|Best Practice in Collection Management|
Business Seminar : `Best Practice in Collection Management ` was organized by Young Entrepreneur School,
Sivakasi on 19-11-2019 at Bell Hotel, Sivakasi, from 3:45 pm to 8:00 pm.
The business session was handled by Mr. Mr. Chandrashekar Kupperi, Founder, ANOVA Corporate Services Private Limited, Chennai. Around 70 business people from Sivakasi, Virudhunagar, Rajapalayam, Srivilliputhur and Sattur participated in this programme.
Key takeaways of this business session are as follows:
- Managing credit and Collecting money are the 2 most important and vital factors in any business.
- Cash flow is more important than Sales / Profit
- Choose good customers by assessing their character & capacity.
- Use Bank discount/Collection agencies/Factoring to collect payments.
- Use technology for collection management. Proper data entry/reporting by good accountant give good results in collection.
- Use available platforms such as TreDS, MSME Samadhan etc.
- Do ABC Analysis and Ageing Schedule
- Check Operating Cycle & Cash Conversion Cycle regularly.