Your Virtual Credit Manager

JANUARY 23, 2024

Furthermore, new businesses and small businesses tend to have high failure rates, and there is good reason to believe a wave of defaults is coming. The experts at Your Virtual Credit Manager are ready to help you improve cash flow and reduce AR risks during these challenging times.

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Credit Application Bad Debt Bankruptcy Credit Scoring 130

Your Virtual Credit Manager

JUNE 25, 2024

In order to maintain optimal cash flow, your accounts receivable (AR) portfolio needs to remain in good shape. That can be a constant battle because all the mis-steps made during the order-to-cash (O2C) process will accumulate in your AR, and given time, clog it up.

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Bad Debt Credit and Collections DSO Days Sales Outstanding 130

Your Virtual Credit Manager

JANUARY 17, 2023

Photo by Alex Radelich on Unsplash When small businesses add customers and increase sales, their company’s Accounts Receivable (AR) will grow. it just might help them pay you sooner! Share A Case in Point A parts distributor was having difficulty with collections and high dispute volumes.

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Credit and Collections Accounts Receivable (AR) Days Sales Outstanding Past Due Invoices 246

Your Virtual Credit Manager

JULY 23, 2024

In every accounts receivable (AR) portfolio there are customers that almost always pay on time, other customers that pay within a reasonable proximity of the due date, and those that pay consistently slow. It usually only takes about six months to figure out the segment into which a new business customer will fall.

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Credit and Collections Accounts Receivable (AR) Shared Service Center Small Businesses 130

Your Virtual Credit Manager

SEPTEMBER 10, 2024

Specifically, Credit and Collections is responsible for approving new customers for credit terms and managing orders at the beginning of the O2C cycle, while also monitoring risks within the Accounts Receivable (AR) portfolio and collecting overdue payments, both of which are post-sale activities.

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Credit and Collections DSO Deductions Accounts Receivable (AR) 130

Your Virtual Credit Manager

NOVEMBER 19, 2024

Now that we are past the mid-point of November, the end of the year is zooming into focus. Chances are, there is a lot that needs to be done in terms of accounts receivable (AR) management between now and December 31st, especially if you are short of your Days Sales Outstanding (DSO) goals.

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DSO AR Metrics Credit and Collections Accounts Receivable (AR) 100

Your Virtual Credit Manager

APRIL 9, 2024

There has always been a strong correlation between the cost of funds and accounts receivable (AR) management. As interest rates increase, the cost of borrowing money also increases for businesses. Learn More About Credit Reports Please feel free to share this newsletter with your small business customers.

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Credit and Collections Accounts Receivable (AR) Credit Card Payments Default 130

Your Virtual Credit Manager

APRIL 2, 2024

As such, they are just one of the many tools, such as credit reports, supplier and bank references, and financial statement analysis, that can help assess a business's creditworthiness. Commercial credit scores are often not as well understood as consumer credit scores such as FICO. it just might help them pay you sooner.

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Credit Scoring Credit and Collections Bad Debt Credit Risk 130

Your Virtual Credit Manager

OCTOBER 2, 2024

Accounts Receivable (AR) reflect a promise of payment at a future date. Though a paper asset, AR competes with Property, Plant and Equipment as well as Inventory for being the largest line item on a company’s balance sheet. Share What Determines How Much Your AR Will Yield?

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Past Due Invoices Credit and Collections Deductions Accounts Receivable (AR) 130

Your Virtual Credit Manager

FEBRUARY 13, 2024

Following the sharp but short Covid Recession, roughly 5 million small businesses closed shop in the first six months after the economic shutdown, but commercial bankruptcies did not begin increasing until May of 2023, ostensibly due to the government’s economic stimulus programs. it just might help them pay you sooner!

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Bankruptcy Credit and Collections Bad Debt Accounts Receivable (AR) 130

Your Virtual Credit Manager

OCTOBER 31, 2023

Accounts receivable (AR) represent the amounts owed your business by your customers for the purchase of goods or services delivered on credit. Because AR constitutes one of largest assets on your books, proactively managing accounts receivable is crucial for the financial health of your business.

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Bad Debt Credit and Collections Accounts Receivable (AR) Credit Risk 130

Your Virtual Credit Manager

AUGUST 11, 2024

Chapter 11 filings, used by businesses hoping to reorganize, have increased by 34 percent in the first six months of 2024 compared to last year. Chapter 7 commercial liquidation filings are up 28 percent and sub-chapter V small business elections are up a staggering 61 percent despite the filing threshold recently being cut in half.

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Sub-Chapter V Bankruptcy Credit and Collections Chapter 11 100

Your Virtual Credit Manager

AUGUST 6, 2024

The experts at Your Virtual Credit Manager are currently offering 33% off our standard small business consulting rates. Learn More About Consulting Readers of Your Virtual Credit Manager can access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner accredit.

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Bad Debt Credit and Collections Accounts Receivable (AR) Credit Risk 100

Your Virtual Credit Manager

MAY 2, 2023

Growth is down, interest rates continue rising, small businesses are facing a credit crunch, commercial bankruptcies are skyrocketing and experts see an emerging threat: Washington Post: U.S. There are several ways to mitigate the risk of extending credit on open terms. economy grew at 1.1%

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Bankruptcy Credit and Collections Accounts Receivable (AR) Default 100

Your Virtual Credit Manager

SEPTEMBER 5, 2023

Subscribe now Impact of Offering Discounts From the seller’s perspective, the effect on revenue from offering an early pay discount needs to be weighed against the potential reduction in Accounts Receivable (AR) carrying costs, bad debt and collection expenses. it just might help them pay you sooner!

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Bad Debt Credit and Collections Accounts Receivable (AR) Default 130

Your Virtual Credit Manager

OCTOBER 17, 2023

If you have poor credit controls, you won’t be able to afford as much risk in your accounts receivable (AR) portfolio. Please feel free to share this newsletter with your small business customers. The scores typically are assigned on a scale of 1 (low risk) to 5 (high risk) or some variation thereof.

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Bad Debt Credit and Collections Credit Risk Accounts Receivable (AR) 130

Your Virtual Credit Manager

DECEMBER 27, 2022

Cash flow is the biggest cause of customers defaults, but often cash flow is a result of other financial problems or miscues. Please share this newsletter with your small business customers. A business with a strong credit history is more likely to be considered creditworthy than one with a weaker credit history.

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Credit Scoring Credit and Collections Accounts Receivable (AR) Credit Application 130

Your Virtual Credit Manager

FEBRUARY 28, 2023

It will reduce your Accounts Receivable (AR) balance and the associated elevated credit risk inherent in a larger AR. Getting customers to pay now rather than later reduces the risk of a default down the road. A Prompt Payment Discount can help you avoid serious losses as customers go out of business.

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Bad Debt Accounts Receivable (AR) Credit Risk Bankruptcy 130

Your Virtual Credit Manager

DECEMBER 6, 2022

If your sales are consummated via payment at the point of sale, which may involve “pay with order” or “pay on delivery” protocols involving a credit card or an online e-payment product, managing Accounts Receivable (AR) will not be big issue for you. it just might help them pay you sooner!

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Your Virtual Credit Manager

APRIL 18, 2023

Photo by Chris Montgomery on Unsplash For small enterprises, however, a “wide range of tasks” is usually the norm for its limited staff. So, how can a small business acquire high level functional expertise with its “Jack of all trades” workforce, especially in regard to managing the Accounts Receivable (AR) asset?

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Bad Debt Credit and Collections Third Party Collections Accounts Receivable (AR) 130

Your Virtual Credit Manager

AUGUST 29, 2023

Please feel free to share this newsletter with your small business customers. Share Signs There Are a Problem It is important to regularly monitor your collections. If sales are consistent, month-to-month, DSO provides an excellant indicator if your collection efforts are keeping up with sales.

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DSO Credit and Collections Bad Debt Collection Effectiveness Index 130

Your Virtual Credit Manager

NOVEMBER 1, 2022

Execution and Escalation then round out the three key elements of an effective and efficient Collection effort: Please feel free to share this newsletter with your small business customers. The key factors informing your prioritization scheme are: The amount of the past due accounts receivable (AR) The age of the past due AR (e.g,

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Credit and Collections Past Due Invoices Bad Debt Accounts Receivable (AR) 130

Your Virtual Credit Manager

MARCH 19, 2024

Whether you have automated the collection process or not, mapping out collection strategies for the different types of customers in your accounts receivable (AR) portfolio is an accepted best practice. More About Purchasing Credit Reports Please feel free to share this newsletter with your small business customers.

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Bulk Transfer Credit and Collections Bankruptcy Accounts Receivable (AR) 100

Your Virtual Credit Manager

MARCH 5, 2024

Also, e-mails can provide more complete account information and can often be generated automatically in high volumes, especially if you have collection software with an email component. Dunning emails are a proven way to increase efficiency and ensure full coverage of your accounts receivable (AR) portfolio coverage.

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Past Due Invoices Credit and Collections Collector Accounts Receivable (AR) 100

Your Virtual Credit Manager

APRIL 11, 2023

Accounts Receivables (AR) require active management. Any O2C friction that results will ultimately have a negative affect on AR performance. Photo by Elisa Ventur on Unsplash When a company’s AR under-performs, the consequences are substantial. Laissez-faire doesn’t cut it.

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Bad Debt Credit and Collections Accounts Receivable (AR) Days Sales Outstanding 130

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Effectively managing accounts receivable (AR) is essential for a company's financial well-being. Poor receivables performance affects cash flow, and it is no secret that cash flow problems are the leading cause of business failures. it just might help them pay you sooner!

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Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

tillful

NOVEMBER 8, 2022

Looking to dust off your business finance terminology? Here's a glossary featuring many of the most common business finance terms you may need or want to know. Accounts receivable (AR). Accounts receivable refers to money owed to a business by third parties like customers or clients.

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Credit Reporting Agencies Deductions Credit Scoring Credit and Collections 52

Your Virtual Credit Manager

JUNE 20, 2023

Small businesses are under a lot of pressure. It is therefore no surprise that small business owners’ top economic concerns are inflation, recession, commodity prices, the U.S. political environment, and interest rates in that order.

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Credit Risk Bad Debt Credit and Collections AR Aging 20

Your Virtual Credit Manager

JUNE 27, 2023

Photo by Keren Fedida on Unsplash Each business customer presents a unique set of circumstances. No two are alike, but they do tend to fall into some common groupings. Identifying the groupings within your customer accounts receivable (AR) portfolio enables you to deal with them all more effectively and efficiently.

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Collector Credit and Collections High-Risk Accounts Accounts Receivable (AR) 26

Your Virtual Credit Manager

NOVEMBER 29, 2022

Photo by Ralph Hutter on Unsplash Confronted with high interest rates and inflation, and heading into a what is increasingly looking like a recession, small- and medium-sized businesses (SMBs) will probably need to use a Collection Agency more than they have in the past. it just might help them pay you sooner!

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Your Virtual Credit Manager

AUGUST 20, 2024

In the face of an economy being buffeted by opposing trends, what should those with credit and collection responsibilities do to protect their organizations’ accounts receivable (AR)? Learn More About Credit Reports Please share this newsletter with your small business customers.

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Credit Management Credit and Collections Accounts Receivable (AR) Bankruptcy 130

Your Virtual Credit Manager

MARCH 26, 2024

Going beyond the impact of macroeconomic trends, a company’s customers operate in dynamic business environments, and for a majority of them, the credit risk they pose is either increasing or decreasing. New and small businesses, moreover, have high failure rates. A Case in Point. There is also a sequel to this case study.

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Bankruptcy Bad Debt Credit Scoring Chapter 11 130