Course description
Debt collection and credit control is the most certain thing that will happen to any operational business. They form part of any business landscape. In the modern world, with a tough economy, there are increased difficulties in customers paying their debts as expected. When these customers are not paying the invoices, the skills learnt through this course by Rcademy will guarantee that you get paid. To be successful, any business needs to have cash flow, credit, and debt control and management. With a proper debt collection and credit control system, businesses can maintain customers while remaining afloat by paying their bills for products and services. Different nations have different regulations and legislation on collecting debt in their jurisdiction. Therefore, it is important to understand your local laws concerning debt collection and credit control to avoid breaking the law. Knowing the debtors’ rights in your local jurisdiction is also important to avoid using bad methods of collecting debts and controlling credit.
What is credit control?
Credit control refers to managing the flow of credit within a business, intending to reduce therisk of bad debtand improve the company’s overall financial stability. This involves implementing policies and procedures to assess and manage customers’ creditworthiness, setting credit limits, monitoring and collecting payments, and ensuring that the company’s credit policies are being followed.
Upcoming start dates
Suitability - Who should attend?
Who should attend?
The Credit Control and Debt Collection Training Course by Rcademy is ideal for the following professionals:
- Senior executive managers in the finance industry
- Field financial officers
- Debt collectors
- Account managers
- Accounts administrators
- Head of debt collections
- Credit managers
- Credit supervisors
Outcome / Qualification etc.
The Credit Control and Debt Collection Training Course by Rcademy aims at enabling the participants to:
- Prepare materials that will be used/sent to the debtors following the legislation
- Contact debtors after thorough planning to collect debts
- Professionally handle debtors following the existing laws
- Discover various ways to handle negotiations effectively
- Demonstrate the ability to communicate effectively and clearly to the debtors
- Apply the acquired knowledge to develop debt collection strategies that work
- Understand the significance ofkeeping a recordof all communications and negotiations with the debtors
- Identify highly effective negotiating methods and techniques for collecting debt and securing payments
- Discover ways of collecting background information that will lead to quality debt collection strategies
- Develop a system of vetting customers before granting them credit
- Increase their business earnings using good crediting habits
- Develop strategies for monitoring and controlling debt levels
Training Course Content
Module 1: Introduction to Credit Control and Debt Collection
- Understanding business debts and credit
- Roles and responsibilities of the debt collectors
- Definition of credit control
- Definition of effective debt collection
- Using different methods to give credit
Module 2: Managing Credit in a Business
- Improving communication skills
- Stress management techniques in credit management
- Using strokes tool to collect a debt
- Image management to enhance debt collection
- Account monitoring
Module 3: Scenario Management
- Bill management
- Customer risks anticipation
- Dispute management
- Delivery problems
- Customer services
Module 4: Managing Loans
- Preferred stock
- Loan contracts
- Collateral checking
- Handling guarantees
- Credit spreads
- Fees structuring
- Unsecured loans
- Loan negotiations
- Secured loans
Module 5: Commercial Conclusion of Debts
- Legal action for debt collection
- Debt counselling
- Laws to help in unmanageable debts
- Auctioning of debtor possessions
- Handling legal issues
Module 6: Credit Control
- Effective credit management tools
- Understanding credit control
- Using software to manage credit
- Automatic reminders
- Credit appraisal techniques
- Credit policies referral point in credit management
- Monitoring and controlling credit
- Structuring credit management
- Credit assessments
- Credit history
- Financial statements
- Importance of credit control
Module 7: Risk Assessment
- Repayment capacity
- Associated collaterals
- Credit history meaning
- Developing sound policies
- Leverage ratios
- Creating projections
- Defaulting probability calculations
- Anticipated loss
Module 8: Debt Collection
- Factoring
- Key Performance Indicators for collections
- Bad techniques in debt collection
- Discounting a debt
- Interest rates and relief calculations
- Calculating turnover
- Overdue ratio calculations
- Cash cycle monitoring
- Case study
Module 9: Collection Techniques
- Personal visits by the law
- Writing official letters
- Involving third parties
- Negotiating properly
- Making telephone calls (call scripts case studies)
- Sending relevant emails
- Contacting debtors in their working areas
Module 10: Other Factors used in Credit Ratings
- Exposure rate
- Vulnerabilities
- Liquidity and assets evaluation
- Firm size and existing assets
- Government legislation and assets evaluation
- Fixed assets
- Determining ownership
- Credit rating by other debt collectors
- Handling previous debts
- Rating system
- Constructing credit scoring models
- Mapping to rating models
- Scoring statistical methods
Module 11: Public Debt Management
- Institutional frameworks
- Debt management strategies
- Transparency and accountability
- Risk management techniques
- Pitfalls in public debt management
- Coordination and objectives
- Assets and liability management
- Relevant conditioning
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Rcademy
Rcademy is a global training and consultation organisation set out to bridge the gap between you now and what you can be in the near future. We are facilitators of knowledge impartation. Our team of established and experienced training enthusiasts...