Your Virtual Credit Manager

FEBRUARY 13, 2024

After, the Great Recession of 2008, commercial bankruptcies peaked in 2009 and did not drop below pre-recession levels until 2012. Department of Justice projects a substantial increase in bankruptcy filings. Trustee Program has estimated that bankruptcy filings will double over the next three years. What do you need help with?

Bankruptcy 130

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

Your Virtual Credit Manager

JANUARY 23, 2024

Among other things, commercial bankruptcies have been steadily climbing over the past year. The experts at Your Virtual Credit Manager are ready to help you improve cash flow and reduce AR risks during these challenging times. We are currently offering 33 percent off our standard small business consulting rates.

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Credit Application Bad Debt Bankruptcy Credit Scoring 130

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.” Trustee Program.

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Chapter 11 Bad Debt Bankruptcy Chapter 7 100

Your Virtual Credit Manager

MARCH 21, 2023

In addition to the effect of inflation, AR loses value as a result of profit dilution (when customers do not pay you the full invoice value due to payment deductions or disputes) and bad debt losses. The role of credit should not be focused on preventing bad debt losses, but rather maximizing profits.

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

Your Virtual Credit Manager

FEBRUARY 28, 2023

Your Virtual Credit Manager (YVCM) previously published an article discussing the pros and cons of Prompt Payment Discounts. The reduction in revenue and margin, while painful, will be a smaller price to pay than a large drop in incoming cash and the higher risk of a larger, damaging, bad debt.

Bad Debt 130

Bad Debt Accounts Receivable (AR) Credit Risk Bankruptcy 130

Your Virtual Credit Manager

OCTOBER 8, 2024

Older debts are often more difficult to recover because the debtor’s financial situation may worsen over time, or the business may close, become insolvent, or declare bankruptcy. In cases of bankruptcy or liquidation, the likelihood of repayment drops dramatically, as creditors may only receive partial payments or nothing at all.

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Third Party Collections Credit and Collections Bankruptcy Bad Debt 100

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Poor Credit Management' We’ve already talked about how poor credit decisions can impact sales and collections. In small companies, this may occur due to a lack of credit analysis skills. Here’s more on credit evaluations. Credit management, however, doesn’t stop with the initial customer analysis.

Credit and Collections 130

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

Your Virtual Credit Manager

APRIL 2, 2024

For instance, bankruptcy within the next two years is more easily defined than the more nebulous state of financial distress. Despite these shortcomings, commercial credit scores can be valuable tools for a company offering trade credit to other businesses.

Credit Scoring 130

Credit Scoring Credit and Collections Bad Debt Credit Risk 130

Your Virtual Credit Manager

DECEMBER 20, 2022

The good news is that in a bankruptcy, you will be ahead of all the general unsecured creditors. Readers of Your Virtual Credit Manager can now access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner Accredit. Email YVCM About Consulting Final Thoughts.

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Deductions Credit and Collections Bad Debt Credit Risk 130

Your Virtual Credit Manager

JUNE 13, 2023

These bad debt losses can put your own business at risk of failure. Subscribe now The Increasing Risk of a Growing Number of Defaults Commercial bankruptcies began rising late last year after the historic lows of 2020 and 2021. Also, credit limit increases can be required when a customer’s business is expanding.

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Credit and Collections Bad Debt Default Credit Risk 26

Your Virtual Credit Manager

AUGUST 22, 2023

The bad news is that nearly 21 percent of last year’s startups will fail this year leaving you with a bad debt on your books if you sold to them on credit terms. If it is a sole proprietor you are dealing with, check their consumer credit report to see if they are maxing out their credit cards.

Credit and Collections 130

Credit and Collections Bad Debt Credit Risk Small Businesses 130

Your Virtual Credit Manager

DECEMBER 6, 2022

Cash Flow is the number one cause of small business bankruptcies. Without effective AR management, your cash flow is subject to entropy as the AR ages, as well as to the shocks caused by customer defaults. This software firm did not actively manage its AR. The company ended up writing off millions of dollars in bad debt.

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DSO Credit and Collections Bad Debt AR Aging 130

aptic

OCTOBER 12, 2021

In the wake of the banking crisis, the European Central Bank (ECB) defined three grades of non-performing loans: past due, unlikely-to-pay (UTP) and bad loans. Today, the UTP category is more relevant than ever in the field of credit management. To identify UTP debts, you need to pick up on the warning signs in good time.

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Bad Debt Credit and Collections Invoice to Cash Bankruptcy 52

Know-It Global

JUNE 20, 2023

It involves managing credit sales and making informed credit decisions, ensuring timely payment from customers, and minimising bad debt. Setting Up Credit Control Processes 1.1 Define Credit Policy: A well-defined credit policy is the foundation of effective credit management for any business.

Bad Debt 19

Bad Debt Credit and Collections Debt Collections Credit Risk 19

Your Virtual Credit Manager

MAY 16, 2023

By avoiding the following common traps, or myths if you will, businesses can minimize the risk of non-payment or default and make better informed decisions about extending credit to other businesses that will boost sales and profits. Credit evaluations prevent more bad debts than collection efforts.

Bad Debt 100

Bad Debt Credit and Collections Default Small Businesses 100

Your Virtual Credit Manager

SEPTEMBER 19, 2023

Commercial bankruptcies have been trending upward for most of this year, so it is likely some of your customers are in a downward spiral, if it has not yet shown up in their payment pattern. From this conversation, you will learn how perilous the bad debt risk is with this customer, and how urgent your reaction must be.

Credit and Collections 130

Credit and Collections Default Bad Debt Credit Risk 130

Emagia

OCTOBER 31, 2022

Why should credit management be automated. How important is the automation of credit management for business growth. Autonomous finance eliminates efficiency bottlenecks in finance operations such as credit management, accounts receivables, accounts payables, cash flow, budgeting, F&PA, and other financial processes.

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Credit and Collections Bad Debt Credit Management DSO 59

TreviPay

SEPTEMBER 18, 2024

By offering protection against non-payment, trade credit insurance helps businesses avoid financial strain, improve cash flow and maintain a stable credit management process. How Does Trade Credit Insurance Work? Indemnity Percentage: The indemnity percentage refers to the portion of the debt covered by the insurer.

Bad Debt 52

Bad Debt Default Credit and Collections Export Credit 52

MNS Credit Management Group

AUGUST 7, 2023

Credit scores can also affect a company’s ability to sign a lease or purchase products on credit from suppliers. “ One of India’s primary credit risk assessment bureaus that rates enterprises is MNS Credit Management Group” What Factors Influence A Company’S Credit Score?

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Credit Scoring Credit Risk Credit and Collections Bad Debt 52

MNS Credit Management Group

SEPTEMBER 24, 2023

In addition to giving solicitors instructions to start legal proceedings, we also offer credit management services including sending letters of demand prior to legal action, a service that looks into a company’s history, credit reports, and status reports.

Debt Collections 52

Debt Collections Credit and Collections Collector Credit Management 52

Your Virtual Credit Manager

MARCH 26, 2024

Meanwhile, the number of commercial bankruptcies is accelerating. In February, Epiq Bankruptcy reported that commercial Chapter 11 bankruptcy filings climbed 118 percent year-over-year. Ongoing Portfolio Monitoring was critical to turning up the customer intelligence that avoided a huge bad debt loss.

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Bankruptcy Bad Debt Credit Scoring Chapter 11 130