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OnDemand Course

Best Practices in Business Credit Management

Learn fundamentals and best practices for business credit management including potential customers, risk, and collections.

A crucial aspect to creating and maintaining best business practices in credit management involves assessing potential creditors from the outset of the relationship. The failure to effectively assess potential customers prior to extending credit to them often results in financial losses and an unnecessary expenditure on resources required to attempt to collect from such customers. This topic will assist the attendee in reassessing its current procedures for assessing potential customers and will offer guidance on implementing certain tools for determining and minimizing risks in lending to each customer. However, even businesses with the best business practices in credit management will inevitably face some customers who fail to pay. When this happens, it is imperative for businesses to have certain policies and procedures in place for dealing with collections internally and identifying when it is necessary to employ a third-party collections agency/law firms.

89 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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

Assessing Potential Customers

  • Establishing Clear Policies and Procedures for Extending Credit
  • Understanding How Your Company Makes Money (and Loses It)
  • Utilizing the Credit Application
  • Credit Limits and/or Sign-off Levels
  • Knowing When to Walk Away From a Potential Customer
  • The Get P.A.I.D. System

Understanding and Addressing Various Risks

  • Identifying Relevant Nonfinancial Risks (Such as Industry, Conduct, Business and Management Risks)
  • Proper Use of Social Media and Other Technology
  • Battle of the Forms
  • Use of Invoices, Terms, and Conditions

Collections

  • Procedures and Policies for Collections (When, How, Who)
  • Internal Collections Within Company
  • Third-Party Collections
  • Pre-Bankruptcy Planning
  • Bankruptcy Techniques
  • The Legal Process
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Why Lorman?

Over 35 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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on April 15, 2020.

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

  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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

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Why Lorman?

Over 35 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

Kirk B. Burkley, Esq.

Kirk B. Burkley, Esq.

Bernstein-Burkley, P.C.

  • Managing Partner of Bernstein-Burkley, P.C.
  • Practice emphasizes all aspects of bankruptcy and restructuring, creditors’ rights, business and corporate transactions, litigation, real estate, and oil and gas
  • Conducts regular seminars/live webinars and workshops on bankruptcy, creditors’ rights, and oil and gas
  • Author of several publications related to the bankruptcy field, with work appearing in ABI Journal, Equipment Leasing Newsletter, Pennsylvania Association of Credit Managers Newsletter The Creditor, and more
  • Emeritus board member of the American Board of Certification, past president of the American Board of Certification (2020), past president of Turnaround Management Association, member of Allegheny County Bar Association and the American Bankruptcy Institute
  • J.D. degree, University of Pittsburgh School of Law; B.S. degree, Ohio University
  • Can be contacted at 412-456-8108 or [email protected]
Raymond P. Wendolowski Jr., Esq.

Raymond P. Wendolowski Jr., Esq.

Bernstein-Burkley, P.C.

  • Partner-in-charge of the creditors’ rights group at Bernstein-Burkley, P.C.
  • Practice focuses primarily on commercial collection litigation
  • Frequently speaks at webinars and conferences, including leading CLEs for Lorman Educational Services and the National Association of Credit Management
  • Member of the Pennsylvania Bar Association and Allegheny Bar Association
  • J.D. degree, associate editor of the Tax Review, University of Pittsburgh, School of Law; while completing J.D. degree, completed a legal intern externship at the City of Pittsburgh Zoning Board of Adjustment; B.A. degree in communications, University of Scranton
  • Can be contacted at 412-456-8119 or [email protected]
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Why Lorman?

Over 35 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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Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
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  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 404334
Published 2020
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