Mastering Accounts Receivable: Strategies for Optimization

Course Description

This intensive 5-day course provides a comprehensive overview of accounts receivable management, focusing on planning, organization, and implementation of industry best practices. Participants will learn strategies to optimize cash flow, reduce financial risk, and improve overall financial performance through effective accounts receivable processes.

Learning Objectives

• Develop a strategic approach to accounts receivable management
• Implement best practices for credit evaluation and risk assessment
• Optimize billing and collection processes to improve cash flow
• Establish effective internal controls and fraud prevention measures
• Leverage technology to streamline accounts receivable operations

Course Modules

Day 1: Foundations of Accounts Receivable Management

• Overview of the accounts receivable cycle
• Key performance indicators for accounts receivable
• Developing an accounts receivable policy
• Aligning accounts receivable with organizational goals

Day 2: Credit Management and Risk Assessment

• Credit evaluation techniques and tools
• Implementing a credit scoring system
• Managing credit limits and terms
• Strategies for mitigating credit risk

Day 3: Optimizing Billing and Collection Processes

• Best practices for invoice creation and delivery
• Designing effective collection strategies
• Managing disputes and deductions
• Leveraging technology in billing and collections

Day 4: Internal Controls and Fraud Prevention

• Establishing internal control frameworks
• Segregation of duties in accounts receivable
• Fraud detection and prevention techniques
• Conducting accounts receivable audits

Day 5: Technology and Reporting in Accounts Receivable

• Selecting and implementing accounts receivable software
• Automating accounts receivable processes
• Developing meaningful accounts receivable reports
• Data analytics for accounts receivable optimization

Practical Wins for Participants

• Improved cash flow through optimized billing and collection processes
• Reduced financial risk through enhanced credit management strategies
• Increased operational efficiency through process automation and technology adoption
• Enhanced decision-making capabilities through improved reporting and analytics