Why do for-profit organizations exist???
To make money!!!!!
What a great concept.
However if the organization does not have the proper collections and credit procedures in place, they may not be able to access that money. Hence the credit and collection process is essential.
Credit and collections are critical areas for financial statement controllers. Customer credit is a form of payment that allows small business customers to purchase a product or service before paying for it in full. The process works similarly to a credit card—you procure something and pay it back later. Collection is a term a business uses when referring to money owed to that business by a customer. When a customer does not pay within the times specified, the bill amount becomes past due and is sometimes submitted to a collection agency.
The sales and collection process includes business activities related to selling products and services, maintaining customer records, billing customers, and recording payments from customers. It also includes activities necessary to manage accounts receivable, such as aging accounts and authorizing credit.
In this online CPE Accounting Webinar, we will delve into the topics that impact the sales, credit, and collections process for management.
Major topics discussed in this online CPE course:
Join this CPE webinar of our controllership series to discuss strategic steps that management can take to ensure their processes are efficient and that they can collect their revenue.
Owner, Lynn Fountain Consulting and Training
Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
Credits
Instructional Method
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
LG
Good review on the process of sales, receivables and collection. Very easy to answer questions, you do not even need to listen.
LG
She was a great instructor and very knowledgeable on the subject.
PS
Content and language is useful.
RS
I love this certification setup
SN
Great discussion of Collections
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