Course Overview
Projects or businesses cannot be successful without accurate and timely project cost estimating. Estimating is a practice that occurs throughout the project/ business management lifecycle, and so it must be done effectively and efficiently. In today’s firms, cost analysis and budgeting are essential components of management. Companies nowadays are recommended to align their strategies with precise systems of resource allocation and performance evaluation if they desire to remain competitive. In keeping with this, planning, cost tracking, control, and reduction are crucial tasks that businesses must carry out and keep an eye on while they undertake their most crucial aspects.
This training on cost Estimation, budgeting and cost Control is important for professionals and analysts who must improve performance while lowering costs for the processes they are responsible for. In an era of intensifying global competitiveness, where budgets are intrinsically tied to both the accomplishment of strategic objectives and the assessment of upcoming plans and initiatives, this training course equips participants with key cost awareness and budgeting skills.
Course Duration
5 Days
Who Should Attend
- Credit Managers
- Accounts Receivable Managers
- Financial Controllers
- Credit Analysts
- Small Business Owners
- Financial Consultants
- Anyone involved in the credit and debt management process within their organization
Course Objectives
By the end of this course, participants will be able to
- Understand the fundamentals of credit control and debt management.
- Develop effective credit policies and procedures.
- Implement strategies for minimizing credit risk.
- Improve debt collection processes and techniques.
- Analyze customer creditworthiness and make informed credit decisions.
- Utilize financial tools and techniques for managing credit and debt.
- Understand legal aspects related to credit control and debt recovery.
Course Outline:
Introduction to Credit Control
- Definition and Types of Credit Control/management
- Quantitative and Qualitative Credit Control
- Principles of Credit Control – Liquidity, Diversity, Safety, Profitability, Stability
- Key policies: credit limits, payment terms, and quality standards
Credit Risk Evaluation
- Financial factors affecting credit decisions – Financial statements, expected loss, Loss given default, Probability of default, Exposure at default
- Analysis and projection of cash flow
- Activity and profitability ratios
- Evaluation of capacity and borrowing needs
- Credit VaR and Liquidity ratio
Credit Policy Development
- Designing an effective credit policy tailored to the organization’s needs
- Setting credit limits and terms
- Conducting credit checks and assessments
Determining Customers’ Creditworthiness
- Credit Insurance
- Trade references
- Credit application forms
- Banker’s reference
- Credit Control routines
- Debt turns and aged debt analysis
- Invoices
- Credit history
Fundamentals of Debt Management
- Introduction and definition of terms
- Types of Debt Management Plans
- Factors affecting customers’ debt repayment
- Cost of running a ledger
- Principles of Debt Management
Communication
- Essentials of communication
- Negotiation skills for debt recovery
- Telephone skills
- Managing demanding clients and controlling anger
- Written communication
- When to opt for written communication
Debt Recovery Mechanisms
- The courts and their powers of debt collection
- Statutory demands
- Insolvency and Bankruptcy
- The 3-track system
- Administration orders
- Tax relief
Debt Management Agencies
- Credit checking agencies
- Data provided by credit management agencies
- Factoring companies and the Services they render
- Specialist legal services
- Debt collection agents – Private debt collection agents – Sheriffs – Bailiffs
- Legal Procedures for debt recovery
- Understanding debtor’s evasion tactics
Compliance and Regulations
- Laws and regulations related to credit and debt management
- Compliance requirements for debt collection practices
- Ensuring ethical conduct in credit control and debt management
Customized Training
This training can be tailored to your institution needs and delivered at a location of your choice upon request.
Requirements
Participants need to be proficient in English.
Training Fee
The fee covers tuition, training materials, refreshments, lunch, and study visits. Participants are responsible for their own travel, visa, insurance, and personal expenses.
Certification
A certificate from Ideal Sense & Workplace Solutions is awarded upon successful completion.
Accommodation
Accommodation can be arranged upon request. Contact via email for reservations.
Payment
Payment should be made before the training starts, with proof of payment sent to outreach@idealsense.org.
For further inquiries, please contact us on details below:
