MANAJEMEN PIUTANG Pemberian Kredit dalam penjualan berarti memberikan kelonggaran waktu pembayaran kepada pembeli. Kredit dapat meningkatkan penjualan tetapi juga resiko serta modal kerja perusahaan pemberi kredit. Credit Policy Decisions The choice of credit terms Setting evaluation methods and credit standards Monitoring receivables and taking actions for slow payment Credit term: Perjanjian/Kontrak antara supplier pemberi kredit dengan customer penerima kredit tentang waktu pembayaran dan cara pembayaran.

Credit standards berkenaan dengan kreteria yang digunakan dalam menilai proposal kredit (Misal: NPV, ROI, Debt service coverage) Monitoring receivables berkenaan dengan menilai kualitas kredit yang telah disalurkan; Aging schedules Average collection periods Receivables balance fractions

Sources of Credit Information INTERNAL SOURCES A credit application, including references The applicant’s previous payment history, if credit has previously been extended Information from sales representatives and and other employees. EXTERNAL SOURCES Financial Statements for recent years Reports from credit rating agencies Credit bureu reports Industry association credit files

FIVE C’s OF CREDIT Character. The commitment to meet credit obligations. Measured by a credit applicant’s prior payment history. Capacity is evaluated by looking at the income or cash flow on the applicant’s income statement or statement of cash flows. Capital is evaluated by looking at the applicant’s net worth Collateral value depands on the cost of reposessing and on the possible resale value. Conditions. General or industry economic conditions.

CREDIT-SCORING MODELS Menilai kemampuan perusahaan dalam memenuhi kewajiban/ pengembalian kredit ditentukan oleh banyak variabel. Credit scoring mengkombinasikan beberapa variabel finansiil menjadi satu ukuran nilai atau indeks untuk mengukur kelayakan pemberian kredit. S=w1X1+w2X2+w3X3+w4X4 (Emery&Finnerty) X1=Net working capital/ sales (%) X2=Debt/ asset (%) X3= Assets/ sales(%) X4= Net profit margin (%) X1;X3;dan X4 Bertanda positif X2=Bertanda negatif

X1=Net working capital/ sales (%) 15% 8% Scst1=2(15%)-0.30(40%)+0.10(105%)+0.60(12%)=35.7 Scst2=2(8%)-0.30(55%)+0.10(110%)+0.60(9%)=15.9 Jika NPV nol ada pada Score minimal 25, Customer 1dapat diberi kredit, sedangkan customer2 ditolak usulan kreditnya. CUSTOMER 1 CUSTOMER 2 X1=Net working capital/ sales (%) 15% 8% X2=Debt/ asset (%) 40% 55% X3= Assets/ sals(%) 105% 110% X4= Net profit margin (%) 12% 9%

Contoh Standard NPV≥0 Jika Customer bermaksud membeli barang secara kredit senilai $ 1000 pembayaran dalam 3 bulan; Yang harus dinilai adalah: Kemungkinan kemampuan membayar kembali pelanggan sebut saja 95%; berarti 5% tidak membayar. Modal yang digunakan untuk menjual kredit misal saja 80% Tingkat pengembalian yang diinginkan (20%) 0.95($1000) NPV = - $800 = $ 107.67 (1+0.20)0.25