The first step involves a visit to your site and a confidential discussion of the issues or problems impacting your cash flow.  

We begin by looking at your receivables status so as to get answer the following questions:

• What percentage is current?

• What percentage is beyond your credit terms? 

• How many active accounts do you currently have? 

• How many open invoices per account are there? 

• Do you have a credit policy? 

• How do you manage and enforce it?  

• Is your in-house staff as effective as it could be in collecting outstanding invoices? 

• Could your staff benefit from training to increase their effectiveness and success with past due accounts without alienating your customers?  

Next we do a hands-on review of the following;

• Identify management credit and collection goals;

• Review outstanding Receivables, DSO and Sales trends;

• Review order management, fulfillment, and billing;

• Evaluate portfolio management system and how collections are handled;

• Review customer service issues that could be impacting late payments;

• Review the cash application process;

• Determine if your application software provides credit and collection information as needed across functional areas and departmental lines. 

At the conclusion of the hands-on review process, we will meet with senior management to discuss the findings and provide a written report and recommendations that will form the baseline on which to improve the credit and collections management business processes. 

Forward Actions

Following the findings meeting, management can use the report to self correct the problems.

Alternatively, management can elect to engage BPM to work with your staff to implement the proposed solutions to achieve the established business process objective.

Training the Collection Department

At BPM we know that excellent policies, procedures, and systems alone will not ensure the success of the company credit and collections business process.

As a result, as part of the implementing process, we can design and deliver a customized credit and collections staff training program to enhance the success of the new procedures and collections management systems.

This Training would include the following:

• Prioritizing and managing portfolios;

• Setting realistic collection goals;

• Managing time and setting priorities.

• Developing effective communications and listening techniques;

• Maximizing productivity, using existing software and tools;

• Managing problem accounts;

  1. Identifying problems early to motivate customers to pay;

  2. Escalating issues and learning how to get by the gate keeper to speak directly to the decision maker;

  3. Learning how to handle customer disputes while maintaining a good business relationship;

• Managing collections stress factors;

Support Implementation and the Transfer of Training to the Job

With the credit and collections staff trained and ready to work with the new procedures, policies and systems, we will provide the required implementation support for as specified period, working with your staff, to help fine-tune and track performance improvements and recommend changes as needed to achieve the credit and collections management improvement objectives. 

During this period, we will:

• Speed up the business process implementation;

• Monitoring the implementation to ensure goals are met;

• Revising processes and procedures as needed;

• Create procedure manuals;

• Create written credit policies; and

• Provide supplemental staff training as required, to speed up the transfer of training to the job. 

Call us 905-947-1872 to discuss your situation or send us a message.