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Credit Management in finances
Credit Management in finances
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Credit Management in finances
Credit management refers to the process of managing a company’s credit risk, which includes both the granting and monitoring of loans, trade credit, and other forms of credit extended to customers. Effective credit management is essential for the financial stability and success of a business as it helps to ensure that credit is granted to customers who are able to pay it back, and that bad debts are minimized.
The credit management process starts with setting credit policies, which should be based on a company’s risk tolerance and its target market. These policies should outline the company’s approach to granting credit, including the credit application process, credit evaluation criteria, and credit terms.
Once credit policies are in place, the next step is to assess the creditworthiness of potential customers. This involves gathering financial information about the customer, including their credit history, payment history, financial statements, and other relevant information. Based on this information, a credit score is generated, which helps to determine the level of risk associated with granting credit to a particular customer.
The credit application process is the next step in the credit management process. This is where the customer provides the information necessary to assess their creditworthiness, and the company makes a decision on whether to grant credit or not. If credit is granted, the terms of the credit agreement, such as the interest rate, repayment period, and security, should be clearly stated.
Once credit has been granted, it is important to monitor the customer’s use of credit and their ability to make timely payments. This involves regularly reviewing the customer’s financial statements and payment history, and taking appropriate action if any problems are identified. If a customer falls behind on their payments, the company may take legal action to recover the debt, such as sending a demand letter or filing a lawsuit.
Effective credit management also involves managing the company’s overall credit exposure. This means monitoring the company’s total outstanding credit and taking steps to reduce the risk of bad debts. This can involve limiting the amount of credit extended to individual customers, increasing interest rates for high-risk customers, or requiring security for the loan.
Another important aspect of credit management is debt collection. This involves following up on overdue accounts and taking appropriate action to recover the debt. This may involve negotiating payment plans, sending reminders, or taking legal action. A company’s approach to debt collection should be in line with its credit policies and should be done in a professional and respectful manner.
In conclusion, credit management is an essential component of a company’s financial management strategy. It helps to minimize the risk of bad debts, ensure that credit is granted to customers who are able to pay it back, and improve the financial stability of the company. Effective credit management requires careful planning, monitoring, and ongoing review to ensure that the company’s credit policies are working effectively and that credit risk is managed effectively.
Credit Management in finances
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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