Don't Let Your Customers Run Your Business

Learn proactive ways to manage your debtor's ledger
5.0 (3 ratings) Instead of using a simple lifetime average, Udemy calculates a
course's star rating by considering a number of different factors
such as the number of ratings, the age of ratings, and the
likelihood of fraudulent ratings.
7 students enrolled
Instructed by Zanette Phillips Business / Finance
$50
Take This Course
  • Lectures 28
  • Length 2.5 hours
  • Skill Level Intermediate Level
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
Wishlisted Wishlist

How taking a course works

Discover

Find online courses made by experts from around the world.

Learn

Take your courses with you and learn anywhere, anytime.

Master

Learn and practice real-world skills and achieve your goals.

About This Course

Published 10/2015 English

Course Description

Controlling Customer Debt and Managing the Ledger

Small business owners:

  • Wouldn't you like a strategy to reduce your current customer debt?
  • Wouldn't you like a strategy to manage your ongoing customer debt?
  • Wouldn't you like to streamline your office procedures and save money?
  • Wouldn't you like to be in control of your ledger?

"Don't Let Your Customers Run Your Business" is not just about debt collection. It is about proactively managing a debtor's ledger, controlling customer debt and getting customers to pay by due date. There is no point in making a sale if it is not paid.

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 years in 20 different industries. Cash flow control and cost management in addition to accounting, budgeting and debt collection has been by strengths. After initially delivering debt collection courses I designed this course to encompass accounts receivable, assessing a new customer for creditworthiness, debt collection, policies and procedures, training employees, customer negotiation skills, meetings for monitoring customer debt and evaluating office procedures.

What You Will Learn

Managing a Debtor's Ledger and Debt Collection Skills

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 may shock you.
  • The cost to the business to write off a sale.

Evaluating Office Procedures

  • Evaluate office procedures to identify inefficiencies. A detailed Debtor's Ledger Health Check questionnaire is attached to the course to assist in the evaluation

Can your Business Afford to Give Credit

  • Identify the best credit method for a particular business type
  • Issues to determine whether to give credit and who to give it to

Setting up Policies and Procedures

  • The importance of policies and procedures in a business
  • Which are the important policies needed to manage the ledger?
  • There are 4 and each are discussed in detail

Strategy to Reduce the Current Debt

  • Evaluate the current customer debt and using a strategy to reduce it
  • Clean up the old ledger to set up an efficient new system

Strategy to Manage the Ongoing Ledger

Step by step to advice to:

  • Negotiate your terms of trade with the customer so they pay bt due date
  • Assess the new customer for creditworthiness
  • Set up the customer account
  • Process invoices, payments, credits, complaints and reports
  • How to enhance customer relationships
  • 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:

  • 28 lectures and over 2.5 hours of content
  • 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
  • Credit application and trade reference questionnaire
  • Customer approval and decline letters
  • Payment installment agreement
  • The strategy to reduce the current debt
  • Simple spreadsheet to track payment plan customers

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 ledger

For Current and Future Bookkeeping and Accounts Receivable employees

  • 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 cost 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 your customer.


What are the requirements?

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

What am I going to get from this course?

  • Manage a debtor's ledger efficiently and effectively
  • 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 make decisions on old outstanding invoices. And how to manage the changeover from the old system to the new.to
  • Know how to use the strategy to manage the ongoing ledger and what policies and procedures are required to manage the ledger successfully.
  • Know when to make the first phone call or send the right letter out to the customer whose account is overdue by using the overdue invoice strategy..
  • Use a phone script and have confidence and the knowledge of all the questions to ask an overdue invoice customer all the quesrions necessary to get prompt payment.

What is the target audience?

  • Small and medium business owners will learn how to control customer debt, reduce their stress and save money. They will achieve this with the assessing their office procedures with the strategies outlined in the course for reducing the current debt, managing the ongoing ledger and the overdue invoice strategy for those customers who do not pay by due date. Tools included to assist in this process are the Debtors Health Check Questionnaire, the phone script, collection letters, customer application form and many other templates.
  • Bookkeepers and accounts receivable staff will learn the correct processes to manage a ledger with a course that incorporates the accounts receivable with customer credit assessment, policies and procedures, debt collection and running regular customer debt monitoring meetings.
  • Students of credit management will obtain benefits from this course with the different perspective from someone who has worked in many industries and has a first person point of view of managing customer debt.

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
04:37

Introduction to what managing customer debt is about, and what is ahead in the course such as assessing the customer for creditworthiness, customer negotiation skills, and the difference between the current debt collection courses run by debt collection agencies and this course

03:43

This lecture discusses the benefits the student will get from the course in the knowledge of being able to save a business money, instigating a better procedures system and being control of the ledger. There is a list methods describing how these goals will be achieved.

06:11

In this lecture, reasons are listed why customers do not pay and discusses background information like the definitions of credit control and cash flow, why these criteria are important to a business and there is a case study to illustrate the consequences of cash flow mismanagement.

Section 2: Cost to run a Debtor's Ledger
02:55

The cost in interest to the business are demonstrated with a spreadsheet showing step by step how the cost is calculated.

05:09

This lecture is a continuation of the previous lecture as it explains in detail how the interest in the previous lectures spreadsheet is calculated and why a business would find it a useful tool in their business as a way to project the incoming customer payments to assist in a cash flow forecast.

03:38

Various activities need to be done in order to manage the ledger such as assessing and setting up the customer, hold meetings and debt collection activities. These are discussed in detail. The cost of labor in collection activities is also explained.

07:22

The costs of writing off a sale and the consequences of that write off are discussed and also the amount of sales that are needed to be generated to break even. Spreadsheets are used to demonstrate these costs. The hidden costs are revealed. The lecture concludes with the consequences of customer debt in the general management of the business.

Section 3: Office Procedure Evaluation
07:14

A list of office procedure inefficiencies and what students can do to asses and fix the problems. Lecture includes reference to and how to use the Debtor's Ledger Health Check Questionnaire so students can assess their own office procedures and policies Also a case study to illustrate the importance of everyone in the business being mindful of the policies of the business the consequences when things go wrong.

Section 4: Which Credit Method is Best for You
01:51

Introduction to the subject of how different business types give credit to their customers and how they will negotiate their terms of trade with their customers differently

07:21

Explanation of how various types of businesses such as service, trade, supply and repair negotiate terms of trade with their customer. Different issues are explained of what businesses need to be wary of in their quest to get sales over the risk of increasing customer debt.

04:05

Description of various types of credit methods re discussed such as cash, cash on delivery, payment on completion, monthly account and so on and issues affecting what credit a business will give a customer and what issues need to be considered.

03:46

Issues a business owner needs to consider regarding dealing with big corporations, sole operators and one off sales. Discussion and list of other issues that can determine a business's ability to carry customer debt

Section 5: Policies and Procedures
04:26

Introduction to Policies and Procedures, what they are, what they do for a business, why they are important and why a business needs them. A list of policies a business operation needs to successfully manage the debtor's ledger.

06:02

A explanation of what the Terms of Trade Policy is, what it does, why it is important to a business and what sort of statements should be included in it. A strategy of how to negotiate the terms of trade with a customer is included in this lecture to increase the confidence of business owners.

07:41

A explanation of what the Customer Credit Policy is, what it does, why it is important to a business and what sort of statements should be included in it. A case study illustrating how not to give credit and the consequences

01:53

A explanation of what the Complaints Policy is, what it does, why it is important to a business and what sort of statements should be included in it. Discussion abut the consumer laws which require business owners to have a complaints policy and how customers will react if a complaints is not resolved.

08:24

Explanation of what the Debtor's Ledger Management Policy is and what sort of statements should be included. A case study illustrating the importance of everyone in the business following the policies of the business. The importance of weekly meetings to monitor the customer debt.

Section 6: Currency of the Ledger
08:18

Strategy to reduce the current customer debt. Step by step detailed instructions to bring the current customer ledger up to date and reduce the debt and advice on procedures

Section 7: Debtor's Ledger Management
05:57

Lists all the activities needed to prepare the strategy to manage the ongoing ledger with step by step instructions and procedures

09:07

Explains all the steps required to assess a customer for creditworthiness. Details what forms are needed from the resources section of the course and also other activities such as the requirements setting up the new customer accounts, meetings and who should manage the ledger.

06:21

This lecture describes the activities of payments, complaints and reports. When the payments should be entered into the accounts software. What happens if a complaint is not resolved in a systematic way; and the consequences if a complaint has not been resolved. The detailed ageing report is also discussed and an example is displayed showing the necessary items to be included in the report.

06:42

For the customers who do not pay by due date, there is the overdue invoice strategy. This strategy includes reference to the set of collection letters included in the course resources and the installment payment plan of which there is a form to use in the resources.

04:59

Customer excuses. This lecture lists various common excuses and how to deal with them. There is also a list of other excuses in the resources of the course.

03:35

Meetings to monitor the customer debt are an integral part of the management of the debtor's ledger and this lecture advises who should be at the meetings and what should be included on the agenda. The resources has an agenda template for you to use and alter to your specifications.

06:08

There are six basic questions in the phone script. This lecture goes through the preparation before the phone call to the customer.

10:48
The phone call. Each question is discussed and advice is given on what to say and ask the customer in order to get the answer of when payment will be made.
04:17

Cash flow problems, how to recognize a customer has cash flow problems and what you can do about it. This lecture also discusses delinquent debtors.

Section 8: Conclusion
02:17

Conclusion plus the top 10 ways to control debtors and a list of targets for improving business practices

Students Who Viewed This Course Also Viewed

  • Loading
  • Loading
  • Loading

Instructor Biography

Zanette Phillips, Business Trainer

Zanette Phillips is an entrepreneur, business manager, qualified trainer and small business owner. She currently the owner and manager of Biz Skills business training based in Cairns, Queensland, Australia.

Her background has been in office administration and then business management for over 30 years covering over 20 different industries. Cash flow control, cost management in addition to accounting, budgeting and debt collection has been her strengths.

After completing a training qualification in 2003 she designed and delivered training courses in debt collection born out of concern for many small business owners trying to manage their cash flow. Zanette believed there had to be a more active proactive way of approaching the problem of customers not paying their accounts by due date and founded Biz Skills in 2012 to develop a course that would deal with the whole system encompassing accounts receivable, policies and procedures and evaluating office procedures plus good advice so the small business owner could learn strategies to be proactive and take control.

Her qualifications include a diploma of accounting and certificates in small business management and quality assurance management. Zanette has recently written a book 'Don't Let Your Customers Run Your Business' which is available on Amazon.

Ready to start learning?
Take This Course