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Do you calculate how much interest your company is losing every day on overdue debtors? This is your own money being drained out of business either because you do not have an effective credit and collection system in place or because you are not doing enough to collect your money on time. Cash is like oxygen to a company. Business houses who respect liquidity know one important thing: they can keep their cash flow healthy simply by managing debtors. Collection must assume a critical role in today’s sluggish economy. The ideal approach is to prevent collection problems. The next best thing is to tackle them in time. Is there a solution? Yes, there is. This updated and fully-revised edition will help you avoid a cash crisis.
About the Author :
A. K. Guha, Executive Director at Renoir Consulting, UK, has served in Sales and Marketing, Commercial and Finance, across industries for three decades. He is a life memeber of Bombay Management Association, a feloow of the Business Management Association, London, and also a life member of the Computer Society of India. Ajoy Guha nad Dr. N.H. Atthreya, first co-authored a manual titled "Effective Credit Management", a first of its kind on Receivables Management for all types of Industries in an Indian context. It was Ajoy’s consulting work on re-engineering and turn-around processes that brought him together with Renoir Consulting, UK. He decided to team up with Renoir to facilitate changes being made, implemented, all-round performance being improved.
N. H. Atthreya heads a post-experience education centre, MMC School, since 1955 and is a senior management consultant. He has a doctorate in business administration from Bombay University and is a Fellow of the Institute of Cost and Management Accountants, London. Dr. Atthreya has been invited to present papers at several international conferences and has been the editor of the monthly Management Ideas since 1963. A facilitator of learning for holistic well-being, he has published over twenty books on various aspects of management and leadership.
Contents :
1. THE CHALLENGE: Turn Mistakes or Losses into Oportunities
Era of Customerising Categorising a Customer Understand the decision makers and the power players at customer’s office In the projects you will have to find out who’s who Don’t over-commit deliver what is promised An order or a contract is not a political promise Customer-Oriented follow-up Practising Credit and Collection Management Who is a customer? One who pays on time... a mutual respect Overdue debtors – How much money are you losing per day? Get rid of the dead-beat customers Make a difference Three Success Stories: Case I: An Organised Collection Effort, Case II: Cash-flow Slow-down, Case III: An Overdue Situation
2. CREDIT AND COLLECTION MANAGEMENT—THE NAME OF THE GAME: Cash Cycle
Working Capital Advantages of Credit Trading Credit, Liquidity and Profit Cost of Credit Opportunity Cost of Funds Credit Sells – Receivables Cost of Servicing Accounts Receivables The Role of Credit Control Department Credit Policy Business Plan Types of Growth Types of Credit Policy Credit Procedures and Credit Policy Assessing Credit Policy Credit Manual Preparation Suggested Contents of a Credit Manual
3. THE WINNING TEAM – COLLECTING MONEY IS EVERYBODY’S BUSINESS: Relation with other Departments
Hiring a Credit Manager The Credit Controller Should be of a Special Brand Helping a Credit Manager Settle In Organisation of Credit Control Department Duties and Responsibilities of Credit Manager Functions of a Credit and Collection Department Over Head Budget Follow-up List of Files and Folders Maintained Case Study
4. OUR MONEY IN OUR POCKET AT THE AGREED TIME – TERMS OF PAYMENT: Objectives and Establishment of Terms of Payment
Credit Terms Time-based Credit vs Cash Discounts Payment Related to Delivery Cash Discount Interest Charges Advance Bank Guarantee (BG) Indemnity Bond Security Deposit/Earnest Money Deposit (EMD) Other Terms of Payment Some Important Inco-terms Other Commercial Points Supplier’s Performance The Customer’s Point of View
5. WILL THEY PAY? THEY WILL, IF . . .: Credit Ratings: Know Your Potential Customers
GDOC Categorization ABCD Categorization Credit Procedure Documents and Guarantees Trade and Competitor’s Opinion DGS & D Registration CRISIL Credit Visit Balance Sheet Registrar of Companies Press Reports Ledger History The Other Three ‘C’s of Credit Time Required for Assessing Credit Worthiness Conclusion: Which account is Credit-Worthy? Time Rquireded for Assessing Credit Worthiness Agency for Information on Credit & Status Report and Collection from International Parties Credit Information Bureau (India) Limited (CIBIL) The Benefits of a Credit Bureau Operating Efficiencies Credit Information Companies (Regulation Act) (CICRA)
6. QUALIFYING THE UNDERSTANDING – ORDER ACCEPTANCE AND CONTROL: Risk Category
Order (Oral and Written Contracts) Basic Requirements for a Contract Contract and Cash Traps Order Referral Cost of Discount Public Sector Customer The Dealer High Credit or Extended Credit Constant Monitoring of Credit Accounts Accounts receivable—Good quality and Poor quality Good Quality Accounts Poor Quality Accounts
7. THE GAME OF DEBIT AND CREDIT – NOW WITH COMPUTERS: Debtor Accounting
Fundamental Requisites of Good Debtor’s Accounting Receivable Ledger The Customer Master Files Statement of Accounts Age Analysis Points to Note Credit Notes (Customer’s Debit Notes) Filing Aid to Programmers Accounts Receivables (Module) Sales–Order Processing (Module) Order Entry (Module) Sales Analysis Inventory Management (Module) Transport Management (Module) Integrating Controls
8. IN HOW MANY WAYS CAN I GET MY MONEY? Methods, Credit Services and Other Modes
Common Methods and Services Available By Cheque or Demand Draft Documents through Bank Letter of Credit (L/C) Checklist for Letters of Credit IDBI/ICICI Bill Discounting and Rediscounting Instalment Facilities and Hire-Purchase Schemes Leasing Factoring EDI Factoring and GEDIS Network Credit Cards Collection Agencies Contra Accounts Consignments Sale Electronic Data Interchange and Credit Control Lockbox or Cash Management Product (CMP) Franchising Bank Channel Financing Schemes Summarizing Payment Terms Bad-Debt Cover
9. FIRST THINGS FIRST – TOOLS FOR THE JOB: Collection Programme—Pre-requisites
Design Customer Friendly System Orders to be Checked and then Acknowledged Maintaining Up-to-date and Correct Status of Each Order Order Clearance Chart Points Check Before Forwarding Invoice Control of Float A Check-list with Regard to Bill Passing Procedure Case Study About APSEB: From Order to Payment
10. THE GAME PLAN: Planning, Organising and Controlling the Collection Activities
Target setting and Collection Planning Minimum and Maximum Amount Collectable The Pareto Principle, Organising Collection—The 80/20 Rule Preparation to Achieve Target and Control of the Operation The Pareto Principle Age Analysis Rules for Collection Rules for Follow-up Plan for Overdue Collection Plan During Cash-Flow Drive Case Study
11. THE RIGHTS OF the SUPPLIER
12. THE ART OF COLLECTION – COLLECT THE MONEY BUT KEEP THE CUSTOMERS: Collection Follow-up
Customer-oriented follow-up is the answer Personal Follow-up Tips for Sales Rep Telephone Follow-up Ten Commandments for Professional Telephone Collection Debt Collection Letters Some Letter-writing Tips Specimen Letters Collection—Telegram/Telex/Fax/E-mail Other Aids Paying Characteristics Art of Collection Dealer/Reseller and Credit Control Certain Dicipline Handling a Project and Credit-Collection Management
13. THE ART OF COLLECTION – THE DIFFICULT ONES: Some Basic Principles
Who is a Customer? One Who Pays on Time What is a Sale? What is an Order? When is a Sale Complete? What is a Customer? Customer’s Expectations Complaints Dealing with Complaints Complaints Management Liquidated Damage (LD)
14. THE ART OF COLLECTION – THE LEGAL PATH: Before the going Legal Points to Ponder with
Dishonour of Cheques Rules for Taking Legal Action—Dishonour of Cheques New Amendment under Section 138 of Negotiable Instrument Act Summary Suits Suit under the Penal Code Winding up Petition Enforcement Procedures Suing an Overseas Debtor
15. THE PERCEPTIONS AND THE FACTS: Management Information System and Credit Control
Monthly Reporting Loan from Bank against Accounts Receivable Aid to Cash-flow Statement on Held-up/Disputed Payments Measuring Performance of Credit Control Department Credit Control Department as a Profit Centre Cost of Slow Payments, Extended Terms & Incremental Contribution Accounts Receivable Statistics for Comparison with Industry Standard
16. THE LONG ARM OF THE LAW: AUDITS: Accounts Receivables and Statutory Requirements
Internal Audit Internal Audit for Sales and Trade Receivables External (Statutory) Audit Audit Objectives for Sales and Trade Measurables Income Tax & Accounts Receivables (Debtors) Writing off Bad Debts Provision for Bad and Doubtful Debts Collection of Accounts Receivables Previously Written Off
17. SERVICE INDUSTRY: ... SELLING THE INVISIBLE: Service Marketing
Special Characteristics of Services Services: Both Productivity and Quality are of Key Importance Consumer and Commercial Credit The Various Forms of Consumer Credit A Few Definitions The Consumer The Product Commercial Credit Customer Credit What Credit Does for Consumers What Credit Does for Retailers and Service Business What Credit Does for Financial Institutions Competition in Consumer Credit Credit Policy Activities of Consumer Credit Department Terms of Sale Setting Credit Limits or Credit Lines Credit Checks Pre-credit Sanction Stage Collection Planning Collection Problem with Consumer Credit Follow-up of Debtors Guidelines Cost of Credit Operation
APPENDIX I: BANK GUARANTEES—THE AGONY FROM THREE YEARS TO THIRTY YEARS Controlling/Monitoring of Bank Guarantees
APPENDIX II: HANDLING GOODS-IN-TRANSIT INSURANCE EFFECTIVELY Transit Insurance—They Will Settle Only If . . . With Regard to Rail/Road/Air Transit Insurance, a Credit Manager Must Understand the Following
APPENDIX III: SALES TAX—THE GOVERNMENT’S BOOTY
The Central Sales Tax Act, 1956 Sales Tax Forms Follow-up Letters
APPENDIX IV: WHAT IS CREDIT INSURANCE?
Process Overview Why Business Credit Shield? Tailor Made Solutions Partners in Your Risk
APPENDIX V: ABBREVIATIONS – THE LONG AND THE SHORT
The book Cash Before You Crash by Ajoy K Guha, N H Atthreya
(author) is published or distributed by Viva Group [8130921510, 9788130921518].
This particular edition was published on or around 2012 date.
Cash Before You Crash has Paperback binding and this format has 512 number of pages of content for use.
The printed edition number of this book is 4.
This book by Ajoy K Guha, N H Atthreya
is written in English language.
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