Revenue Collection: Maximizing the Cash Collection Effort
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Revenue Collection: Maximizing the Cash Collection Effort Course
Introduction:
The Revenue Collection Training course is designed to equip delegates with the essential skills required to optimize cash collection efforts within their organization. Cash serves as the lifeblood of any enterprise, making its sourcing and management the most critical undertaking in business. Without a healthy cash flow, achieving success becomes impossible.
The funding requirements of an enterprise are influenced by various factors, including the nature of the business, its stage of development, and the aspirations of its owners and managers for growth. Understanding the dynamics of revenue collection is paramount to ensuring a steady and sufficient cash flow to meet these needs.
This training course provides participants with comprehensive knowledge and practical techniques to maximize the efficiency of their organization's cash collection. Delegates will learn effective strategies for invoicing, payment tracking, and debtor management, enabling them to proactively address payment delays and minimize outstanding balances. By implementing these skills, participants will be able to enhance cash flow, improve liquidity, and contribute to the overall financial health and growth of their organization.
Join us in the Revenue Collection Training course to acquire the necessary expertise in optimizing cash collection. With these skills, you will be well-equipped to navigate the challenges of revenue management, secure financial stability, and drive the success of your organization. Cash is the lifeline of your enterprise, and this course will empower you to effectively manage and harness its power.
Course Objectives:
After end of this Revenue Collection Maximizing the Cash Collection Effort course, participants will be able to do:
- Assess collection risk
- Make the most of developments in Revenue Collections technology
- Maximize Collector effectiveness
- Develop customer-sensitive collection strategies
- Create action-oriented KPI’s (key performance indicators)
Who Should Attend?
This Revenue Collection Training course is suitable for a wide range of professionals employed in Revenue Collection, but it will be particularly beneficial to:
- Collections Team Leaders & Senior Supervisors
- Accounts Receivable and Credit Team
- Billing Team
- Accountants
- Financial Controllers
- Finance Professionals who wish to improve their understanding of this area
Course Outlines:
Credit Risk Assessment – Why Prevention is better than Cure!
- Credit Risk Assessment – Tools, Tips, and Techniques
- Analyzing Financial Statements to determine Company Health
- Establishing Credit Limits
- Offsetting Credit Risk: Guarantees, Bonds and Insurance Options
- Key Data required for the Customer Master File
- Creditworthiness as a basis for Debtor Classification
Billing Process - Getting It Right First Time
- Billing Process Defined
- Authorization Levels, Audit and Control Checks
- Billing Frequency and Reconciliations
- Accounting for VAT
- Using Technology to Leverage the Billing Process
- Benefits of an Integrated Billing/Accounts Receivable Solution
Key Collection Tools and Techniques
- Eliminating Barriers to Payment
- Recognizing Excuses and Delaying Tactics
- Telephone Collection Techniques
- Developing Personal Assertiveness
- Negotiation Skills for Successful Collections
- Building Relationships with Customers
Developing Effective Strategies to Maximize Cash Collection
- Identifying Effective “Pre-Delinquency” Collection Campaigns
- Defining “Post-Delinquency” Activities
- Customer Sensitive Collection Strategies
- Collection Techniques and Correspondence Cycles
- Using Work Flow Management to Maximize Collector Performance
Managing Revenue Collections
- Setting Targets and Tracking Performance
- Creating Action-Oriented Reports
- Measuring Team/Individual Performance
- The People Plan – Motivating the Team and Managing Performance
- Developing your Personal Action Plan