When it comes to Credit Control Courses, you can find some repugnant and borderline pointless stuff online. Finding the right credit control course requires you to actually understand what credit control even entails. Lots of sharks and snake-oil salesmen prowl online looking to sell you their amazing course that will transform your life and get you the job of your dreams. Just take the credit control and debt management course at several thousands of pounds and you will turn into a new person.
The truth is there are many low-cost credit control courses out there that will teach you what you need to know for effective debt management. You can find tons of courses on our site related to the topics but I wanted to make a hub which you can refer to in order to find the best of the best.
What are Credit Control Courses?
So, what is credit control? Well to put it simply, credit control is a way for businesses to improve their sales by extending credit to customers. So, you can probably see where it’s going? Businesses will give credit-based benefits to customers with good credit. How the credit score is calculated is up to individual businesses but basically customers that pay their dues in time will have a better score.
For the customers, making sure to maintain good credit is important so that they can continue to get the benefits. For the business, the company has to make sure that they get their dues on time and only extend credit towards customers who are generally good with credit management. Credit control courses can be for either the business or the individual.
How Credit Control Courses Work?
Before explaining credit control courses, let’s understand how credit control works.
A business can define its success with the sales of its products. That means that by extending credit, a business can potentially get more sales out of its customer base. Customer’s will also feel more comfortable making bigger purchases if they have the option to delay the payment or whatever options that the service provider may allow.
The business will have to minimise risk to ensure that they get the most out of their credit policy. Some credit control courses will highlight the ways to manage these risks most efficiently. We should start by checking the credit score of the customer. If the credit score does not exist, then we can look into the sales history of the customer to determine if they should be allowed the credit.
Now, credit related options will also include interest, meaning that the payout will be higher than single payment sales. By ensuring that good credit customers are getting the credits, we have effectively minimised risk to nil, although some losses will no doubt be incurred.
Well, let’s move to credit control courses then. Credit control courses will teach businesses how to effectively manage and minimise the risk related to credit policy. These courses will delve into the Accounting, Invoicing, and Legal Compliance aspects of credit policies. Of course, the ideal course should also teach how to recover unsettled debts.
On the other hand, if the credit control course is a credit control and debt management course, then the content will be on the customer end. It will go into the financial aspects of taking credit control options or accruing debt. It will teach strategies to minimise the debt and budget so that you do not spend beyond your means.
Credit control courses are kind of essential financial skills that people need to function in everyday life. Having the skills these courses teach will allow you to get the best deals and live your best life. In essence, credit control courses will equip you with basic financial skills to improve your life.
Now that we have a background, we should get to the real meat of the issue. Taking credit control courses online gets you acquainted fast with the policies and strategies of credit control. But, more than that, we also need to learn related topics such as Accounting, Bookkeeping, Invoicing, and other similar things.
The 6 Credit Control Courses Online to Get You Started
Now, let’s move on to the list. First, we want courses that introduce and explain the idea of credit control to someone that may not know anything about it. In that case, we have the course for you.
Credit Control Analyst – CPD Accredited Certification
The first course is designed to make you an expert credit control analyst. Most people looking into credit control courses will find this useful as it not only introduces the basic concepts of credit control but it will also give you the skills to work a job as a credit control analyst.
Credit control analyst is a pretty lucrative position as they average £26,261 per year in the United Kingdom. Credit control analysts also have a good career path as they may find work in banks or other high level firms as financial analysts.
You should check out this course as a good entry point in the world of credit control.
Essentials of Forensic Accounting
Forensic accounting, as the name implies, is a field of accounting that finds discrepancies in financial statements and deals with financial compliance within an organisation. The tasks will vary from performing financial audits and AML policy implementation.
You might wonder why you are finding a forensic accounting course on a credit control courses list, but if you think about it for a second, you may have figured it out. This course will teach all the topics that I have discussed. If you work in a company with a credit control policy, there will be a need to ensure financial compliance, so this is where forensic accountants come in.
You can take this course both to apply the concepts at work for policy compliance and regulation. On the other hand, you may also choose to work as a financial analyst or forensic accountant, which are both very lucrative jobs with an average salary of £53,000 per year.
Bookkeeping Diploma Course
The Bookkeeping Diploma Course will teach you about keeping track of transactions and financial records. Credit policies require the tracking and calculation of the due payments or credits. Bookkeepers work more on the administrative side of businesses.
There is admittedly less correlation between working in credit control and bookkeeping, but fundamental bookkeeping concepts are required to ensure a properly working credit policy. You can definitely look into this course if you want a more administrative role in the future.
Fundamentals of Compliance and Risk Management
Compliance and Risk Management is absolutely vital in every business, no matter what the field that you may work in. For example, a web developer will have to ensure GDPR compliance, which is also a risk management task, to ensure that the company does not face legal action from its customers or the government.
Credit control courses will include a section on this topic as businesses will need to assure their stakeholders that their credit control policies are being compliant with the current legal landscape.
Careers in risk management will also have a high base salary, about the same as forensic accountants. If you want to pivot to a risk management role, then this is definitely a course you should consider.
Strategic Wealth Blueprint: A MasterClass in Financial Planning
Now this course is a bit different from the others. The topics covered here will not build towards any career in particular, but it will teach you very important concepts of financial planning that you can apply in your everyday life. Also, if you want to start a business, this is a must-do course since effective financial planning will determine how much revenue your business will make.
Financial planning is also necessary for effective credit policy management. You need to know how much you can invest or be able to lose in the case of unpaid dues.
Finance Management
The finance management course is essential for business operations and financial decision making. This course can be taken as someone who is a beginner with no experience in any of these topics or for a business owner looking to improve their business operations.
There isn’t much more to say. Each of these courses serve a different purpose in the world of credit control courses. You can also take these courses if you want to work in a different section, completely separate from the world of business credit control.
Conclusion
Finding the right credit control course can be a challenging task. This list should help you narrow down your perspective on what exactly you want or need. It could even be that you may not be interested in a credit control career.
Perhaps, you are looking for financial analyst roles which often pay much better. Or maybe, you want to implement credit control into your own business. Regardless, you should have a clearer view of what courses might help get you what you need.