Staffing trends and continued organizational demand will continue to drive the need for highly trained accounts receivable professionals. Cash management is a top concern for financial operations teams and their CFOs, who are worried about whether enough money is arriving to meet the needs of the business, customers' experience dealing with the company, protecting the company's cash from fraud, and the cost of performing these processes. Accounts receivable is a key strategic role player in managing the organization's cash flow, from setting customers' credit terms to collecting payments.
This accounts receivable course is designed to equip you with the skills necessary to enter the accounts receivable manager function, including credit management, best-in-class payment processes, regulatory compliance, reporting KPIs, and technology.
Upon completing this accounts receivable certification program, you will be prepared to take a 90-minute, 100-question multiple-choice exam to demonstrate your ability to manage the accounts receivable process and earn the Accredited Receivables Manager (ARM) designation from the Institute of Finance and Management (IOFM).
Instructor(s):Jess Scheer
Jess Scheer, Executive Editor, IOFM, is an award-winning business reporter focusing on financial operations. He has spent more than 25 years creating must-have content for professionals in the finance arena. He serves as Executive Editor of the Institute of Finance and Management (IOFM) and the Cash Management Leadership Institute (CMLI).
Requirements:
Hardware Requirements:
- This course can be taken on either a PC, Mac, or Chromebook.
Software Requirements:
- PC: Windows 10 or later.
- Mac: macOS 12 or later.
- Browser: The latest version of Google Chrome or Mozilla Firefox is preferred. Microsoft Edge and Safari are also compatible.
- Microsoft Word Online
- Adobe Acrobat Reader
- Software must be installed and fully operational before the course begins.
Other:
- Email capabilities and access to a personal email account.
Instructional Material Requirements:
The instructional materials required for this course are included in enrollment and will be available online.
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Lesson 1
- Organizing the Accounts Receivable Department
- Introduction
- How Accounts Receivable Fits Within the Broader Business Structure
- Interdepartmental Communication
- Accounts Receivable Roles and Responsibilities
- How Responsibilities Change with Automation
- How Accounts Receivable Responsibilities Change When the Work Is Outsourced
- Why New Hires Will Require New Skills
- Conclusion
- Credit Management
- Introduction
- Credit Management
- Policy & Procedures (P&P) for the Credit Manager
- New Customer Credit
- Credit Application
- Assigning a Credit Line
- Relationship Between Credit and Sales
- Resources for Credit Managers and the Customer Master File
- Financial Statement Analysis
- Internal Credit Score
- Terms and Payment Methods
- New Customer Acceptance Letter
- Credit and Existing Customers
- Metrics
- Best Practice
- Customer Master File
- Introduction
- Ownership
- Customer File Documentation
- Verifying Customer Data
- Updating the Customer Master File
- Entering and Securing CMF Data
- Cycle Time
- Conclusion
- Accounts Receivable Metric Reporting and Analysis
- Introduction
- Aging Reports
- DSO Reporting
- Bad Debt Reporting
- Collection E?ectiveness Index (CEI)
- Receivables Turnover Ratio (RTR)
- Credit Risk Analysis
- Conclusion
- Accounting, Records, and Associated Regulations
- Introduction
- Accounting Definitions
- Financial Reporting and Account Standards
- General Ledger
- Month?End Close
- Financial Statements
- Auditing—Internal and External
- Record Retention/Destruction
- Other Regulations
- Unclaimed Property/Escheatment
- Conclusion
- Technology
- Introduction
- Automated Accounts Receivable Functions
- Technology and Tools
- Technology Is Here to Stay
- Process Management
- Introduction
- The Rationale for Process Management
- Good Processes Enhance Cash Flow
- Selling the Accounts Receivable Asset
- Activity?Based Management (ABM)
- Benchmarking
- The Challenge of Change
- Communication Tools
- Accounts Receivable Organizational Structure
- Business Continuity Planning and Disaster Recovery
- Looking Ahead
- Conclusion
- Leadership and Team Management in Accounts Receivable, Credit & Collections
- Introduction
- Leadership Skills
- Becoming a Better Leader
- Business Ethics and Integrity
- Conclusion
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