Maximising Cash Collection Activities - A Practical Guide for Professional Service Firms

Introduction

The credit control function is crucial for maintaining healthy cash flow and minimising the risk of bad debts. It involves the processes and strategies used by firms to ensure that clients pay their invoices within the agreed payment terms.

This new virtual classroom seminar offers a practical guide to credit control chasing techniques and the evaluation of ledger management.

Expert speaker Julia Walden will take you through a series of real-world examples, making it ideal for those new to chasing payments and experienced debt collection staff in professional service firms who would like a refresher on best practice.

What You Will Learn

This live and interactive session will cover the following:

• A brief overview of credit control in professional services
• Understanding the impacts of credit on your firm
• Your role and the contribution of credit control to your firm
• Decoding the core values of credit control
• Techniques for effective collections
• Collections methods
• Using familiar scenarios to determine which cash collection method aligns best with the situation, the operational needs of the firm and the client type
• How to maximise the potential for communication methods whilst avoiding pitfalls
• Client relationship management
• Build and maintain positive relationships with both the internal and external client
• Learning your client’s payment procedures to support collection activity
• Extracting financial insights from your client
• Managing difficult conversations or negotiations in a confident and professional manner
• Documentation
• Maintenance of accurate records of all communications and transactions related to debt collection
• Organisation skills
• Stay organised to support continuous collection activity
• Time management techniques to support the busy collections specialist
• Understanding your ledger and deciphering financial insights that will shape your chasing model and measure success
• Using your ledger to pinpoint opportunities for quick cash turnarounds
• How to analyse aging profiles to identify key areas and assist with risk and escalation activity
• Simple metrics to review the success of the collections strategy

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.