Keys to Collecting Old Money - The Accounts Receivable Overhaul

Course Summary:

“Unlock Your Cash Flow: The Accounts Receivable Recovery System” (formerly “Keys to Collecting Old Money – The Accounts Receivable Overhaul”) is a practical and actionable course designed to equip businesses with the knowledge and tools necessary to effectively recover outstanding payments and optimize their accounts receivable process. This course goes beyond basic invoicing and delves into proven strategies for identifying, contacting, and securing payment from customers with overdue accounts. It emphasizes building a systematic approach to collections that minimizes friction, maximizes recovery rates, and ultimately improves the overall financial health of the business.

Target Audience:

This program is ideal for:

• Business owners and entrepreneurs struggling with outstanding invoices and inconsistent cash flow.
• Accountants and finance professionals responsible for managing accounts receivable.
• Credit managers and collection specialists looking to enhance their recovery techniques.
• Office managers and administrative staff involved in invoicing and payment follow-up.
• Anyone in a business that extends credit to customers and needs a better system for collecting payments.

Main Content:

The program typically covers key areas such as:

• Understanding the Importance of Accounts Receivable Management: Recognizing the impact of overdue payments on cash flow and profitability.
• Identifying and Prioritizing Old Accounts: Learning how to analyze your accounts receivable aging report and focus on the most recoverable debts.
• Effective Communication Strategies: Mastering the art of contacting customers with overdue balances in a professional and persuasive manner (including phone, email, and written correspondence).
• Developing a Systematic Collection Process: Creating a step-by-step plan for following up on invoices and escalating collection efforts when necessary.
• Negotiation and Payment Arrangement Techniques: Learning how to work with customers to establish realistic payment plans and resolve outstanding balances.
• Legal Considerations and Escalation: Understanding when and how to involve legal resources in the collection process.
• Implementing Best Practices for Invoicing and Credit Control: Preventing future overdue payments by optimizing your initial invoicing and credit approval processes.
• Utilizing Tools and Technology for Efficient Collections: Exploring software and resources that can streamline your accounts receivable management.
• Building a Positive Customer Relationship While Collecting: Maintaining professional relationships even during the collection process.
• Measuring and Improving Your Collection Performance: Tracking key metrics to assess the effectiveness of your collection efforts and identify areas for improvement.