In a business, one of the most important aspects of the accounting or financing department would be collection of the accounts receivable. In fact, for big companies, there is a separate department that is solely concentrated on collecting money called the collections department. Of course in order to be able to do this effectively, workers have to undergo credit and collections training.
The very first thing that the trainers will be teaching the workers in this department is how to set a reasonable goal for them to reach. For example, if the company is supposed to collect a certain amount, then tell the workers to set a goal that they must collect a certain amount out of the total amount. One may use the collection effectiveness measurement tool as a reference.
Now for those who do not know this tool, here is a short explanation on how it actually works. Basically, one sets a goal on how much he is going to collect from a certain debtor. Now after that, he will make a record of how he collected and will record the percentage of how much he collected versus the total amount which he will be showing the management for examination.
Learning how to work as a team is also extremely important because the department has to help each other. This is not just a one man job wherein each person is given a phone to do calls. It is a team effort wherein everyone has to help each other try to collect the money that the debtors owe the company.
Now after that, one will now get to the meat of this program which would be the collection techniques. Now the thing is that when one would collect money, the debtor might think of it as offensive depending on how the creditor talked. It is for this reason that techniques are taught so that people will properly know how to collect.
One will be learning how to be able to properly approach the debtor and some of the things that he has to say. He will be learning the basics of good customer relations because this is actually also needed when following up with payments. So he will be given specific lines to say and also some follow up lines that may help.
Lastly, one will be learning the rules of collecting money from debtors. What many do not know is that there are actually certain rules and laws when it comes to following up with the payments or receivables from the debtors. One will be learning these rules so he will know how to not violate them.
So basically, those are some of the things that one will be learning in credit and collections training. This is actually a very tedious job and has a very negative view from consumers. However, it is a very important part of a business and is essential for its survival because it entails getting the money that rightfully belongs to the company in the first place.
The very first thing that the trainers will be teaching the workers in this department is how to set a reasonable goal for them to reach. For example, if the company is supposed to collect a certain amount, then tell the workers to set a goal that they must collect a certain amount out of the total amount. One may use the collection effectiveness measurement tool as a reference.
Now for those who do not know this tool, here is a short explanation on how it actually works. Basically, one sets a goal on how much he is going to collect from a certain debtor. Now after that, he will make a record of how he collected and will record the percentage of how much he collected versus the total amount which he will be showing the management for examination.
Learning how to work as a team is also extremely important because the department has to help each other. This is not just a one man job wherein each person is given a phone to do calls. It is a team effort wherein everyone has to help each other try to collect the money that the debtors owe the company.
Now after that, one will now get to the meat of this program which would be the collection techniques. Now the thing is that when one would collect money, the debtor might think of it as offensive depending on how the creditor talked. It is for this reason that techniques are taught so that people will properly know how to collect.
One will be learning how to be able to properly approach the debtor and some of the things that he has to say. He will be learning the basics of good customer relations because this is actually also needed when following up with payments. So he will be given specific lines to say and also some follow up lines that may help.
Lastly, one will be learning the rules of collecting money from debtors. What many do not know is that there are actually certain rules and laws when it comes to following up with the payments or receivables from the debtors. One will be learning these rules so he will know how to not violate them.
So basically, those are some of the things that one will be learning in credit and collections training. This is actually a very tedious job and has a very negative view from consumers. However, it is a very important part of a business and is essential for its survival because it entails getting the money that rightfully belongs to the company in the first place.
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