PAID
A Guide to Credit and Collections for Canadian Business Owners
by
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Role of the Credit Department Whether you’re a manufacturer, a reseller or a service provider, your credit function should play a key role in your business model. Whether you have a formal, structured department or you share the responsibilities among yourself and your staff, Credit must add value to your organization. I’ve been called a lot of names by people that don’t understand my role and function. I’ve been called the Credit Police, The Anti-Sales Department, Doctor No and my favourite Interfearon. At the end of the day however I’ve gained the respect of my detractors by adding value to any organization I’ve worked with because I take the position that the credit department has to be a business partner to both the internal and the external customer. It’s my job to find a way to make every sale that comes across my desk. I can’t always give credit terms and sometimes I have to insist on cash before shipping but I’m not adding value if I simply say no. I can write a computer program that does that and I expect that you could as well. As we look at the process of granting credit and collecting please keep in mind that Credit is a key part of your business.
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About the Book
As a business owner, you have a lot of responsibilities. Getting paid on time shouldn’t be one of them. By following this guide, you will improve your cash flow, increase your profits and free yourself up to grow your business. The guide is meant to be used as you need it. You can follow it from the beginning through to the end or you can refer to different topics as needed. When applicable, templates have been included for you to use in setting up or improving your own credit and collection functions. The guide is designed to be enjoyable as well as educational. The author shares his experiences which the reader will find valuable.
About the Author
Ian Fearon is a career credit manager that has worked for some of the largest corporations in the world; Phillip Morris, Motorola and Hitachi to name a few. He holds a Certified Credit Professional designation in Canada and a Certified Credit Executive designation in the United States. Ian attended the Graduate School of Credit and Financial Management conducted at the Amos Tuck School of Business Administration of Dartmouth College. Ian has taught credit and collection management in North America, England, China and Japan. He is the principal of Onsite Credit Group and has created SimplyPaid, a software program that helps businesses to better manage their credit risks and accounts receivable. He is a long time member of the Credit Institute of Canada and a member of it’s National Audit Committee. He is also a member of the National Association of Credit Management. A competitive martial artist, he holds a black belt in both Taekwondo and Karate and a coloured belt in Judo.