2024 Bad Debt Credit and Collections 
Your Virtual Credit Manager
DECEMBER 31, 2024
In our case, we found a continued interest in collection technique and strategy, as well as in fighting credit fraud. What follows is a summary of the three most read article for the 12 months ending in October 2024, and links to the originals. To avoid this, collections should begin within 3-7 days of the due date.
Your Virtual Credit Manager
APRIL 8, 2025
in the 12-months ending June 30, 2024. Here’s a warning to trade creditor’s from a major commercial credit bureau (from CreditSafe’s Cost of Late Payments report). When you do eventually get paid, you recover the cost you expended in fulfilling the customer order albeit less the cost of collections and borrowing.
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Your Virtual Credit Manager
JANUARY 14, 2025
The United States has witnessed a significant surge in corporate bankruptcies, reaching a 14-year high in 2024. during the 12-month period ending September 30, 2024. Customer past due balances cause cash flow shortages, increase the need for borrowing, and create a significant work requirement in order to accelerate collections.
Your Virtual Credit Manager
NOVEMBER 12, 2024
Monitoring and evaluating the credit risk posed by public companies and other large firms differs significantly in comparison to small and mid-sized businesses. Because most of your biggest customers will be larger firms instead of smaller, it is typically the larger firms that will require higher credit limits. Share Read more
Your Virtual Credit Manager
OCTOBER 15, 2024
(Photo by Melinda Gimpel on Unsplash ) The American Bankruptcy Institute recently reported that, “The 6,067 total commercial chapter 11 bankruptcies filed during the first nine months of 2024 represented a 36 percent increase over the 4,561 filed during the same period in 2023.” This initial uptick is only expected to get worse.
Your Virtual Credit Manager
JANUARY 9, 2024
Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics. In fact, once you decide to sell a customer on open credit, most of the accounts receivable (AR) management tasks that follow have a reactive component. There is nothing wrong with that.
Your Virtual Credit Manager
FEBRUARY 13, 2024
Likewise, the construction and business services industries, accounting for nearly 20 percent of insolvencies last year, are projected to remain the hardest hit in 2024. percent in 2024 — that’s roughly one in twelve. For more on credit evaluations, check out this post. Here’s more on setting credit limits.
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