strategies for their organizations. Our corporate programs are flexible and can be tailored to suit customers’ specific needs, helping teams unleash their maximum potential for organizational benefits.
Essentials of Credit, Collections and Accounts Receivable
Course Objectives
By the end of the course, participants will be able to:
- Develop effective credit policies that meet a company’s objectives
- Use billing best practices techniques
- Employ effective collection policies
- Partner with the sales force for the benefit of the company
- Evaluate the accounts receivable process and implement best practices
- Apply tools and techniques to effectively monitor AR performance
Course Outline
Credit policies management
- Credit department responsibility
- Factors affecting credit policies
- The five Cs of credit
- Non-financial factors affecting credit decision
- Outline of a credit policy
- Credit department mission
- Credit department objectives
- Roles and responsibilities
- Procedures
- Measuring results
- Review new accounts
- Re-evaluate existing accounts
- Financial statements: what to look for
- Analyzing selected financial ratios
- Setting the credit limit
- Establishing a profitable relationship with the customer
- Meeting the needs of the customer
The billing processes
- An efficient billing process means faster collection
- Preventing the fatal mistake: sending the bill with errors
- The use of technology
- Impact of up-front operations on billing
- Best practices in billing
You made the sale, now collect your money
- Cash: it is worth your efforts
- Tips, techniques, and guidelines for faster collection
- Importance of setting a collection policy
- Using different collection approaches
- Strategies in dispute management
- Best practices in collection
- Accounts receivable factoring, pledging and assignment
The relationship between sales and credit
- Breaking the ice
- Maintaining credit sales relationship
- Role of sales in issuing credit and in collection
Accounts receivable process analysis
- Improving the quality of accounts receivable
- Aging of accounts receivable and bad-debts reserves
- Alternatives in computing bad debt
- Reducing bad-debt write-offs
- Calculating accounts receivable turnover
- Calculating Days Sales Outstanding (DSO)
- Calculating Best Possible Days Sales Outstanding (BPDSO)
- Collection Effectiveness Index (CEI)
- Analyzing the operating and cash cycles
- Managing AR through portfolio strategy
- Analyzing the size, composition, and complexity of the AR portfolio
- Segmenting the portfolio
- Formulating an approach for specific segments
Staying in control
- Internal controls in AR processes
- AR and the monthly closing of accounts
- Outsourcing of accounts receivable functions
Course Objectives
By the end of the course, participants will be able to:
- Develop effective credit policies that meet a company’s objectives
- Use billing best practices techniques
- Employ effective collection policies
- Partner with the sales force for the benefit of the company
- Evaluate the accounts receivable process and implement best practices
- Apply tools and techniques to effectively monitor AR performance
Course Outline
Credit policies management
- Credit department responsibility
- Factors affecting credit policies
- The five Cs of credit
- Non-financial factors affecting credit decision
- Outline of a credit policy
- Credit department mission
- Credit department objectives
- Roles and responsibilities
- Procedures
- Measuring results
- Review new accounts
- Re-evaluate existing accounts
- Financial statements: what to look for
- Analyzing selected financial ratios
- Setting the credit limit
- Establishing a profitable relationship with the customer
- Meeting the needs of the customer
The billing processes
- An efficient billing process means faster collection
- Preventing the fatal mistake: sending the bill with errors
- The use of technology
- Impact of up-front operations on billing
- Best practices in billing
You made the sale, now collect your money
- Cash: it is worth your efforts
- Tips, techniques, and guidelines for faster collection
- Importance of setting a collection policy
- Using different collection approaches
- Strategies in dispute management
- Best practices in collection
- Accounts receivable factoring, pledging and assignment
The relationship between sales and credit
- Breaking the ice
- Maintaining credit sales relationship
- Role of sales in issuing credit and in collection
Accounts receivable process analysis
- Improving the quality of accounts receivable
- Aging of accounts receivable and bad-debts reserves
- Alternatives in computing bad debt
- Reducing bad-debt write-offs
- Calculating accounts receivable turnover
- Calculating Days Sales Outstanding (DSO)
- Calculating Best Possible Days Sales Outstanding (BPDSO)
- Collection Effectiveness Index (CEI)
- Analyzing the operating and cash cycles
- Managing AR through portfolio strategy
- Analyzing the size, composition, and complexity of the AR portfolio
- Segmenting the portfolio
- Formulating an approach for specific segments
Staying in control
- Internal controls in AR processes
- AR and the monthly closing of accounts
- Outsourcing of accounts receivable functions