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Remedial Account Management 1
Remedial Account Management 1
Remedial Account Management 1
OBJECTIVES
Is a suite of integrated business applications that extend company’s accounts receivable and
accounting system to facilitate credit management, invoice dispute management, collections, and
related business processes. It works to better focus the accounts receivable team to get work done,
collect on accounts quickly and aid in the collections process. Instead of working on tedious,
manual tasks, accounts receivable professionals are able to work smarter and improve processes.
• CREDIT ASSESSMENT
• SETTING CREDIT TERMS
• BILLING
• COLLECTION
• DEPT RECOVERY
Credit Investigation- It’s a process where lenders check a borrower’s financial history and
current situation to assess their ability to repay a loan.
Property Appraisal- This is an evaluation of a property’s value, done by an expert, to determine
how much a lender can safely loan using the property as collateral.
CREDIT EVALUATION, FINANCIAL ANALYSIS AND CREDIT DECISIONS
Collection Procedures and Techniques: These are the strategies and methods used by
businesses to collect overdue payments from customers.
• REMINDER NOTICES
• PAYMENT PLANS
• NEGOTIATION
• DEPT COLLECTION AGENCIES
It refers to the process of managing accounts that are experiencing financial difficulties or are at
risk of default, with the aim of improving the account’s financial status and minimizing the
potential loss for the creditor.
• FINANCIAL COUNSELLING
• RESTRUCTURING PAYMENT PLANS
• OFFERING SETTLEMENTS
• PROVIDING EDUCATION AND RESOURCES
• MONITORING AND FOLLOW-UP
SAFEGUARDING AND ENFORCING CREDITORS
It refers to the actions taken to protect the rights and interests of creditors, ensuring that they are
able to collect the debts owed to them by utilizing legal measures and enforcement procedures.
• SECURED COLLATERAL
• LEGAL ACTIONS
• DEPT COLLECTION AGENCIES
• NEGOTIATION AND SETTLEMENT