Chartered Accountant,	Cost & Works Acct , Passed CISA and CISSP, BA Eco(Hons) St Stephens College, ISC St Columba's School, Delhi

Rakesh Sud

Invoice Management & Money Collection is key to all businesses & corporate firms. This course will give a detailed insight on how to manage your bills & invoices, how to follow credit cycles and evaluate options in cases of collection failures.

English

Basics of Money Management: Money Collection in Corporate & Businesses

Management

This presentation introduces the topic of Collections. The agenda for each of the coming ten lessons is described. The term collection is defined and the basics of collections are explained.

Overview: Collections for Corporates

This presentation introduces explains the need for collection. The practical view of collections is explained. The author explains why credit needs to be given. The feasibility of not giving credit ( eliminating the need for collections) is discussed.

Eliminating the Need to Collect Money

This presentation explains the benefits of collection. A linkage between collections and the objectives of business is established. The ground reality of extending credit is discussed. The paradox of selling is introduced by the author.

Why Collecting Money is an Advantage

This presentation illustrates the complications that can arise when credit is given. It explores the difficulty in collections. We would also learn the problems when customers dispute the amount outstanding. A few scenarios where the amount outstanding is disputed are illustrated.

Establishing & handling the Outstanding Amounts

This presentation teaches us the  tools and techniques used to collect outstanding invoices. An outstanding invoice is essentially a debtor. A lot of persistence and effort might be required to collect an outstanding invoice. This lesson gives a brief overview of how we can convert our debtors to cash.

Best ways to Collecting Outstanding Amounts

This lesson teaches us the way we should have integrated our collections and sales function. This lesson advocates the importance of considering the ratio of the collection with respect to the sales. This lesson  identifies  the ideal roles of sales persons in collection post sale.

How to mix sales with collections?

This lesson explores harsh realities of the collection process. There is a chance an amount owed by a customer becomes an irrecoverable debt. The possible scenarios for the customer becoming a delinquent customer are discussed. This topic also suggests ways to avoid risk of uncollectable items.

Problems with Uncollectible Items

This lesson establishes a linkage between raising invoices and collections. We recognise the importance of invoices to contain payment/remittance details.  There should be clear terms of credit defined from the invoice stage itself.

Invoice wise Collections

This lesson embraces failure in the collection process. The author advocates the need to build  a robust collection process to avoid future failure. Failed collection are a sunk cost and the organisation should focus on avoiding such problems in the future.  The author also gives a short summary of the lessons covered in the entire course.

Collection failure and options

This lesson illustrates the stages in the  sale transaction. There needs to be defined terms  of payment once the quote is accepted and invoice is raised. Good clear precise documentation is a key for this process. The author identifies steps for a robust collection process.

Lessons

10 lessons • 1h 3m

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Overview: Collections for Corporates

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Eliminating the Need to Collect Money

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Why Collecting Money is an Advantage

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Establishing & handling the Outstanding Amounts

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Best ways to Collecting Outstanding Amounts

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How to mix sales with collections?

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Problems with Uncollectible Items

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Invoice wise Collections

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Collection failure and options

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Life Cycle of the Process: Sales Transaction