Objectives:
- Define the function of Accounts Receivable (AR) and its role in organizations.
- Run the Accounts Receivable process more efficiently.
- Apply tools and techniques to effectively monitor AR performance.
- Develop effective credit policies that meet company’s objectives.
The Content:
Day One:
Credit Policies Management
- Setting Credit Policies
- Approving the Credit
- Developing Credit Controls
- The Need for Accounts Receivable
- The Level of Accounts Receivable Companies Should Have
Day Two:
The Billing Process
- Efficient Billing Process Means Faster Collection
- Preventing the Fatal Mistake: Sending the Bill with Errors
- The Use of Technology
Day Three:
You Made the Sale, It’s time to Collect your Money
- Cash: It’s Worth your Efforts
- Techniques for Faster Collection
- Payment Processing Options
Day Four:
The Relationship Between Sales and Credit
- Developing Good Working Relationships Between the Two Departments
- Involving Sales in the Collection Effort
Day Five:
Accounts Receivable Process Analysis
- Best Practices in Accounts Receivable (AR)
- AR Process Improvement
- Improving 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)
- Collection Effectiveness Index (CEI)
- Analyzing the Operating and Cash Cycle
