6 Steps to Developing a World Class Business Credit Policy and Collections Action Plan

Accounts receivable is typically the largest or second largest asset for most businesses, yet most companies do nothing to improve their credit and collections processes; and according to the CRF report “On Whose Terms?” indicates that approximately 17% of business customers do not adhere to supplier credit terms.

When we take time to look around, we suddenly see the importance of developing a formalized credit policy and we plan covering rules, regulations and procedures to manage daily operations, approval workflow, optimize our resources, reduce credit risk, and improve cash flow. The goal for a Credit Plan is to clearly define these elements so that employees conform to documented steps and procedures designed to improve all related business processes.

In this webinar we will touch on tips, suggestions, and samples while we outline six easy steps to developing a world class credit policy and collections action plan to help you gain significant advantages in your business such as:

• Reduction in bad debt and write-offs.
• Improvements in sales to cash payment cycles.
• Improved profitability

And many more!