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CREDIT MANAGEMENT & CONTROL

STUDY AND CAREER DEVELOPMENT
This Program is ideal for careers in all aspects of credit management, and debt and credit control.  Whether this course is studied for these specific careers, or to open up or secure a career in accounting generally, this course will provide the skills and knowledge needed for success and advancement.  The Program also provides access to further and higher studies in accounting and finance, and possible exemptions from other professional courses and qualifications in accounting.

SUMMARY OF MAJOR TOPICS COVERED INCLUDE:

  • The meanings of key terms including: credit, credit policy, credit terms, credit limits, receivables, and more.
  • The major forms of credit, and the benefits to manufacturers/producers, vendors and consumers of credit availability.
  • Risks in allowing credit to customers.
  • The importance of liquidity, the management of liquidity; methods of improving liquidity.
  • Responsibilities of the credit control function.
  • Internal and external sources of information about customers or clients.
  • Financial analysis of customer accounts: liquidity and profitability indicators, financial position, cash flow, working capital.
  • Using performance indicators for customers, using a credit scoring system and the shortcomings of credit scoring systems.
  • Granting credit and setting up customer accounts; various factors which affect the decision to allow credit.
  • Procedures for opening a new credit account.
  • Reasons for and processes when refusing to grant credit.
  • Changes in credit terms; interest penalties for late payments.
  • The different types of discounts and, why they are offered.
  • Credit insurance; overseas sales and export credit insurance.
  • Customers and contracts; elements of contracts; offer and acceptance.  Breaches of contract.
  • Selling and statute law; trade descriptions acts, consumer credit acts.
  • Methods of “chasing” and recovering outstanding debts.
  • Monitoring and controlling customer accounts; useful techniques.
  • Receivables and aged debtor reports.
  • Doubtful and bad debts, provisions for doubtful debts.  Writing off bad debts.
  • Collecting debts and dealing with insolvency.
  • Methods of collecting trade debts. Using third parties for debt collection.
  • Taking a customer to court; legal terms, enforcement of judgements.  Insolvency practitioners.
  • Overview and review of Credit control policy.


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