Description
Learn fundamentals and best practices for business credit management, including potential customers, risk, and collections.
A crucial aspect of creating and maintaining best business practices in credit management involves assessing potential creditors from the outset of the relationship. The failure to effectively assess potential customers prior to extending credit to them often results in financial losses and unnecessary expenditure on resources required to attempt to collect from such customers. This topic will assist you in reassessing your current procedures for assessing potential customers and will offer guidance on implementing certain tools for determining and minimizing risks in lending to each customer. However, even businesses with the best business practices in credit management will inevitably face some customers who fail to pay. When this happens, it is imperative for businesses to have certain policies and procedures in place for dealing with collections internally and identifying when it is necessary to employ a thirdparty collections agencylaw firm.
Date: 2023-04-21 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to identify certain nonfinancial risks to consider in determining whether to extend credit.
* You will be able to recognize when it is best to walk away from potential customers rather than do business with them.
* You will be able to discuss policies and procedures to implement to best assess potential customers and the parameter of the credit offered to them.
* You will be able to review outstanding invoices to determine when it is best to obtain a thirdparty collections agency.