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Effective Debt Collection Strategies
Rating: 4.4 out of 5(765 ratings)
2,113 students

Effective Debt Collection Strategies

Learn skills and strategies to improve customer debt recovery
Created byZanette Phillips
Last updated 11/2022
English

What you'll learn

  • Collect overdue customer invoices more effectively with new skills and strategies
  • Be able to use the Debtor's Ledger Health Check Questionnaire to assess their office procedures and identify gaps in the system
  • Be able to use the strategy to reduce the current customer debt and made decisions on old outstanding invoices.
  • Know how to use the overdue invoice strategy and contact customers in a systematic way using the overdue invoice strategy
  • Know when to make the first phone call or send the right letter out to the cusotmer
  • Use a phone script and have confidence and the knowledge of all the questions to ask an overdue invoice customer all the questions to get prompt payment

Course content

8 sections • 32 lectures • 3h 25m total length

  • Introduction to Effective Debt Collection Strategies7:05

    Introduction of the topics in the course such as rules and strategies, how to avoid legal action and the importance of following up on overdue invoices

  • What will you get from this course4:35

    A detailed discussion of the benefits of the course such as saving money, an efficient system and the control of engaging a strategy in debt collection

Requirements

  • Students should have a basic knowledge of bookkeeping and accounts receivable.

Description

Skills and strategies to improve debt recovery

Small Business Owners:

  • Wouldn't you like a strategy to reduce your current debt?
  • Wouldn't you like a strategy to manage your ongoing overdue customer invoices?
  • Wouldn't you like to streamline your office procedures and save money?

"Effective Debt Collection Strategies" is about controlling the activities of debt collection with systematic strategies so your customer knows you are serious about the credit you provide and you want to be paid by due date?

My Experience to Deliver this Course

I am a business manager, qualified trainer and small business owner. My background has been in office administration and then business management for over 25 years in 20 different industries. Cash flow control and cost management in addition to accounting, budgeting and debt collection has been my strengths. So I would like to share my knowledge and experience with small business owners to increase their recovery rate of customer debt.

What You Will Learn

Skills and Strategies to improve Customer Debt Recovery

Cost of Running a Ledger

  • Why don't customer pay? You will learn some reasons?
  • The cost of running a debtor's ledger.
  • The cost to the business to write off a sale.


Evaluating Office Procedures

  • Evaluating office procedures to identify inefficiencies. A detailed a Debtor's Ledger Health Check Questionnaire is attached to the course resources to assist in the evaluation.

Policies and Procedures

  • The importance of policies and procedures in a business
  • Which are the important policies needed to manage a ledger?

Strategy to Reduce the Current Debt

  • Evaluate the current customer debt and using a strategy to reduce it.
  • Clean up the old ledger so you have a manageable system.

Step by Step Advice and a Strategy to Manage Overdue Invoices

  • Process invoices, payments, credits, complaints and reports
  • Use the overdue invoice strategy
  • Deal with customer excuses
  • Run customer debt monitoring meetings with an agenda
  • Use a detailed phone call script to give callers confidence

What am I going to get from this Course?

For Everyone:

  • Learn how to control customer debt, reduce your stress and save money
  • Many forms and templates such as:
  • Debtor's Ledger Health Check Questionnaire
  • A Phone Script - for people who are uncomfortable making collection calls
  • Collection letters
  • An agenda for meetings
  • Payment installment agreement
  • The Strategy to reduce the current debt

For Small Business Owners in Particular:

  • Debtor's Ledger Health Check Questionnaire
  • A Strategy to reduce the current customer debt
  • A Strategy to proactively manage the ongoing overdue invoices

For Current and Future Bookkeeping, Accounts Receivable and Administration employees and students:

  • Efficient methods of controlling Customer debt
  • Ways of dealing with customer excuses
  • Ways of streamlining your office procedures

Join me in the course

I am sure you are like most people who go into business; you are doing it to make money, and you feel you need to give credit to make sales. Debt collecting costs you money. So let's give you a new strategy of running your business, so you can reduce that cost considerably and keep a good relationship with your customer.

Who this course is for:

  • Small and medium business owners will learn how to collect customer debt more effectively. They will achieve this by by assessing their office procedures and reducing their current customer debt with the step by step strategy in this course.
  • Bookkeepers and Accounts Receivable employees will learn effective debt collection strategies to enhance their current skills.
  • Students in office administration course will gain extra employment skills from this course.

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