Historically, Credit management has been considered as a back-office function within businesses, and, although I am pleased to say this has now changed, there are still some people/organisations who think this role and department as unimportant and even negative because credit control departments:
- Chase debts
- Stop sales
However, the true fundamentals of credit management are the foundation of every single business worldwide that trade on credit terms.
This topic is so important, because, without robust credit control processes (from onboarding clients to recoveries) firms are likely to experience major liquidity and debt issues. Businesses assume that accountants deal with all forms of business finance, including credit control; however, as we know these areas are very separate.
Tracey Westell explains what the benefits of adhering to the principles of credit management are for an organisation, how accountants can recognise red flags and why is it so important to ensure that they and their clients can speak to the right experts and help safeguard businesses and jobs in the future. In turn, Tracey will outline how this aids both the accountants and their clients.
Continually endeavouring to assist businesses in implementing strong credit management processes along with training credit staff in the art of credit managements and debt recovery, Tracey has a proven track record of improving the cash flow and profits of businesses.
Having won many business awards, as well as being awarded the CICM Fellowship in 2019 and the Meritorious Service Medal in 2020 meant Tracey is recognised by her peers for her outstanding contribution to credit management.
A keen and passionate advocate of credit management, Tracey shares her passion for helping businesses, through a variety of informative talks and workshops on risk assessment, credit control and debt recovery.
Tracey is also an active member and Vice-Chair of the Kent Branch of the CICM, Area Leader for FSB, Board Member of BITA , Vice Chair of The Doyle Club as well as recently Board Member for TES Ireland.