prospen.co.za

ProspenAfrica | Training and Consulting Services Provider

5 Day Training

Dates: 20 – 24 May 2024
Locations: Johannesburg, South Africa
Platform: Available In-Class / Online

Price: Available on request

This is a Non-accredited Course

Course Introduction

This course delves into the pivotal role of Accounts Receivable (AR) in ensuring effective payment transactions and maintaining accurate financial records. It emphasizes crafting and implementing a robust credit policy, which is crucial for delineating clear customer credit terms and managing overdue payments proficiently.

Course Objectives

Participants will conclude this course with the ability to:

  • Craft and enact credit policies that align with corporate goals.

  • Implement best practices for billing processes.

  • Execute proactive collection strategies.

  • Collaborate with sales teams to bolster the financial standing of the company.

  • Critically assess and improve the AR process through industry best practices.

  • Utilize advanced tools and techniques for efficient AR performance monitoring.

Personal Benefits

Participants will acquire the ability to:

  • Utilize specialized Excel functions for AR management.

  • Construct comprehensive AR aging reports.

  • Employ diverse collection tactics effectively.

  • Perform thorough analyses of AR.

Who should attend?

This course is designed for:

  • Managers and specialists in AR departments.

  • Credit managers and officers.

  • AR and revenue accountants.

  • Billing and collection clerks.

  • Professionals in accounting, finance, operations, and sales working alongside AR and credit departments.

Training methodology

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

Module 1: Crafting a Credit Policy

  • Mission and role delineation within the Credit Department.

  • Processes for credit evaluation and approvals.

  • Handling credit cards, slow-moving accounts, provisioning, and bad debts.

  • Policies requiring board-level approval.

Module 2: Customer Knowledge

  • Legal and financial assessments of customers.

  • Analysis of financial statements and third-party validations.

  • Determination of credit limits based on anticipated business turnover.

Module 3: Risk Minimization in Credit

  • Utilization of customer advances, bank guarantees, and insurance to mitigate risks.

Module 4: Efficient Invoicing Systems

  • Managing orders, conducting credit checks, ensuring prompt delivery, and accurate invoicing.

Module 5: Recording Financial Transactions

  • Revenue recognition and invoice postings.

  • Maintenance of detailed sub-ledgers and regular balance confirmations.

Module 6: Debt Collections Strategies

  • Employing various collection modes and managing dedicated revenue bank accounts.

  • Ensuring daily postings and reconciliations are up to date.

Module 7: Implementing Internal Controls

  • Routine review of debtor reports and aging analysis.

  • Evaluation and adjustments of credit limits.

  • Setting targets and monitoring performance.

  • Creation of reports that prompt action.

  • Measuring team and individual performance metrics.

  • Managing and motivating the AR team for peak performance.

  • Developing a personal action plan for continuous improvement.

Module 8: Addressing Collection Delays

  • Establishing consistent follow-up processes.

  • Engaging in personal visits and maintaining regular communication.

  • Identifying and countering delaying tactics by customers.

  • Taking legal action when necessary.

Module 9: Provisioning and Debt Write-Offs

  • Adherence to the company’s provisioning policy.

  • Management of write-offs and the subsequent accounting processes.

Module 10: Comprehensive Case Study

  • Examination of a complete AR cycle, demonstrating practical application from order to cash.

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