Introduction to Business/Commercial Collections

Overview:

This session reviews the fundamental skills required to successfully collect past due trade receivables (business-to-business invoices). It will examine the role of collections within the company and the order-to-cash process, best practices for communicating with past due accounts, and how to overcome time management challenges unique to collection environments.

Why you should Attend:

Cash is King, and in today’s competitive marketplace, underperforming collectors put their entire enterprise at risk. Too often, collecting is not given the priority it deserves. Without a commitment to keeping past due accounts receivable (AR) in check, cash flow suffers. An ad hoc approach to collections is not only unacceptable but a sure way to exacerbate any problems lurking in your AR. To be successful in collecting commercial receivables, you need to put in the necessary time and follow proven best practices. You not only need to know when it is best to call and when an email will suffice, but you also need to be clear, concise, and comprehensive to get a message across to past-due customers that will convince them to pay. 

Avoiding interruptions, prioritizing your work, asking the right questions, and countering customer excuses are all part of the formula for success. Being a bill collector may not be glamorous, but it is a necessary function that needs to be done well.

Areas Covered in the Session:

• Introduction (5 min)
• • What do collections involve?
  • Collections role in the order-to-cash process
  • What makes B2B collections different?
  • Outline of material to be covered
• Collection Correspondence (10 min)
• • Information to Share
  • Messaging to Use
  • The importance of follow-ups
• Dialing for Dollars (20 min)
• • Attitude: It's business, not personal
  • Preparing for the call
  • Asking Questions
  • Deflecting Excuses
  • After the call
• Managing Your Time (15 min)
• • Applying the 80/20 rule to collections
  • Calls vs. Correspondence
  • Prioritization Schemes
• Tips and Tricks for Collecting More (10 min)
• • Don't leave anything on the table
  • When to use a collection agency
  • The secret to automation
  • Other tips
• Conclusions (5 min)
• • Cash is King
  • Collections is a numbers game
  • Collection requires diligence

Who Will Benefit:

• CFO's
• Controllers
• Bookkeepers
• Accounts Receivable (AR) Clerks
• AR Supervisors
• Collectors
• Credit Analysts
• Credit & Collections Executives
• Customer Service Representatives
• Accountants