THE IMPACT OF CREDIT MANAGEMENT ON THE PROFITABILITY OF A MANUFACTURING FIRM (A CASE STUDY OF UNILEVER PLC ABA, NIGERIA)
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THE IMPACT OF CREDIT MANAGEMENT ON THE PROFITABILITY OF A MANUFACTURING FIRM (A CASE STUDY OF UNILEVER PLC ABA, NIGERIA)
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Credit
management is a
term used to
identify accounting functions
usually conducted under the umbrella of accounts receivables. Essentially, this
collection of processes
involves qualifying the
extension of credit
to a
customer, monitors the
reception and logging
of payments on
outstanding
invoices, the initiation of collection procedures, and the resolution of
disputes
or queries regarding
charges on a customer
invoice. When functioning
efficiently, credit management
serves as an
excellent way for
business to
remain financially stable.
Competent credit
management seeks to
not only protect
the vendor
from possible losses,
but also protect
the customer from
creating more debt
obligations that cannot be settled in a timely manner.
Several
factors are used
as part of
the credit management
process to
evaluate and qualify
a customer for
the receipt of
some form of
commercial
credit. This may include;
gathering data on
the potential customer’s, current
financial condition including the current credit score.
11
BRIEF HISTORY OF UNILEVER NIGERIA PLC
ABA
Unilever Nigeria Plc is a public
liability company quoted on the Nigerian
stock exchange since
1973 with Nigerian’s
currently having 49
percent of
equity holidays established in Nigeria. Unilever Nigeria
Plc started as
a soap
manufacturing company and
is today’s one
of the eldest
surviving
manufacturing organization in
Nigeria. The company
changed its name
to
“Unilever Nigeria Plc” in 2001.
The
company is into
the manufacture and
marketing of household
toiletries and favorites
which are manufactured
in their various
factory
locations in Nigeria. This is because they are so deeply committed to meet the
everyday needs of
people everywhere in
Nigeria. Such factors
are located at
Lagos, Agbara, Oregun and Aba. Its staff strength is about one thousand eight
hundred (1,800) employers.
They also have indirect employees
like contract
staff and others who range from our forty thousand employees throughout the
country.
The company has also made provision for
assistance in fields of health,
education, children welfare
and potable water
hygiene as part
of its social
responsibility programme in the Nigerian communities.
12
Conclusively,
Unilever Nigeria Plc
from research has
been found to be
involved in both credit and cash transactions with its customers.
1.2 STATEMENT OF THE PROBLEM
There are
many problems companies
encounter as a
result of poor
credit management. Thus,
the problems inherent
in this research
study as
investigated are as follows:
(1) There is
a high rate
of bad debts
because some corporations
take
advantage of the credit that is
extended to them and find themselves
not able to pay debt later.
(2) The poor
level of trade credit
management is reflected
in the
liquidity and profitability
position of the firm.
(3) The inability
of business policy
makers to certainly
say how
effectively, credit management
other makes or mars the performance
of the business in terms of
profitability.
(4) Furthermore, lack of experienced staff or officers to tackle onerous and
vital duties of managing debts appropriately.
(5) Also, limitation and
inadequate training
opportunities for key treasury
or supporting staff.
THE IMPACT OF CREDIT MANAGEMENT ON THE PROFITABILITY OF A MANUFACTURING FIRM (A CASE STUDY OF UNILEVER PLC ABA, NIGERIA)
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Credit management is a term used to identify accounting functions usually conducted under the umbrella of accounts receivables. Essentially, this collection of processes involves qualifying the extension of credit to a customer, monitors the reception and logging of payments on outstanding invoices, the initiation of collection procedures, and the resolution of disputes or queries regarding charges on a customer invoice. When functioning efficiently, credit management serves as an excellent way for business to remain financially stable. .. accounting project topics
THE IMPACT OF CREDIT MANAGEMENT ON THE PROFITABILITY OF A MANUFACTURING FIRM (A CASE STUDY OF UNILEVER PLC ABA, NIGERIA)