Learn how to better manage accounts receivable by utilizing reports and technology.
Many companies carry over 30-40% of their revenue in accounts receivable each month, often dealing with parent companies and their subsidiaries. This topic helps the person(s) responsible for billing, cash flow, and revenue cycle management understand how to establish a proactive workflow for improving A/R management, measure collection performance, and understand the processes required when dealing with multiple levels. This information also explains the workflow to establish the internal collection process, discusses benchmarks and analyzes the current position, and sets goals to reach peak performance for the next back dollars and results. Failing to have a proper A/R workflow system is the most common error companies make in collecting bad debt and managing customer account balances. Setting clear guidelines for your new financial policy will counteract lost revenue, bad debt write-offs, and costly internal mistakes.
Learning Objectives
- You will be able to recognize how to define an internal collection policy.
- You will be able to identify effects of aged accounts receivable and bad debt.
- You will be able to differentiate between first and third party collection.
- You will be able to recognize strategies for accounts receivable management.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
How to Define Internal Collection Policy
- Industry Specific
- Definition of A/R
- Written Financial Policy
Effects of Aged A/R and Bad Debt
- A/R Analysis
- Aging Reports
- 1st and 3rd Party Collection
- Compliance - FDCPA and CFPB
A/R Management
- Training/Selection of Staff
- Using Technology Integration
- Measurable Cash Flow Benchmarks
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 2, 2022.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 1.6 including Business Management and Organization 1.6
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Management and Organization for 1.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Laurie Boisclair
Transworld Systems
- National A/R Management Specialist, Revenue Matters, LLC, Transworld Systems
- Business emphasis on all aspects of the accounts receivable process
- Conducts regular seminars and workshops on revenue cycle and A/R management
- Written several publications related to the areas of A/R management
- Member of MGMA, AADOM, PAHCOM, Score Women’s Executive Group, Chamber of Commerce
- Can be contacted at [email protected], 513-260-3207, 888-852-8878, linkedin.com/in/laurie-boisclair-b740a225, or her website gotsi.com/laurieboisclair
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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