This course will delve into the topics that impact the sales, credit and collections process for management.
Why do for-profit organizations exist??? To make money!!!!! What a great concept. But 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 importance of the credit and collection process.
Credit and collections are critical areas for the 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 the way a credit card does—you procure something and pay it back later. Collections is a term used by a business when referring to money owed to that business by a customer. When a customer does not pay within the terms specified, the amount of the bill 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.
This course will delve into the topics that impact the sales, credit, and collections process for management. We will discuss strategic steps management can take to ensure their processes are efficient and that they are able to actually collect their revenue
Field of Study: Accounting
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 24 years of her experience has been working in the areas of internal and external auditing. 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. Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA. Ms. Fountain is the author of three separate technical books. “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. -“Leading The Internal Audit Function” and -“Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition Ms. Fountain was a contributing author to the certification program exam for the National Association of Accountants. She also has certificate programs on various on-line platforms. Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).
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