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In my article on the Role of Finance,I have included a topic on Targeted Performance Management (TPM). By setting targets to the credit personnel employee,this will directly enable the objectives of the company to be achieved. The employee himself/herself will have a better focus and knows exactly what Managements wants from him/her and [...] Basic Collection Approaches:There are many ways to try to collect. Do you know them? Collection approaches can be broadly classified into: Persuasion,e.g. “Pay now because it’s better for you…” Coercion,e.g. “We’ll have to take other forms of action……….” Education,e.g. “Your payment isn’t here. It is important to pay because….” Problem solving [...] Importance of Credit Management and the characteristics of a well run Credit management department Effective credit management and decisions are important elements in managing a successful business as it helps to: reduce credit risk exposure,improve cash management through timely collection,balance and avoid possible losses on potential sales versus achieving sales objectives. In time [...] Append below a simple credit evaluation checklist: What Do We Evaluate What Do We Look For Sources of Information Who are the directors Director(s) name &Identification or Passport Form 49 (Malaysia) –filing in Registrar of Companies Majority shareholders Is this a [...] Understanding the infamous “Romalpa case”will further assist us to tighten our terms and conditions. If we recalled,the Romalpa case relates to the reservation of title clause. It either states:Clause 1:Ownership to the goods does not pass until the goods are paid for,or Clause 2:Ownership to the goods does not [...] |  FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four,Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.Also author to another very popular free educational accounting cum finance blog:http://basiccollegeaccounting.com under the branding of College Accounting Coach. | |||||
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