Course Objectives

·         Familiarize participants with relevant laws and regulations governing accounts receivable, such as Sarbanes-Oxley Act (SOX), Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), and any industry-specific regulations.

·         Identify and assess potential compliance risks associated with accounts receivable processes.

·         Implement strategies to mitigate risks and ensure adherence to compliance standards.

·         Emphasize the importance of accurate and detailed documentation for accounts receivable transactions.

·         Teach participants how to maintain proper records to meet compliance requirements.

·         Provide insights into compliant credit assessment processes.

·         Cover legal and ethical considerations in debt collection practices, including fair debt collection practices.

·         Introduce internal control mechanisms to ensure accuracy, reliability, and compliance in accounts receivable management.

·         Teach participants how to design and implement effective internal controls.

·         Explore the role of technology in accounts receivable management and compliance.

·         Provide guidance on selecting and implementing technology solutions that align with compliance standards.

Course Outline

Module 1: Introduction to Accounts Receivable (AR)

·         Understanding the role of accounts receivable in the financial ecosystem

·         Overview of the AR process and its importance

·         Key stakeholders involved in AR management

Module 2: Regulatory Landscape

·         Overview of relevant laws and regulations (e.g., Fair Debt Collection Practices Act, Sarbanes-Oxley Act)

·         Compliance requirements specific to accounts receivable

·         Penalties for non-compliance

Module 3: Credit Policies and Procedures

·         Importance of establishing and maintaining credit policies

·         Components of a strong credit policy

·         Procedures for credit approval and monitoring

Module 4: Invoicing and Documentation

·         Best practices for creating accurate and compliant invoices

·         Importance of proper documentation in AR

·         Handling discrepancies and dispute resolution

Module 5: Debt Collection Practices

·         Understanding ethical debt collection practices

·         Strategies for effective and compliant debt collection

·         Dealing with difficult customers and maintaining professionalism

Module 6: Data Security and Privacy

·         Importance of protecting sensitive customer information

·         Compliance with data protection laws (e.g., GDPR, HIPAA)

·         Implementing secure AR processes and technologies

Module 7: Reporting and Auditing

·         Generating accurate and timely AR reports

·         Conducting internal audits to ensure compliance

·         Addressing audit findings and implementing improvements

Module 8: Technology and Automation

·         Overview of AR software and automation tools

·         Integrating technology for efficiency and compliance

·         Risks and challenges associated with technological advancements