Structuring the Credit Department in a Small to Medium Company
- Mon, October 15, 2018, 03:00
Cost: Members: $95
US: 3:00pm ET
About the Webinar
Many companies struggle with balancing the demands of managing the receivables asset, available resources and multiple priorities. The traditional model where each Credit Department member manages a customer from credit approval to collecting invoices and resolving disputes is sometimes still needed in a smaller or mid-market company. However, effective processes and tools are necessary for these departments to create the most value for your company. If resources allow, a separation of some of the duties will allow for greater depth and expertise in the department.
We will examine the structure of modern, effective Credit Departments where resources best align with the receivables asset. A "Best Practices" process flow will be presented to show where process, technology and people skills fit together to maximize return on the investment in Receivables Management.
You will learn:
- Alternative structures to traditional Credit Department models.
- Best use of process, technology and people resources to efficiently manage receivables.
- How to improve effectiveness with existing Credit Department structures.
- Productivity measurements you can use to assess efficiencies and results.
- How to effectively manage receivables when you have multiple priorities within your company
About the Speaker
Pam Krank is president of The Credit Department, Inc. (known as TCD), a 25-person trade credit management outsourcing provider in St. Paul which has been in business since 1992. Her firm’s mission is to help global businesses maximize cash flow and earnings by providing outsourced, sophisticated, virtual commercial Credit Departments delivered through their hosted cloud platform, SMART. Prior to starting TCD, Pam was a Credit Supervisor at 3M for 13 years.
As a top expert in the field of trade receivables management, Pam has trained thousands of credit managers, controllers, CFOs, auditors, and commercial lenders on valuing and managing the accounts receivable asset. Pam was an instructor at the University of St, Thomas in Minneapolis in the FastTrac Program where, for nearly 10 years, she helped entrepreneurs grow their companies. Pam is a graduate of the University of Minnesota’s Credit and Financial Management program and is a FastTrac graduate.