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B & A Collection Presentation ##1 Ba
- 1. COLLECTION PROGRAM C OMMUNICATION A CTION R ESULTS E DUCATION by: Robert Berkfeld BERKFELD & ASSOCIATES SESSION # 1
- 2. Mission Statement TO PROMOTE A COLLECTION PROGRAM THAT WILL MAINTAIN A CUSTOMER RELATIONSHIP WHILE IMPROVING COMMUNICATION AND CASH FLOW.
- 3. Goals and Objectives DEFINE THE DIRECTION DEVELOP COLLECTION PROCEDURES DETERMINE THE COMPANYS NEEDS SETTING OF GOALS
- 4. Todays Situation DELINQUENCIES NEED FOR ORGANIZED EFFORTS UNRESOLVED ISSUES WITH CUSTOMERS REDUCED CASH FLOW
- 5. Collection Approach CUSTOMER SERVICE !!!!!!!!!! TIMELY FOLLOW UP DOCUMENTATION OF EFFORTS COMMUNICATION WITH THE INTERNAL AND EXTERNAL CUSTOMERS
- 6. Collection Program ASSIGNMENTS COLLECTION TOOLS REPORT NEEDS INVOLVEMENT OF OTHER DEPARTMENTS ESTABLISHMENT OF GOALS WHEN ACTIVITIES BEGIN
- 7. COLLECTIBILITY CURRENT COLLECTIBILITY 98.2% 1 MONTH PAST DUE 93.8% 2 MONTHS PAST DUE 85.2% 6 MONTHS PAST DUE 57.8% 9 MONTHS PAST DUE 42.8% 12 MONTHS PAST DUE 26.6% 24 MONTHS PAST DUE 16.6%
- 8. ASSIGNMENTS VARIATIONS BY ALPHA BY SIZE OF THE BALANCE BY AGING BY SALESPERSON BY TYPE OF BUSINESS BY TYPE OF COMMODITY BY TERMINALS
- 9. COLLECTION TOOLS PHONE ACTIVITIES LETTERS CREDIT CARDS FEDEX WIRE TRANSFERS LOSS OF DISCOUNTS USE OF A THIRD PARTY
- 10. REPORTS WEEKLY AGING SUMMARY REPORT DETAILED AGING DAILY CASH REPORT
- 11. INVOLVEMENT SERVICE RELATED (OPERATIONS) DISCOUNTS (SALES/BILLING) BILLING ERRORS (BILLING)
- 12. GOALS SALES GOALS: WEEKLY / MONTHLY / QUARTERLY ACCOUNTS RECEIVABLE AGING: CUR 1-30 31-60 61-90 91-120 120+ 60% 25% 7 % 4% 2% 2% CASH GOALS: MUST DETERMINE FORMULA
- 13. BERKFELD & ASSOCIATES The Buck Starts Here P.O. Box 1413 Mulberry, Fl. 33860 Phone: (863)-860-2722 Fax: (888)239-9507 E-Mail: [email_address]