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Accounting Courses
Credit Management & Debt Recovery : Strategies & Practices
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2-Day Course Credit Management & Debt Recovery Hotel Armada Petaling Jaya Objectives : - - Establish effective credit policies to increase business profitability
- Develop effective strategies & practices to reduce outstanding payments and at the same time provide excellent customer service
- Developing & improving negotiation & reconciliation techniques to enhance better communication in debt recovery.
- Improve Cash Flows with effective credit control management
- Debt Collection & Recovery Techniques ~ Telephone collection, reminders, rescheduling settlement, external collection agents
Who Should Attend : Financial Controllers / Credit Controllers/ Accountants/ Managers/ Accounts Receivable Personnel/ Administration Personnel involved in the credit function. Course Outline : CREDIT MANAGEMENT Introduction Cost of having credit to customerPurpose of credit policy and factors to be consider The importance of credit management EFFECTIVE CREDIT MANAGEMENT Methods of assessing credit riskAssessment of credit worthiness- 5 CHow to develop a credit rating system Work out credit limit and risk categories In depth evaluation of an individual . His net credit worthiness QUANTITATIVE TECHNIQUE Analysis and interpretation of working capital ratioAnalysis and interpretation of quick asset ratioSales per working capital ratioDebtor turnover ratioCreditor turnover ratioFixed asset to current asset ratio Working capital assessment and financing requirement QUALITATIVE TECHNIQUE The impact of company structureCompany historyPayment historyCredit checks, bank and other suppliers Information from statutory documentsForm 24 and 49 Economic environment Industry /market intelligence SOURCES OF CREDIT INFORMATION AND SETTING UP A CREDIT CONTROL SYSTEM Various sources available Assessment by inspection of premises and interview of customers Steps to take before approving limit and authorizing delivery. EFFECTS OF GRANTING LONGER CREDITExtra financing to fund additional debtorHigher credit riskRequired rate of return on investment in debtorFinancial impact on income statement Discount policy DEBT COLLECTION AND RECOVERY TECHNIQUE Telephone collectionStatements , reminders and final demand"Key Account " customerAged debtor listEstablishing a procedure for overdue debtPersonal visits Use of outside agencies Legal proceedings RISK MANAGEMENT OF FOREIGN CUSTOMER Determining and quantifying risk Risk management techniques for oversea customerThe problem of foreign exchangeMaintain a foreign currency bank account Netting the transaction Forward exchange contract Money market hedge PITFALLS TO AVOID IN CREDIT CONTROL Poor documentation Ambiguous sales terms and conditions Third party transaction GOOD PRACTICE IN DEBTORS MANAGEMENT Look after key accountManaging time scale Trade credit insurance Invoice discounting Debt factoring IMPORTANCE OF DEBTOR COLLECTION IN CASH FLOW FORECAST Format of the forecast Forecasting assumptionForecasting cash inflow /outflows Planned management decision Course Leader Mr. Tam Fook Cheong is a fellow member of the Charted Association of Certified Accountant (FCCA), Associate Member of the Chartered Institute of Management Accountant (ACMA) and a Chartered Accountant of the Malaysian Institute of Accountant (CA). Mr. Tam has more than 25 years of working experience in Finance, Accounting & Administration and has held various Managerial Position in the Oil and Gas industry. Mr. Tam has been a regular speaker for various seminars, workshops as well as in-house training organized by Management Consulting firm and Australia Society of certified public Accountant. As a prolific trainer, he has presented numerous papers in Accounting and Corporate Finance related topics throughout Malaysian and Singapore. In addition, he has been lecturing extensively in various colleges for the past 20 years specializing in Strategic Finance Management, performance Measurement, Financial Reporting for various professional examination, namely ACCA, MICPA and ICSA. Currently, Mr. Tam is also a local counselor in the Finance Module of MBA for a distance learning program and MSC Finance. Course Fee: CLAIMABLE UNDER HRDF / SBL SCHEME RM 950.00 per participantRM 900.00 Per Participant for 2 or more participants (Fees are inclusive of tea break, lunch, course materials and certificate of attendance) |
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