Financial Harmony: Credit Management, Accountants, and Economy

Learning Objectives

• To comprehend the multifaceted challenges faced by businesses, and to analyze the potential outcomes and future implications for businesses globally.
• To evaluate the role of credit management specialists and accountants in supporting clients navigating through economic turmoil.
• To distinguish the distinct responsibilities and functions of accountants and credit management specialists, understanding how each contributes to the overall financial health and success of a client's business.
• To define the collaborative goals shared by accountants and credit management specialists, emphasizing the importance of working together.
• To explore practical strategies and proactive solutions that can be delivered by finance professionals and credit management specialists to assist clients.

Course Description

Businesses have faced a tumultuous period in the past 5 years, grappling with a series of challenges such as COVID, war, supply chain disruptions, energy crises, and rising living costs. 

Additionally, a new banking crisis, and the emergence of blockchain, CDBC, and Crypto further add to the complexities. What repercussions will these events have on our collective future?

Considering the difficulties your clients may have encountered amid these challenges, with their businesses experiencing a downturn, it prompts the question: How can you assist? In situations where there's a lack of sufficient funds, the consequences may include a gradual decline of the client's business, leading to job losses for its employees and posing a loss for your practice as well. When multiplied across various insolvencies, the broader impact on the economy could be detrimental to society at large, not to mention the adverse effects on your practice.

Amid this chaos, how can credit management specialists and accountants extend their support to these struggling businesses and clients? The answer lies in a collaborative approach aimed at shared objectives: ensuring the survival, stability, and growth of these businesses.

This course will answer the following questions:

• What is your understanding of what Credit Management entails?
• What are the differences between what an accountant undertakes to a credit management specialist?
• What are accountants and credit management specialists’ goals to make their clients a success?
• How can we work together, and why should we?
• Can we please be friends?

Join this Finance CPE Course that looks at proactive solutions you and your practice can deliver to your clients, as well as all the benefits of partnering and collaborating with credit management specialists for your practice as well as your customers and their businesses. 

Overview

• Accountants and credit management working together

  6 mins
• Credit management has been considered as a back-office function within businesses

  15 mins
• Credit management requires various specialities

  22 mins
• What happens if you have a weak credit management process

  35 mins
• Credit function in business

  44 mins
• Cash flow in business - It's the heart of any business

  49 mins