Accounting, Finance and Budgeting
Effective Credit Control training
Select Other "city & date"
Effective Credit Control training Course
Introduction:
Course Objectives:
At the end of this Effective Credit Control training Course, you will be able to:
- Understand why controlling credit is important and what skills they need to be a good credit controller.
- Know how to offer credit to customers in a low risk way, i.e. by using credit application forms and carrying out credit checks.
- Recognize their right to charge interest and other costs under the Late Payment of Commercial Debts (Interest) Act.
- Learn techniques that enable them to effectively chase payment via phone calls and letters.
- Know how to address common excuses for non-payment.
- Understand how third parties (including debt collection agencies and solicitors) and the court can help chase payment.
- Recognize what further steps they can take if the debtor will still not pay, including sending statutory demands.
- Know what type of relief they can claim back if they are left with bad debts.
Who Should Attend?
Effective Credit Control training course, is ideal for:
- Anyone who handles a business’s finances and manages customer accounts should learn how to effectively control credit. If you’re planning to become a dedicated credit controller who chases payments, this course will be especially beneficial. No previous knowledge is required so anyone at any level of a business can take the course.
- Those who want to gain an understanding of the principles and practice of controlling credit & managing debt.
- People in an administrative, business or finance role which includes responsibilities for managing and credit accounts, and ensuring that debt is managed promptly and efficiently.
Course Outlines:
Introduction to Credit Control
- What is credit control?
- Why is credit control important?
- The abilities of a good credit controller
- The responsibilities of a credit controller
Creating Contracts and Credit Checking
- New customers
- Credit checking
- Credit insurance
- Contracts and invoices
- Late payment legislation
Collection Procedures
- Communication methods
- The chase cycles
- Chasing payment: the first call
- Common excuses for non-payment
- Chasing payment: the second call
- Chasing payment: the third call
- Chase letters
- Example letters
- Next steps
Third Party Collectors and Legal Action
- Debt collection agencies and solicitors
- Legal action
- Letter before action
- Submitting claims to court
- Preparing for a court hearing
- Further court action
Statutory Demands and Other Actions
- Statutory demands
- Bankruptcy and winding up
- Voluntary arrangements
- Administration orders
- VAT and tax relief
- Default accounts