Collecting Difficult Accounts

INTRODUCTION

Many organisations finding it hard to collect money from their customers the overdue accounts despite knowing that these customers could easily pay the said amount. The staff responsible for the collection need to stay on top of the situation knowing that everyone seems to be avoiding their calls and giving every excuses that could be generated.  They also have to deal with angry customers, sending countless collection and follow up letters that have to be carefully worded and handling legal issues. This “Collecting Difficult Accounts” training seek to help the staff to collect such difficult accounts.

LEARNING OUTCOME

Upon the successful completion of this “Collecting Difficult Accounts” training, participants is expected to

• Be able to better define the Accounts Receivable (AR) that appear in the Balance Sheet (Statement of Financial Position)
• Understand the relationship between AR, Cash flow and Profit
• Discover the important of monitoring the Receivable throughout the whole accounting period
• Realise the need to have credit assessment process
• Be able to establish a collection policy
• Make better collection calls – telephone call and personal visit
• Better deal with uncooperative / abusive / threatening borrowers
• Understand how to negotiate a repayment programme

WHO SHOULD ATTEND

• Credit Controllers, Executives and Managers
• Finance and Accounts Assistants, Executives and Managers
• Marketing Personnel in charge of collection
• Business Owners
• Individuals tasked with monitoring, collecting and recovery of Accounts Receivable

COURSE CONTENT

1. Understanding Accounts Receivable, Doubtful Debts and Bad Debts

2. Relationship between AR, Cash Flow and Profit

3. Debt Collection

a. Debt collection contributing to cash flow and profits, not a cost control activity
b. Collector’s right and responsibility to take action when Debtors fail to pay
c. Be a priority creditor, get paid before others
d. Telephone Calls
e. Personal Visits
f. Using Debt Collection Agency / Professional Debt Collector

4. Credit Assessment and Policy

5. Legal Actions
a. To sue?
b. Summon?
c. Bankruptcy Action?
d. Winding Up Action?
e. Negotiation a repayment programme

FACILITATOR

Mr. Tan Chee Wan

PSMB Train-The-Trainer certificate no: TTT/6518

Qualifications:
Fellows Member of Chartered Management Accountant – FCMA (UK)
Chartered Accountant (Malaysia) – CA (M’sia)
Chartered Global Management Accountant – CGMA
Competent Toastmaster – CTM

Click Here to download Tan Chee Wan profile in PDF format

Tan Chee Wan is a Senior Member (FCMA) of the Chartered Institute of Management Accountants, CIMA and a member of Malaysian Institute of Accountants, MIA since 1992. He has been a Council Member of the CIMA Malaysia Divisional Council since 1998 until the Divisional Council dissolved in May 2012. Chee Wan is also a duly certified Competent Toastmaster of Toastmaster International.

Chee Wan has had a long and distinguished career as a Management Accountant in a number of well-known Malaysian and International Companies. He started his career in Finance as an Auditor. In 2000, he joined KNM Berhad as Group Financial Controller and played a pivotal role in KNM’s listing submission. In December 2005, Chee Wan returned to his hometown, Melaka and worked for Coats Thread (Malaysia) Sdn. Bhd. as Finance Manager / Director and retired in March 2012 to form Wanfah Prosper Training & Consultancy.

As the pioneer CIMA Global Membership Assessor from Malaysia, Chee Wan is actively involved in giving talks and doing workshops for potential members who wanted to apply for CIMA membership locally as well as in Singapore and has conducted in house training as well as public training programmes on Finance both locally as well as in Cambodia. With the expansion of more oversea Global Membership Assessors, Chee Wan has been mentoring two new Assessors in Malaysia.

After started his own business, Chee Wan has keep up todate of the current technology.  Among some of his achievement are created his own business websites, developed mobile apps and ventured into E-commerce.

All in, Chee Wan has more than twenty-five years of hands-on experience in different areas of management and functions in diverse industries such as in auditing, printing, construction, manufacturing, consultancy, engineering and trading. Other than the Finance, Accounting, Auditing, Taxation, Corporate Finance and Credit Control, some of the other functions include: general management, business development, business strategic planning, performance improvement, quality assurance, human resource management, information technology and management, budgeting and strategic cost management.

Chee Wan has attended the Train The Trainer Training conducted by PSMB and is a certified trainer under PSMB (Certificate No. TTT/6518).  Chee Wan is also a Certified GST Consultant / Trainer having attended the Royal Malaysia Custom GST training and passed its examination.

Telephone : +603 5523 1819

Mobile : +6016 263 4929

Fax : +603 5523 2827

Email : [email protected]

https://wanfahprosper.com/collecting-difficult-accounts/