In module one, you will learn efficient accounts receivable management to include billing, posting remittance information, monitoring payment patterns, and collecting delinquent accounts. Next, you will learn how to establish trade credit policies. You will then learn the process of approving credit for established and new companies. You will learn how to review financial statements such as the income statement, the balance sheet, and the cash flow statement. The instructor will teach you how to do ratio analysis using fundamental metrics. You will learn how to prepare the credit file, set credit limits, the warning signs of credit distress to look for, and types of credit reports.
In module two, you will learn about invoices to include terms, due date, what should be on the invoice, and methods of receiving payment.
In module three, you will learn billing and collection methods, late fees, and collection techniques. The module wraps up with a discussion of accounts receivable monitoring and control.
In module four, you will learn about typical Accounts Receivable issues to include purchase orders, quality issues, bad debt reserves, and unauthorized deductions.
In module five, you will learn best practices for working with other departments, primarily the credit department.
In module six, you will learn customer relations best practices.
In module seven, your instructor will teach you how to protect the company’s interests by securing your position with risky customers using the letter of credit and taking a security interest. You will also learn about legal issues such as the Robinson – Hackman Act, antitrust laws, Equal Credit Opportunity Act, the Miller Act, and dealing with legal issues such as bankruptcy and out-of-court settlements.
In module eight, you will learn about the emerging technologies impacting the credit and collections department to include Evaluated Receipt Settlement, Artificial Intelligence (AI), Robotic Process Automation (RPA), and Application Program Interface (API).
Module One: Managing Accounts Receivable and The Credit Approval Process
Module Two: Invoicing
Module Three: Collections
Module Four: Typical A/R Issues
Module Five: Working with Other Departments
Module Six: Working with Customers
Module Seven: Protecting the Company’s Interests
Module Eight: Emerging Technologies
CPE Credits Disclosure
Recommended CPE credit: 16
Recommended field of study: Accounting
Program level: Advanced.
Advance preparation: None