Successful Credit Control

The Successful Credit Control course will cover:

• MODULE 1 - Understanding Financial and Management Accounting and Cash Flow
  • Balance sheets
    • What is a balance sheet?
    • What do balance sheets reveal?
    • Interpreting balance sheet profiles
  • Profit and loss accounts
    • What is a profit and loss account?
    • What do profit and loss accounts reveal about a business?
  • Cash flow statements
    • If there are profits there must be cash
    • Cash flow statements
    • What can cash flow statements tell us?
  • Accounting records and systems
    • Why have accounting records?
    • Distinction between accounting systems and accounting records
  • Accounting concepts, policies and standards
    • Why do we need concepts and rules?
    • Fundamental accounting concepts
    • Fundamental concepts in operation
    • Accounting policies
  • Self-assessment questions for Module 1
• MODULE 2 - Ground Rules for Successful Credit Control Policies
  • The cost of credit
    • Introduction
    • Cost
    • Possible savings related to profit
    • Personal knowledge of the cost of credit
  • The right attitude for credit control
    • Introduction
    • Bonuses and commission for staff
    • Record the progress
    • Measure the results
  • The right credit policies
    • Introduction
    • Should you give credit?
    • What nominal period of credit is allowed?
    • What actual period of credit is allowed?
    • What sanctions will you use?
    • What collection methods will you use?
    • What is a special case and who decides?
    • Is there a dominant customer and if so, what policies are appropriate?
  • Opening a new account
    • Introduction
    • Application for a credit account
    • Trade references
    • Bank references
    • Credit limits
  • Self-assessment questions for Module 2
• MODULE 3 - Credit Control Systems and Methods
  • Effective paperwork
    • Introduction
    • An objective look
    • Invoices
    • Statements
    • Order forms
  • Letters
    • Introduction
    • Standard letters
    • The final warning letter
    • Individually composed letters
  • Collection by telephone
    • Introduction
    • The right psychology
    • Preparation for success
    • The telephone call
    • Questions
    • The effective conclusion
    • Keep the history
  • Overcoming excuses
    • Introduction
    • Paperwork
    • Payment systems
    • Customer disputes payment terms that have been agreed
    • Customer will not accept terms that have not been agreed
    • Customer says that he cannot pay now
    • Miscellaneous
  • Sources of information
    • Introduction
    • Credit agencies
    • Trade references
    • Bank references
    • Companies House
    • Trade sources and your competitors
    • Credit insurance
    • In-house opinion
    • Your own records
  • Self-assessment questions for Module 3
• MODULE 4 - Credit Control Using Outside Agencies and Other Techniques
  • Credit Agencies
    • Introduction
    • Choosing the right agency
    • Credit agency charges
    • Failings of credit agencies
    • Reasons for problems
    • Methods of obtaining information
    • When to use credit agencies
    • How to best use a credit agency
    • Details of services available
  • Factoring
    • Introduction
    • Non-recourse and recourse factoring
    • Invoice discounting
    • Some of the features of factoring
    • Advantages and disadvantages of factoring
    • Costs
  • Credit insurance
    • Introduction
    • Considering credit insurance
    • Selection of risks to be insured
    • Financial provisions in detail
    • A guide to the cost of credit insurance
    • Working with credit insurance
  • Less usual chasing methods
    • Introduction
    • Personal visits
    • EDI
    • E-mail and fax
    • The use of humour
    • Publicity
    • Stickers
    • Direct debits and standing orders
    • Bank transfers
    • Credit cards
    • Blacklisting
    • Harassment
  • Warning signs – danger imminent
    • Introduction
    • Danger signs
    • Round sum cheques
  • Conditions of sale
    • Introduction
    • The legal position with terms
    • Display of conditions of sale
    • The terms
    • Advice to buyers
    • The main terms affecting credit control
    • Retention of title
  • Appendix 1
    • Legislation relating to statutory interest on late payment of debt
  • Appendix 2
    • Companies House addresses
    • Information available
    • Method of identification
    • Methods of obtaining information
  • Self-assessment questions for Module 4
• MODULE 5 - Credit Control and Legal Enforcement
  • Legal action – considerations prior to commencement
    • Introduction
    • Scottish law
    • The significance of retention of title
    • Have other steps been exhausted?
    • Without prejudice offers
    • Should you take legal action?
    • Look at your conditions of sale
    • Statutory interest
    • Who to use
    • Legal services
    • Taking action
  • Legal action – obtaining judgment
    • Introduction
    • Selection of route to follow
    • Steps to winning judgment
    • The claim form in detail
    • Footnote – summary judgment
  • Legal action – enforcing the judgment
    • Introduction
    • Enforcing judgment in a county court
    • Warrant of execution
    • Third party debt order
    • Attachment of earnings order
    • Charging order
    • Appointment of a receiver
    • Bankruptcy or winding up
    • Order to obtain information
    • The register of county court judgments
    • The High Court
  • Appendix 1
    • Court fees payable in connection with legal action to recover debt
  • Self-assessment questions for Module 5
• MODULE 6 - Credit Control Issues in Insolvency, Bad Debts and Exports
  • Winding up, bankruptcy, administration and receivership
    • Introduction
    • The threat of winding up and bankruptcy
    • Procedures
    • Wrongful trading
    • The order of priority in the distribution of funds
    • Administration
    • Receivership
    • Licensed insolvency practitioners
    • Practical advice
  • Bad debts
    • Introduction
    • Get back the VAT
    • Look hard at the conditions of sale
    • Consider enforcing retention of title
    • Personal liability
    • The legal process of liquidation
    • And finally – learn the lessons
  • Exports
    • Introduction
    • The law governing the sale
    • Agreement of conditions of sale
    • Methods of payment
    • Documentation
    • Factoring and credit insurance
  • Self-assessment questions for Module 6
• Final Assessment
• Course Evaluation

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