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 Credit Control F3073 QR Code
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Credit Control

Overview:

Introduction:

Credit control is the process of managing a company’s credit policies and procedures to ensure timely payments, minimize bad debts, and optimize cash flow. It involves evaluating customer creditworthiness, setting credit limits, and monitoring receivables effectively. This training program equips participants with the skills to implement efficient credit control practices, enhance financial stability, and maintain positive customer relationships.

Program Objectives:

By the end of this program, participants will be able to:

  • Identify the principles and importance of effective credit control.

  • Assess customer creditworthiness and establish appropriate credit policies.

  • Monitor and manage receivables to ensure timely payments.

  • Handle overdue accounts and minimize bad debts.

  • Utilize strategies to optimize cash flow and financial stability.

Targeted Audience:

  • Credit controllers and credit managers.

  • Accounts receivable professionals.

  • Finance officers and managers.

  • Business owners and entrepreneurs.

  • Professionals involved in managing customer credit.

Program Outline:

Unit 1:

Introduction to Credit Control:

  • Definition and objectives of credit control.

  • Importance of credit control in financial management.

  • Key components of an effective credit control process.

  • The role of credit policies in minimizing risks.

  • Common challenges in credit control and how to address them.

Unit 2:

Assessing Customer Creditworthiness:

  • Techniques for evaluating credit applications.

  • Credit scores, ratings, and reports.

  • How to set credit limits based on customer profiles.

  • The process of conducting financial analysis to assess risk.

  • Tools and systems for automating credit assessments.

Unit 3:

Managing Receivables and Payments:

  • Strategies for monitoring and tracking receivables.

  • Establishing effective invoicing and payment processes.

  • Techniques for communicating payment terms to customers clearly.

  • Methods of following up on outstanding payments.

  • Importance of using technology to streamline receivables management.

Unit 4:

Handling Overdue Accounts:

  • Tools for identifying and prioritizing overdue accounts.

  • Importance of negotiating payment plans with customers.

  • Legal considerations in debt recovery.

  • The significant role of working with third-party collection agencies.

  • Writing off bad debts: policies and procedures.

Unit 5:

Optimizing Cash Flow Through Credit Control:

  • The relationship between credit control and cash flow management.

  • Balancing credit terms to maintain liquidity.

  • Frameworks for implementing proactive strategies to reduce payment delays.

  • Tools for analyzing credit control performance metrics.

  • Aligning credit control with broader financial objectives.

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