Solve the Business Puzzle: Collect Your Money Faster! (Virtual)
Name:
Solve the Business Puzzle: Collect Your Money Faster! (Virtual)
Date:
January 26, 2022
Time:
12:00 PM - 1:00 PM MST
Website:
WBCUtah.org
Registration:
Register Now
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Event Description:
Does your business require short-term credit extension to other business owners or consumers? Have you needed those outstanding accounts receivables to pay rent, your employees, taxes, suppliers? Have you needed to utilize a credit line offered by a supplier providing you the products, equipment, or services needed which your cash reserves couldn’t afford? Many businesses either rely upon either of these situations or have at one time. It’s a balancing act that can go very wrong if not managed properly, potentially costing you your business or business relationships.
Through this training, I will cover a wide variety of topics encompassing the very overwhelming world of accounts receivable. We will discuss credit policies, ie; do we need to set expectations with our customers, or are they implied. Additionally, we will touch on the importance of timely invoicing and follow-ups when payment is overdue. Your company’s risk model- does it align with your collection practices, and is your staff aware of what that looks like.
Finally, we will dive into detail on tools and processes that can be used to ensure your accounts receivable (A/R) is adequately protected, managed, and collected.
Meet Our Presenter: Nicole Hicks, Build Credit Solutions
Nicole began her career as a Credit Manager in 2003 with a smaller, 10 location hardwood lumber distributor. After a 5-year run and a BS degree in Finance through the University of Utah, transitioned to a national roofing supply company in hopes of expanding and growing in the field. Spent the next 12 years in this position, moving up to a Regional Credit Manager. During this time, Nicole gained a wealth of knowledge on lien/bond law for most of the Western states. She has managed large unsecured portfolios between 20-30M at any given point. Customers varied from large financially sound commercial contractors to smaller higher-risk, residential contractors. Learning to manage a balanced portfolio based on the employer’s risk tolerance has taken many years to develop. Learning patterns and behaviors to predict future expectations is a skill that requires plenty of seasoning.
Nicole has been a member of NACM since the beginning, taking many classes to further advance her background and sharpen her skills in credit. She earned the CBA (Credit Business Associate) and CBF (Credit Business Fellow) accreditation early in her career.
Over time, it has become clear that there is a need for accounts receivable support farther down the supply chain. Build Credit Solutions was born out of the desire to fulfill this need, helping small to mid-sized businesses optimize sales while minimizing risk.
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