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  • B. Credit in the Company (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    This module discusses the role and structure of the credit department in a business setting from strategic and organizational points of view.

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    Business is concerned with the sale of goods or services for a profit. This module discusses the role and structure of the credit department in a business setting from strategic and organizational points of view. It also covers the credit department’s goals and the relationships between the various departments. The daily activities of the credit department including collections are described.

    After viewing this module, students should understand:

    • Why credit is a function of business.
    • The strategic role of credit.
    • Where credit typically fits within the business organization.
    • The role of credit in financial management.
    • The role of credit in the operating cycle.
    • The goals and core activities of a credit department.

     

    Speaker Bio:
    Toni Drake brings over 30 years of oil and gas credit experience to the table. Toni holds a CCE, NACM’s most prestigious designation. After earning her CCE, she went on to attend and excel at NACM’s Graduate School of Credit and Financial Management to further her education in the field of credit. Toni continues to support the credit profession as a speaker and instructor at events like NACM’s annual Credit Congress.

     

  • C. Organizing the Credit Department (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    This module discusses the role of the credit department from an organizational point of view.

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    The properly organized credit department plays a critical role in managing accounts receivable portfolio risk to protect profits, prevent potential losses and help the company sell more products or services.

    This module discusses the role of the credit department from an organizational point of view. Proper structuring of the credit department—from a one-person operation to a multi-tiered, multifunctional entity—ensures that the role of credit contributes to the overall success of any company regardless of size.

    After viewing this module, students should understand:

    • Organizational options for the credit department.
    • Centralization vs. decentralization.
    • Responsibilities of management.
    • Effective credit policies and procedures.
    • How to build a strong credit team.

     

    Speaker Bio:
    Toni Drake brings over 30 years of oil and gas credit experience to the table. Toni holds a CCE, NACM’s most prestigious designation. After earning her CCE, she went on to attend and excel at NACM’s Graduate School of Credit and Financial Management to further her education in the field of credit. Toni continues to support the credit profession as a speaker and instructor at events like NACM’s annual Credit Congress.

  • D. The Credit and Sales Partnership (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    This module looks at some ways credit and sales can work together to maximize efficiencies, make a positive impact on company profits and provide the best possible customer service.

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    The credit and sales relationship is symbiotic; one does not exist without the other in a successful organization. Both departments use much the same customer information to accomplish their objectives, albeit independent of the other, and each department can provide information that helps the other do its work more efficiently. This module looks at some ways credit and sales can work together to maximize efficiencies, make a positive impact on company profits and provide the best possible customer service.

    After viewing this module, students should understand:

    • How credit can be a sales tool.
    • Describe the Cs of credit and sales partnership.
    • Dealing with new or potential customers.
    • Dealing with existing customers.
    • How credit contributes to the sales department.

     

    Speaker Bio:
    Toni Drake brings over 30 years of oil and gas credit experience to the table. Toni holds a CCE, NACM’s most prestigious designation. After earning her CCE, she went on to attend and excel at NACM’s Graduate School of Credit and Financial Management to further her education in the field of credit. Toni continues to support the credit profession as a speaker and instructor at events like NACM’s annual Credit Congress.

  • E. Legal Forms of Business (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    The legal form of a debtor’s business may represent a key risk factor for creditors. Consequently, it is important that credit professionals understand the different forms of business, particularly as they affect the rights of creditors and debtors.

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    The legal form of a debtor’s business may represent a key risk factor for creditors. Consequently, it is important that credit professionals understand the different forms of business, particularly as they affect the rights of creditors and debtors. State laws primarily govern the legal forms of business. For details of how the topics in this chapter relate to each state, consult the NACM Manual of Credit and Commercial Laws.

    After viewing this module, students should understand:

    • The importance of the customer’s legal form of organization in credit decisions.
    • The major features of proprietorship.
    • The different type of partnerships.
    • The major features of corporate organizations.
    • The major features of S corporations.
    • The major features of limited companies, estates, common law trusts, joint. ventures, cooperative societies and non-profits.
    • Other features of organizations that are relevant to credit professionals.

     

    Speaker Bio:
    Toni Drake brings over 30 years of oil and gas credit experience to the table. Toni holds a CCE, NACM’s most prestigious designation. After earning her CCE, she went on to attend and excel at NACM’s Graduate School of Credit and Financial Management to further her education in the field of credit. Toni continues to support the credit profession as a speaker and instructor at events like NACM’s annual Credit Congress.

  • F. Legal Environment of Credit (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    This module covers the four critical antitrust laws and how they affect the credit professional on a daily basis.

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    There is a critical need to be aware of the specific government legislation that pertains to business credit. Government legislation not only creates and protects the rights of creditors but also imposes limitations on business activities. Credit department policies and procedures should be in place to ensure that all actions taken by the department and its employees are within the boundaries of the law.

    Specifically, this module covers the four critical antitrust laws and how they affect the credit professional on a daily basis. 

    After viewing this module, students should understand:

    • The four cornerstone federal antitrust acts and why they were written into law.
    • The Legality of Information Exchange.
    • Guidelines for trade association meetings.

     

    Speaker Bio:
    Wanda Borges, the principal member of Borges & Associates, LLC. Wanda has specialized in commercial insolvency practice and commercial litigation representing corporate clients throughout the United States for an excess of thirty years. She is a regular lecturer for NACM and its various affiliates.  She has prepared and continues to update various courses including "Advanced Issues in Bankruptcy," "Basics in Bankruptcy," "Current Cases in Bankruptcy," "Creditor's Committees," and "Antitrust Issues," which have been presented at past NACM Annual Credit Congresses and at trade credit association meetings. Wanda is also faculty member for the NACM's Graduate School of Credit and Financial Management.

  • G. Legal Environment of Credit – Beyond Antitrust Regulations (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    This module covers specific legislation, beyond antitrust laws, that impact the credit profession on a daily basis.

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    There is a critical need to be aware of the specific government legislation that pertains to business credit. Government legislation not only creates and protects the rights of creditors but also imposes limitations on business activities. Credit department policies and procedures should be in place to ensure that all actions taken by the department and its employees are within the boundaries of the law.

    Specifically, this module covers specific legislation, beyond antitrust laws, that impact the credit profession on a daily basis.

    After viewing this module, students should understand:

    • The Fair Credit Reporting Act and its applications in consumer and commercial credit
    • The applicable practices a creditor must follow under the ECOA and Regulation B.
    • The purpose of the Consumer Financial Protection Bureau.
    • The rules that a creditor must follow under the Fair Debt Collection Practices Act when collecting from a debtor.
    • What information a creditor must disclose to a consumer applying for credit under the Truth in Lending Act and Regulation Z.
    • What constitutes an e-signature and its provisions.
    • The procedures and requirements a holder of unclaimed property must follow.
    • Why SOX was enacted and its requirements for corporate responsibility and accountability.
    • The Red Flags Rules.

     

    Speaker Bio:
    Wanda Borges, the principal member of Borges & Associates, LLC. Wanda has specialized in commercial insolvency practice and commercial litigation representing corporate clients throughout the United States for an excess of thirty years. She is a regular lecturer for NACM and its various affiliates.  She has prepared and continues to update various courses including "Advanced Issues in Bankruptcy," "Basics in Bankruptcy," "Current Cases in Bankruptcy," "Creditor's Committees," and "Antitrust Issues," which have been presented at past NACM Annual Credit Congresses and at trade credit association meetings. Wanda is also faculty member for the NACM's Graduate School of Credit and Financial Management.

  • H. The Uniform Commercial Code (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    This module will cover a brief guide to the UCC, and descriptions and explanations of Article 2: Sales, Article 6: Bulk Sales and Article 9: Secured Transactions.

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    Laws governing sales began in England when merchants developed the law of merchants or a system of rules, customs and usages that regulated their transactions. Eventually, the law of merchants was combined with British common law. By 1882, the English Bills of Exchange Act was adopted by the British Parliament, followed by the Sale of Goods Act in 1893.

    Using these two English laws as an example, two sets of laws were created by the National Conference of Commissioners on Uniform State Laws in the United States: the Uniform Negotiable Instruments Act (1896) and the Uniform Sales Act (1906). Other laws relating to commercial transactions were also created in the early 1900s such as the Uniform Warehouse Receipts Act (1906), the Uniform Stock Transfer Act (1909), the Uniform Bills of Lading Act (1909), the Uniform Conditional Sales Act (1918) and the Uniform Trust Receipts Act (1933). By the mid-1900s, it became clear that these various laws needed revision to keep current with business and to be integrated into one set of laws.

    In 1942, the Uniform Commercial Code was designed as a joint project between the American Law Institute and the National Conference of Commissioners of Uniform State Laws. It took 10 years for the appointed editorial board and drafting committees to produce an official text, which underwent several revisions. Today, the Permanent Editorial Board (PEB) for the UCC is the body responsible for the uniformity of enactment and construction of the UCC and for evaluating and preparing proposals for amendment.

     

    After viewing this module, students should understand:

    Module Outline:

    • The history of the UCC
    • Article 2: Sales.
    • Article 2A: Leases.
    • Article 6: Bulk Sales.
    • Article 9: Secured Transactions.
    1. A Brief Guide to the UCC
    2. Article 2: Sales
    3. Article 2A: Leases
    4. Article 6: Bulk Sales
    5. Article 9: Secured Transactions

    Speaker Bio:
    Wanda Borges, the principal member of Borges &, Associates, LLC. Wanda has specialized in commercial insolvency practice and commercial litigation representing corporate clients throughout the United States for an excess of thirty years.

    She is a regular lecturer for NACM and its various affiliates. She has prepared and continues to update various courses including "Advanced Issues in Bankruptcy", "Basics in Bankruptcy", "Current Cases in Bankruptcy", "Creditor's Committees", and "Antitrust Issues", which have been presented at past NACM Annual Credit Congresses and at trade credit association meetings. Wanda is also faculty member for the NACM's Graduate School of Credit and Financial Management.

  • I. Credit Policy and Procedures (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    A well-defined credit policy allows a business to achieve established goals and serves as a guide in determining how to handle a variety of situations.

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    A well-defined credit policy allows a business to achieve established goals and serves as a guide in determining how to handle a variety of situations. In the decision-making process, credit policy is interpreted and applied to actual situations with guidelines or procedures that are devised by credit professionals to standardize the requirements assigned to the department. Companies can publish procedure manuals as ready references for employees.

    After viewing this module, students should understand: 

    Module Outline: 

    • The purpose of a credit policy.
    • The advantages of a written credit policy.
    • How a credit policy is developed.
    • The components of a credit policy. 
    • How to create an effective credit department.
    • Establishing terms of sales and credit limits
    • How to handle collections and bad depts.
    • Types of credit procedures needed.

    1. Defining Credit Policy
         a. Written vs. Implied Policy
         b. Importance of Credit Policy
         c. Developing a Credit Policy
         d. Credit Department Mission Statement
         e. Goals and Objectives of a Credit Department
    2. Credit Procedures

     

    Speaker Bio:
    Toni Drake brings over 30 years of oil and gas credit experience to the table. Toni holds a CCE, NACM’s most prestigious designation. After earning her CCE, she went on to attend and excel at NACM’s Graduate School of Credit and Financial Management to further her education in the field of credit. Toni continues to support the credit profession as a speaker and instructor at events like NACM’s annual Credit Congress.

  • J. Credit Applications (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    This learning module discusses the importance of the credit application. Why it is important, how it ties into the credit policy.

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    A well-defined credit application provides the basis for gathering information and implementing the company’s policies. The credit application is the primary document which allows the credit professional to “Know Your Customer (KYC).” It may also serve as a contract.

    After viewing this module, students should understand: 

    Module Outline: 

    • The purpose of a credit application.
    • How to obtain banking information.
    • How the credit application acts as a contract.
    • What goes below the signature line..
    1. The Purpose of a Credit Application
    2. Source of Information
    3. The Entity Itself
    4. Bank and Tax Information
    5. Credit Application as a Contract
    6. Supplemental Information
    7. Below the Signature Line

    Speaker Bio:
    Toni Drake brings over 30 years of oil and gas credit experience to the table. Toni holds a CCE, NACM’s most prestigious designation. After earning her CCE, she went on to attend and excel at NACM’s Graduate School of Credit and Financial Management to further her education in the field of credit. Toni continues to support the credit profession as a speaker and instructor at events like NACM’s annual Credit Congress.

  • K. Terms and Conditions of Sale (part of Business Credit Principles)

    Contains 4 Component(s), Includes Credits

    The material presented in this module focuses on payment terms, from a legal standpoint the words

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    Arrangements that specify the contractual conditions of transactions between sellers and buyers for the sale of goods or services are known as terms and conditions of sale. In other words, these arrangements are the rules that govern the sales transaction. They include payment terms, which specify whether or not open credit is to be part of the sales transaction, the length of time for which credit is to be granted and other features such as discounts. Although this module will focus on payment terms, terms and conditions of sale also include other nonpayment conditions, such as warranties, return privileges and insurance coverage. From a legal standpoint, the words terms and conditions are interchangeable and will be treated accordingly in this module.

    The impact of terms on an organization’s operations is significant. The granting of time for the customer to make payment represents a commitment of operating funds by the seller. Also, in most instances, the granting of open credit will permit the customer to receive product and/or services before payment is rendered. This situation increases the seller’s risk of loss in the event of customer insolvency or irreconcilable disputes. Both of these elements, the seller’s ability to finance its receivables and exposure to losses from bad debts or disputes, must be factored into the seller’s credit policies with respect to terms decisions.

    After viewing this module, students should understand: 

    Module Outline: 

    • The role played by terms in day-to-day business transactions.
    • The major factors that influence terms.
    • The key elements of terms.
    • The impact of payment timing and discounts on profitability.
    1. Important Considerations
    2. Influencing Factors
    3. Categories of Terms of Payment
    4. Special (Other) Terms
    5. Other Terms and Conditions of Sale
    6. Export Terms
    7. The “Battle of the Forms”

     

    Speaker Bio:
    Toni Drake brings over 30 years of oil and gas credit experience to the table. Toni holds a CCE, NACM’s most prestigious designation. After earning her CCE, she went on to attend and excel at NACM’s Graduate School of Credit and Financial Management to further her education in the field of credit. Toni continues to support the credit profession as a speaker and instructor at events like NACM’s annual Credit Congress.