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.
Of course as all endeavors, the first step would knowing how to set reasonable goals in order to achieve the desired result. Now one will be taught what collections is all about and how to be able to set a goal with regard to the task at hand. Now most companies would make use of the standard that is known as the collection effectiveness measurement tool to help in this.
Firstly, allow the workers to be able to create their own goal on how much they are going to collect. Once they have collected a certain amount, then they should record how much they have collected out of the total amount in percentage form. Once the management has gotten the figures, then the management can be able to set a bigger quota for them and help them with it.
The next thing that will be taught would be how to work as a team. Do take note that collecting debts is not just a one person job as it is a whole department working together in achieving the goal of getting back the accounts receivable. So one will be taught how to work as one whole department in trying to collect money.
Now after learning those two things, then one will be learning some techniques on how to collect money. Now these techniques were made so that one will be able to collect money from the debtor without actually offending the debtor. If one will offend the debtor, the debtor will most likely not want to pay and things might just get ugly.
Of course one of the first things to learn would be good customer relations when dealing with debtors. This is very important because following up with payments is definitely not a beautiful thing. So one has to learn some lines which he can use on the debtors so the debtors will be willing to pay.
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 if one is in the accounting or finance department, he will mostly have to take up credit and collections training. Do take note that this is one of the most hated jobs in the world of business but someone has to do it. As long as one knows how to do it right, then he will be able to get the job done properly without offending the customers.
Of course as all endeavors, the first step would knowing how to set reasonable goals in order to achieve the desired result. Now one will be taught what collections is all about and how to be able to set a goal with regard to the task at hand. Now most companies would make use of the standard that is known as the collection effectiveness measurement tool to help in this.
Firstly, allow the workers to be able to create their own goal on how much they are going to collect. Once they have collected a certain amount, then they should record how much they have collected out of the total amount in percentage form. Once the management has gotten the figures, then the management can be able to set a bigger quota for them and help them with it.
The next thing that will be taught would be how to work as a team. Do take note that collecting debts is not just a one person job as it is a whole department working together in achieving the goal of getting back the accounts receivable. So one will be taught how to work as one whole department in trying to collect money.
Now after learning those two things, then one will be learning some techniques on how to collect money. Now these techniques were made so that one will be able to collect money from the debtor without actually offending the debtor. If one will offend the debtor, the debtor will most likely not want to pay and things might just get ugly.
Of course one of the first things to learn would be good customer relations when dealing with debtors. This is very important because following up with payments is definitely not a beautiful thing. So one has to learn some lines which he can use on the debtors so the debtors will be willing to pay.
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 if one is in the accounting or finance department, he will mostly have to take up credit and collections training. Do take note that this is one of the most hated jobs in the world of business but someone has to do it. As long as one knows how to do it right, then he will be able to get the job done properly without offending the customers.
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