Your Virtual Credit Manager

AUGUST 6, 2024

Extending credit is standard practice if you are selling to other businesses. Most commercial enterprises are simply not willing to continue trading without credit terms, making it difficult for any trade credit grantor to generate enough revenue to survive on cash sales. In reality, granting credit is much more complicated.

Bad Debt 100

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

MNS Credit Management Group

JULY 12, 2023

Bad debt recovery: What is it? The money that your company receives after writing off bad debt as uncollectible is known as bad debt recovery. When the borrower is unable to repay the lender within the allotted time, the bad debt recovery process is initiated. How may loan risks be diminished?

Bad Debt 52

Bad Debt Collector Debt Collections Credit and Collections 52

Your Virtual Credit Manager

JUNE 18, 2024

Photo by Muhammad Daudy on Unsplash ) The problem with startup companies: there is a high probability they will fail , leaving you with a bad debt on your books. That’s why it is standard to ask on a credit applications the year in which the business was formed. Do you need help managing credit and collections?

Bad Debt 100

Bad Debt Credit and Collections Credit Risk Credit Card Companies 100

Your Virtual Credit Manager

NOVEMBER 1, 2022

Photo by Kenny Eliason on Unsplash Effective collections is the single most important factor for achieving reliable cash inflows. Effective collections can also reduce bad debt losses by compensating for a liberal or weak Credit Control function. Procrastination only makes a past due situation worse.

Past Due Invoices 130

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

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. In this case, ongoing Portfolio Monitoring was critical to turning up the customer intelligence that avoided a huge bad debt loss.

Credit Application 130

Credit Application Bad Debt Bankruptcy Credit Scoring 130

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.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Default Collector 130

Your Virtual Credit Manager

JUNE 25, 2024

Rising Days Sales Outstanding DSO measures the average number of days it takes to collect payment after a sale. A rising DSO indicates that your collections are not matching the rate of new sales, and if that goes on for any length of time, your cash flow will not be able to support the volume of your current business operations.

Bad Debt 130

Bad Debt Credit and Collections DSO Days Sales Outstanding 130

Gaviti

OCTOBER 13, 2024

If your business could proactively identify the risk of potential customers before taking them on as new customers and avoid bad debt, wouldn’t you want to do that? Predictive AI capabilities in many modern B2B collections software now let businesses do exactly this while solving many other challenges in the B2B collections process.

Credit and Collections 52

Credit and Collections Automated Cash Application Bad Debt Collections Automation 52

Your Virtual Credit Manager

AUGUST 8, 2023

Collecting from other businesses begins as a series of reminders followed by administrative tasks to provide your customer with the information they need to pay your invoice, and can also involve reconciling your information to theirs. ” The same can be said for collections. Subscribe now 1.

Credit and Collections 100

Credit and Collections Third Party Collections Bad Debt Credit Management 100

Know-It Global

APRIL 26, 2023

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. When you sign up for a free Know-it account you’ll also get a free business credit report!

Credit Risk 98

Credit Risk Bad Debt Credit and Collections Default 98

Your Virtual Credit Manager

MAY 16, 2023

When a commercial account wants to buy your product, chances are they will want credit terms. Business credit, also known as trade credit, facilitates the flow of goods and services between business trading partners. The purpose behind extending trade credit is to facilitate the sale of some other product or service.

Bad Debt 100

Bad Debt Credit and Collections Default Small Businesses 100

Credit Management Group UK

MARCH 4, 2024

Having credit risk processes in place from the outset is ideal, but credit risk management procedures can be implemented at any stage to reduce your exposure to risk of bad debt write off, improve cash flow and protect your profit Below are a few methods to use for managing credit risk.

Credit Risk 98

Credit Risk Bad Debt Credit and Collections Credit Application 98

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. The other factor is the credit worthiness of your customers, which you can impact, but cannot guarantee. Especially in these times of high interest rates and economic uncertainty.

Bad Debt 130

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

Your Virtual Credit Manager

SEPTEMBER 10, 2024

To optimize the order-to-cash (O2C) process, it's crucial to understand the significant role Credit and Collections plays. Photo by Jay Heike on Unsplash ) What happens during the O2C process, however, apart from credit and collection activities, can have an outsized impact on cash flow and AR performance.

Credit and Collections 130

Credit and Collections DSO Deductions Accounts Receivable (AR) 130

Your Virtual Credit Manager

FEBRUARY 13, 2024

This prediction, although bold, is corroborated by the broader economic data, including escalating corporate bankruptcies, tightening loan standards by banks, and the surge in delinquent debt balances and consumer debt. For more on credit evaluations, check out this post. Here’s more on setting credit limits.

Bankruptcy 130

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

Lockstep

JUNE 15, 2022

For B2B businesses, credit management is essential for accounts receivable (AR) management success. Proper, healthy credit management allows for steady cash flow, better collections management and a manageable days sales outstanding (DSO). . The credit plan will help your organization reduce bad debt and write-offs.

AR Automation 90

AR Automation Bad Debt DSO Accounts Receivable (AR) 90

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. In small companies, this may occur due to a lack of credit analysis skills.

Credit and Collections 130

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

Your Virtual Credit Manager

FEBRUARY 20, 2024

Financial Health Priorities: Organizations may have specific financial health priorities such as improving liquidity, managing working capital, or reducing credit risk. The experts at Your Virtual Credit Manager are ready to help you improve cash flow and reduce AR risks during these challenging times. Where do you need to improve?

DSO 130

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

Know-It Global

JULY 5, 2023

Maintaining a healthy cashflow through credit control is crucial for the long-term success and sustainability of any enterprise, especially against the backdrop of soaring insolvencies and record instances of late payment. One effective strategy for achieving this goal is to implement a robust credit control system.

Bad Debt 52

Bad Debt Credit and Collections Debt Collections Credit Risk 52

Gaviti

APRIL 11, 2024

Are you offering enough or too much credit to customers? Are you able to collect invoices on all of the revenue your business generates? How much bad debt does the company have, and how has this changed over time? How much bad debt does the company have, and how has this changed over time?

Bad Debt 98

Bad Debt Credit and Collections Collection Effectiveness Index DSO 98

Gaviti

OCTOBER 30, 2023

What are the Benefits of Autonomous Finance in A/R Collections? Automating manual tasks such as A/R invoice collections and account reconciliation eliminates these tasks that are prone to human error. As a result, businesses can increase productivity in their A/R collections teams without hiring additional staff.

Days Sales Outstanding 75

Days Sales Outstanding Invoice Collections Credit and Collections DSO 75

CreditStrong for Business

AUGUST 27, 2024

If a consumer has an unpaid debt on an existing credit account, the original lender will eventually close the account and charge off the bad debt. Generally, these debts are reported to the credit bureaus and remain as a negative entry on your credit history for seven years. What is a Charge-Off?

Collector 52

Collector Credit Reporting Agencies Credit Scoring Third Party Collections 52

Credit Management Group UK

JULY 19, 2023

Small businesses need to ensure they have the most effective credit management systems and skills to tackle late payment seriously, to avoid becoming one of those statistics. Yet many companies take a ‘sledge hammer’ approach to collecting payment from their customers. Credit management should be ‘customer focused’.

Credit Management 50

Credit Management Bad Debt Credit and Collections Credit Application 50

Know-It Global

MAY 8, 2023

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. When you sign up for a free Know-it account you’ll also get a free business credit report!

Credit Risk 52

Credit Risk Bad Debt Credit and Collections Default 52

Your Virtual Credit Manager

FEBRUARY 6, 2024

As a small business owner or executive, managing accounts receivable (AR) and navigating through various credit decisions is an integral part of the job. After all, credit and collections is essential to the performance of your order-to-cash (O2C) process and cash conversion cycle.

Credit and Collections 130

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

Know-It Global

MAY 8, 2023

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. When you sign up for a free Know-it account you’ll also get a free business credit report!

Credit Risk 52

Credit Risk Bad Debt Credit and Collections Default 52

Eastern Credit Management Services

NOVEMBER 13, 2019

There are two places that you can institute policies around to help minimize your risk of overdue accounts receivable before you extend credit to your customer and after the overdue account is accrued. A detailed credit application does two things, it informs your customer of the terms and conditions of the credit you extend.

Bad Debt 52

Bad Debt Small Businesses Credit Reporting Agencies Credit Application 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. When a client owes a business money, consumer collections take place.

Debt Collections 52

Debt Collections Credit and Collections Collector Credit Management 52

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. The company ended up writing off millions of dollars in bad debt.

DSO 130

DSO Credit and Collections Bad Debt AR Aging 130

Lockstep

JULY 27, 2022

In today’s economy, it is essential to be able to allocate credit where it is needed most. This means that businesses need to have accurate and up-to-date information about their customers’ creditworthiness. Issuing too much credit to the wrong customers can lead to disastrous outcomes. . While nearly 60% of U.S.-based

Credit Scoring 87

Credit Scoring Accounts Receivable (AR) Bad Debt AR Automation 87

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. Key Takeaways.

Debt Collections 52

Debt Collections Collector Credit and Collections Bad Debt 52

Your Virtual Credit Manager

JANUARY 3, 2023

Over time, AR Ledgers unfortunately tend to collect “Clutter.” Clutter can also cause new orders to be placed on a credit hold when it otherwise would have been automatically released. Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

Gaviti

SEPTEMBER 6, 2023

Contact your customer success manager or email us at info@gaviti.com Join our webinar on Sep 13th to learn more about the new Cash Application module >> Credit Application Management: Empowering Risk Management and Visibility Avoid high risk customers from the start and monitor ongoing risk as they build a relationship with you.

Cash Applicator 98

Cash Applicator Credit Application Collector Credit and Collections 98

TreviPay

SEPTEMBER 18, 2024

Trade credit insurance has become a vital tool for businesses looking to protect themselves from the risk of non-payment by customers. Trade credit insurance, also known as accounts receivable insurance, safeguards businesses from significant losses. This guide to trade credit insurance will help you navigate the complexities of it.

Bad Debt 52

Bad Debt Default Credit and Collections Collector 52

TreviPay

OCTOBER 2, 2024

October 2, 2024 — TreviPay , the most-trusted B2B payments and invoicing network, today announced a new strategic partnership with Allianz Trade the global leader in trade credit insurance. By utilizing the benefits that trade credit insurance provides, the partnership will enable companies to secure transactions and grow with confidence.

Bad Debt 64

Bad Debt DSO Credit and Collections Transactions 64

Your Virtual Credit Manager

AUGUST 1, 2023

Even though the economic headwinds are moderating, now is not the time to become less vigilant from a customer credit perspective. If you are extending credit to business customers, prudence dictates that you be prepared to deal with customer bankruptcies. Right now there are nearly a million new businesses beating the odds.

Bankruptcy 130

Bankruptcy Chapter 11 Chapter 7 Bad Debt 130

Credit Management Group UK

APRIL 11, 2023

Using the credit management tools available to you effectively can greatly increase your chances of getting paid more quickly. Making small changes to your collection strategy to incorporate all tools at your disposal can make a big impact on your collection performance.

Credit Management 93

Credit Management Credit and Collections Bad Debt 93