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How to Prioritize Your Collections

Implement a Collection Prioritization methodology customized to your organization, and drive improved results without adding resources.

This topic will benefit anyone who manages the Accounts Receivable Collection effort for their organization. Collection teams are continuously asked to deliver improved results with the same or reduced resources. Completing this material will enable managers to focus their limited collection resources in the most efficient and effective way. This will result in: a. increased cash flow from lower past due AR b. lower bad debt exposure and expense c. lower cost to manage AR through improved productivity This methodology will work with all types of receivables: business, consumer, product and service (including financial services). It is relatively easy to implement without major help from Information Technology and Analytics. It can be a self-driven quick to medium term win for any Collection department. After this topic, you will be able to design and implement a Collection Prioritization methodology customized to your organization, and drive improved results without adding resources.

Runtime: 51 minutes
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Why Lorman?

Over 32 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

Introduction

Align With Your Organization's Strategy

  • Go to Market
  • Trade Credit

How to Develop the Right Collection Prioritization for Your Organization

  • Know Your AR Portfolio: Dimensions, Customer Characteristics, etc.
  • Define Prioritization Parameters
  • Blending Multiple Priorities

Benefits: Effectiveness and Efficiency

Case Studies and Conclusion

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Why Lorman?

Over 32 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 Webinar

This course was last revised on October 10, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 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

John G. Salek

John G. Salek

Revenue Management Associates, LLC

  • President of Revenue Management Associates, LLC, a receivables and order to cash consultancy (www.optimizear.net)
  • Highly experienced financial professional with proven performance in the order to cash process, including order and contract processing, billing, dispute management, credit control, collections and cash application
  • Worked in a broad range of industries with more than 250 clients, including IBM, GE, Hewlett-Packard, Cardinal Health, Thomson Reuters, Starbucks, Honeywell and EMC
  • 30 years of consulting experience including a variety of engagements that have generated more than $800 million of increased cash flow, improved productivity and enhanced customer service
  • Author of Accounts Receivable Management Best Practices published by John Wiley & Sons
  • Member of advisory board of The Accounts Receivable Network (TARN) and the IOFM
  • M.B.A. degree in finance, The Amos Tuck School of Business Administration at Dartmouth College; B.S. degree, University of Connecticut
  • Can be contacted at 203-231-8138 or [email protected]
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Why Lorman?

Over 32 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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Product ID: 400360
Published 2018
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