Your Virtual Credit Manager

MARCH 19, 2024

If all your customers paid promptly — by the time the invoice was due — you would not need to do any collection work. Collections is a reactive process. The amount of collection activity with which you are tasked is directly proportional to your customers’ payment habits.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Your Virtual Credit Manager

AUGUST 29, 2023

Effective collections are crucial to maintaining a healthy cash flow and the financial stability of your company. If your business is struggling with cash flow or AR balances are growing, it could be a sign that your collections policy requires updating. There are a myriad of issues that can affect collections.

DSO 130

DSO Credit and Collections Bad Debt Collection Effectiveness Index 130

Your Virtual Credit Manager

JANUARY 2, 2024

Contacting customers to pay past due amounts (collecting) is an essential element of accounts receivable (AR) management. For most firms, late customer payments are a frequent occurrence and collecting them can be a difficult task. Collections also has to be done effectively with minimal alienation of customers.

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

Your Virtual Credit Manager

DECEMBER 13, 2022

Photo by Icons8 Team on Unsplash Commercial collections is not unlike convincing somebody to buy something, but people with that talent tend to go into Sales. For most people, however, collecting B2B debts is an acquired skill. Those of us who have spent our careers in credit and collections, fell into the profession.

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Collector Credit and Collections Past Due Invoices Credit Management 130

Your Virtual Credit Manager

MARCH 12, 2024

As a result, trade credit, where businesses extend financing to customers, is undergoing rapid advancements, but it also poses high risks, especially in assessing creditworthiness, dealing with economic fluctuations, and fraud. Are there past due accounts you are trying to collect? it just might help them pay you sooner!

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AR Transformation Credit and Collections Accounts Receivable (AR) Order to Cash 100

Your Virtual Credit Manager

NOVEMBER 14, 2023

Credit Policy is an inextricable part of a company’s Sales Policy. If you choose to sell on open credit, the terms you offer are in effect part of the price. If you discuss credit terms with a competitor, you are in violation of anti-trust statutes forbidding price fixing. What’s Right for Your Firm?

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Credit Sales Bad Debt Credit and Collections Credit Risk 130

Emagia

MARCH 15, 2024

Managing credit risk for B2B customers is critical for seamless order to cash (OTC) and working capital cycles. Businesses that follow traditional reactive strategies in OTC processes may find it difficult to collect at-risk future invoices, likely leading to large invoices going delinquent.

Credit Risk 52

Credit Risk Default Credit Management Credit and Collections 52

Emagia

MARCH 15, 2024

Managing credit risk for B2B customers is critical for seamless order to cash (OTC) and working capital cycles. Businesses that follow traditional reactive strategies in OTC processes may find it difficult to collect at-risk future invoices, likely leading to large invoices going delinquent.

Credit Risk 52

Credit Risk Default Credit Management Credit and Collections 52

Your Virtual Credit Manager

FEBRUARY 14, 2023

Photo by NoWah Bartscher on Unsplash Collecting past due balances takes skill, but not rocket science level skill. Once you have made a few collection calls it gets easier. Furthermore, in a commercial credit environment you seldom are dealing with the owner, but rather an employee and the money is not coming out of their own pocket.

Collector 100

Collector Credit and Collections Credit Management Small Businesses 100

SAP Credit Management

JANUARY 31, 2023

Here, in this article, I am describing the steps involved in connecting such a third-party shop floor system with SAP MII using SOAP Web service methods instead of the traditional OPC integration methods. Prerequisites: ME data collection parameters setup completed as required To make the Web service call, create a ME/MII UME service user.

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Your Virtual Credit Manager

NOVEMBER 7, 2023

If their collection efforts are more aggressive than yours, the customer will tend to pay your competitor sooner, while you end up waiting for this mutual customer to accumulate additional funds to pay you. They are an important reason for formulating credit and collection policies and procedures, but not every lapse is an act of commission.

Credit and Collections 100

Credit and Collections Collector Credit Management Small Businesses 100

Your Virtual Credit Manager

JANUARY 23, 2024

Approving a customer for credit terms is merely the first step in an open credit relationship. Economic circumstances may cause you to tighten your credit policies and customer credit limits. The remainder of the review will mirror an initial credit evaluation (here’s more information on Evaluating Credit ).

Credit Application 130

Credit Application Bad Debt Bankruptcy Credit Scoring 130

Know-It Global

JUNE 22, 2023

ONE OF Scotland’s fastest growing fintechs, Know-It, has unveiled a new service in its cloud-based credit management platform designed to revolutionise the accounting industry. Credit management is essential for accountants, as it allows them to manage their clients’ financials more effectively.

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Credit Management Credit and Collections Bankruptcy Credit Risk 52

Your Virtual Credit Manager

APRIL 23, 2024

” (Photo by Devon MacKay on Unsplash ) This applies to credit and collections as well as anything else. Credit analysts should also review past decisions to improve their future performance regarding approvals, limits and term setting. That’s what this article explores. that’s 40% off the standard price.

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Bankruptcy Chapter 11 Credit and Collections Collector 130

SAP Credit Management

JANUARY 6, 2023

Based on the collected information do some exercise in SAP HANA, express edition environment. Reason of the Article. Which is the master SAP Knowledge Base Article of the SAP HANA partitioning? Create a centralized, single source of the available (and most important) information regarding SAP HANA partitioning.

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Your Virtual Credit Manager

FEBRUARY 15, 2024

Thank you for being a free subscriber to Your Virtual Credit Manager (YVCM). We’d like to be your trusted advisor for credit, collections and receivables management. If you like this newsletter, get value out of it, and believe in paying people for their work, please consider a paid subscription.

Credit and Collections 130

Credit and Collections Credit Management Small Businesses 130

Gaviti

OCTOBER 30, 2023

In this article, we explore the advantages of autonomous finance, especially as it relates to accounts receivable, and at what point your company should consider employing them, so you can decide if it’s a worthwhile investment for your business. Even with automated systems, humans and multiple humans are needed to manage the system.

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Days Sales Outstanding Invoice Collections Credit and Collections DSO 75

MNS Credit Management Group

MAY 25, 2023

The main purpose of debt collection in any country is to find an amicable and smooth settlement of dues between a debtor and a creditor. However, in Indonesia, there are no specific rules regarding debt collection service companies. Indonesia is no exception. The rules mainly exist in the Civil Code and other Indonesian regulations.

Debt Collections 52

Debt Collections Credit and Collections Collector Law Firms 52

Your Virtual Credit Manager

JULY 18, 2023

Photo by Campaign Creators on Unsplash Commerce between companies is facilitated by a trade credit relationship. When a supplier or vendor grants open credit terms to their business customers, both parties benefit. It’s important to keep in mind Pareto’s theorem when you are approving credit.

Credit and Collections 130

Credit and Collections Credit Scoring Credit Management Credit Application 130

Your Virtual Credit Manager

JULY 2, 2024

Moreover, if you are trying to collect from a small business, you may have to deal with the owner, who will have a lot on their plate in addition to their debt to your company. New to collections? You should attend Introduction to Business/Commercial Collections on Tuesday, July 16 at 1:30 PM EDT. annualy, forever.

Collector 130

Collector Debt Collections Past Due Invoices Credit and Collections 130

Your Virtual Credit Manager

JULY 9, 2024

When you agree to sell to a business customer on open credit terms, common practice involves setting a credit limit aligned to the payment terms you are granting. New to collections? Please consider attending Introduction to Business/Commercial Collections on Tuesday, July 16 at 1:30 PM EDT. annualy, forever.

Credit and Collections 130

Credit and Collections Credit Management Invoice Amount Small Businesses 130

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Processing Delays There are several AR activities that often take longer than they should and therefore cause delays: processing credit applications, approving orders, generating invoices, and posting payments. Credit evaluations, however, often take time. Plus, you get full access to our growing archive of over 100 articles!

Credit and Collections 130

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

Your Virtual Credit Manager

MAY 28, 2024

Next comes billing, followed by collections cleaning up all the garbage left by everybody that has gone before. If you remember the Rocky and Bullwinkle cartoons, some seasons there was a parade during the closing credits. The collection role is a lot like that of the little janitor with the big mustache sweeping up behind the parade.

Accounts Receivable (AR) 130

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

SAP Credit Management

JANUARY 16, 2023

Which is the master SAP Knowledge Base Article of the SAP HANA persistence? 2388483 – How-To: Data Management for Technical Tables. 2718597 – Collection solutions for some big growth tables relevant to HANA DB. Other articles in this series: Collected information regarding partitioning in SAP HANA (with examples).

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Abrigo

DECEMBER 22, 2023

The most-read lending & credit blogs in 2023 Probability of default, CECL model validation, and stress testing were among Abrigo's top blogs on ALM, CECL, and portfolio risk this year. download NOW Takeaway 1 The most popular blog posts on the Abrigo site reflect many of the priorities community banks and credit unions had in 2023.

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Credit Risk Credit Unions Dashboards CECL 88

Your Virtual Credit Manager

JANUARY 9, 2024

Two weeks ago we recapped the three most read articles from 2023: identifying red flags, understanding why customers pay late, and the secrets of successful collectors. Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics.

Credit and Collections 130

Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

Your Virtual Credit Manager

DECEMBER 27, 2022

For example, there are firms burning through their cash reserves that may still be considered worthy of credit on their next order, but not the order that comes in three months from now. A customer can be paying you with no problems, but then their bank line of credit comes up for review and is drastically cut back by the bank.

Credit Scoring 130

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

Your Virtual Credit Manager

SEPTEMBER 26, 2023

Suppliers, lenders, and credit rating agencies place substantial importance on these numbers when assessing your liquidity and overall financial strength. Their assessments of your business based in large part upon these metrics will determine your credit limits, collateral requirements, lines of credit and borrowing capacity.

Credit and Collections 147

Credit and Collections Accounts Receivable (AR) Deductions Collector 147

Your Virtual Credit Manager

DECEMBER 5, 2023

This misguided search for a singular understanding applies to many things, including collecting Accounts Receivable (AR). Optimal Collection results are achieved by utilizing different collection techniques with different types of customers. How do you determine which customer types merit which collection protocols?

Credit and Collections 130

Credit and Collections Third Party Collections Accounts Receivable (AR) Credit Risk 130

Your Virtual Credit Manager

JANUARY 3, 2023

Photo by DESIGNECOLOGIST on Unsplash Editor’s Note: To start off the New Year, we’re bringing back three of the most popular YVCM articles from 2023. We’ve condensed the articles to save you time, but have also provided links to the originals should you want to take a deeper dive. Update your customer master file.

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AR Automation Collector Credit and Collections Bad Debt 130

MNS Credit Management Group

JUNE 5, 2023

Debt collection may be a difficult and delicate procedure that frequently leads to conflict between creditors and debtors. An amicable debt-collecting technique has become more popular in today’s world, where keeping connections is extremely valuable.

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Debt Collections Collector Credit and Collections Credit Management 52

MNS Credit Management Group

OCTOBER 31, 2022

Thus, you can pretty easily find debt collection services in UAE with the help of Legal Consultants in Dubai. Debt collection simply entails pursuing a person to get him or the business the money that is owed. Always make the wise decision to consider your options for collecting your debt from debtors outside of court.

Debt Collections 52

Debt Collections Credit and Collections Bankruptcy Default 52

MNS Credit Management Group

DECEMBER 2, 2022

Many businesses that owe money to creditors use debt collectors, who work for a fee or a portion of the total amount collected. Some debt collectors are also debt purchasers; these businesses buy debt below its face value and then make an effort to collect the entire amount owed. Reasons To Hire A Collection Agency.

Debt Collections 52

Debt Collections Collector Credit and Collections Bad Debt 52

Your Virtual Credit Manager

AUGUST 11, 2024

In addition to a comprehensive and pro-active collection regimen, the first line of defense for credit grantors involves regular monitoring of their AR portfolio for customers exhibiting red flag behaviors. Your Virtual Credit Manager has already covered this topic from several different perspective.

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Sub-Chapter V Bankruptcy Credit and Collections Chapter 11 100

Your Virtual Credit Manager

DECEMBER 19, 2023

Hopefully, that is why you are reading Your Virtual Credit Manager. If, however, there are unpaid invoices that have been allowed to go beyond the 90 day mark, you have a serious collection problem. In most cases (90 percent or more), we find the customer has a valid claim and deserves a credit.

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DSO Third Party Collections Credit and Collections Deductions 130

RMAi Blog

SEPTEMBER 13, 2024

On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report. The report stated that the CFPB received approximately 109,900 debt collection complaints in 2023. The number one complaint type was “attempts to collect debt not owed.”

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Collector Law Firms Credit and Collections Debt Collections 130

Your Virtual Credit Manager

SEPTEMBER 5, 2023

Starting in October, free subscribers will only receive the introductory section of our weekly articles. Plus, you get full access to our growing archive of over 100 articles! Assuming the supplier has a line of credit, the longer a customer delays payment the more interest the supplier has to pay the financial institution.

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