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Historically, Credit management has been considered as a back-office function within businesses, and, although pleased to say this has now changed, there are still some people/organisations who think this role and department as unimportant and even negative because credit control departments:

• Chase debts
• Stop sales

However, the true fundamentals of credit management are the foundation of every single business worldwide that trade on credit terms.

This topic is so important, because, without robust credit control processes (from onboarding clients to recoveries) firms are likely to experience major liquidity and debt issues. Businesses assume that accountants deal with all forms of business finance, including credit control; however, as we know these areas are very separate.

Tracey Westell explains what the benefits of adhering to the principles of credit management are for an organisation, how accountants can recognise red flags and why is it so important to ensure that they and their clients can speak to the right experts and help safeguard businesses and jobs in the future. In turn, Tracey will outline how this aids both the accountants and their clients, covering the following topics:

• What is credit management?
• What happens to a business which does not have any credit management procedures compared to one that does?
• What key areas of credit management help generate business stability and profitability?
• Why is investing in credit control/Management training and skills so important?
• How will working with credit management experts aid you and your clients.