Effective Credit Control training
Select Other "city & date"
Effective Credit Control training Course
Introduction:
Credit Control is the system used by a business to make certain that it gives credit only to customers who can pay, and that customers pay on time. It is a critical part of a well-managed business that will help reduce bad debts and improve the cash flow of your business.
This five-day Effective Credit Control training course teaches effective chase techniques, how to tackle common excuses for non-payment, and how third parties and the court can help you reclaim debts. It also explains your legal rights regarding charging interest on overdue accounts and what type of relief you can claim if you’re left with bad debts. With this knowledge, you’ll be able to offer credit to customers with as low a risk as possible and chase overdue payments effectively.
The course provides an in-depth insight into the Credit Control function. It will provide delegates with a thorough grounding in Credit Control covering a variety of areas including performance measurement techniques, collecting difficult debts, and taking legal action.
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 you 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 chase payment via phone calls and letters effectively.
- 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 further steps they can take if the debtor still does 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 business level 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 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
