Best Practices in Credit Management

Presenters: Kirk Burkley & Shawn McClure, WH Burkley, LLP

Learn best practices in credit management and how to effectively evaluate customers, manage risk, and respond when collection issues arise. Extending credit always carries risk, but clear policies, proper procedures, and informed decision-making can significantly reduce potential losses. Understanding how credit decisions impact profitability, when to extend credit, and when to walk away, and how to properly manage collections are key to protecting your company’s interests.

Assessing Potential Customers

• Establishing clear policies and procedures for extending credit
• Understanding how your company makes money (and loses it)
• Utilizing the Credit Application
• Credit limits and/or sign-off levels
• Knowing when to walk away from a potential customer
• The Get P.A.I.D. system

Understanding and Addressing Various Risks

• Identifying relevant nonfinancial risks (Potential Future Crises)
• Proper use of social media and other technology
• Battle of the forms
• Use of invoices, terms, and conditions

Collections

Proper witness support

Procedures and policies for collections

Internal collections within the company

Third-party collections

Pre-Bankruptcy planning

Bankruptcy techniques

The Legal Process

• Reliable records and documentation

It’s time to gear up for our annual Legal Symposium!

The Legal Symposium is 100% Virtual.

The Details

• Dates: March 5, 12, 19, & 26
• Time: 10:00 AM – 11:00 AM CT
• Format: Zoom
• Duration: 1 Hour per session

If you have questions, please contact Bob Rabe at bob.rabe@nacmconnect.org