Your Virtual Credit Manager

MARCH 14, 2023

Collectors spend most of their time asking for payments While it is true collectors are constantly requesting payment of past due balances, once that request is made they end up spending most of their time resolving disputes and invoice discrepancies. For more on collection efficiency, check out this article.

Collector 189

Collector Past Due Invoices Bad Debt Credit and Collections 189

Your Virtual Credit Manager

OCTOBER 2, 2024

Who absorbs any potential bad debt loss — does the lender have recourse to return the AR if they cannot collect it versus a non-recourse arrangement? Clean up your AR Ledger In a perfect world, your AR Ledger would contain only whole, current invoices. No seriously past due invoices and no “Clutter.”

Past Due Invoices 130

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

Your Virtual Credit Manager

NOVEMBER 14, 2023

It affects the level of bad debt loss (uncollected Accounts Receivables) you suffer. Selling only to financially strong customers reduces the risk of bad debt loss, (and the cost of Credit and Collections activity required). The increased risk of a significant bad debt loss that your firm bears.

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

Your Virtual Credit Manager

JANUARY 16, 2024

Here then are eleven mistakes that business debt collectors should avoid: 1. Poor Record Keeping You also need maintain accurate records and documentation of the debt, payments and adjustments. Accurate invoices and follow-up statements of account are essential to the seller and buyer to be aligned with their record keeping.

Debt Collections 130

Debt Collections Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

JANUARY 3, 2023

Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late. Match as many unapplied payments and unapplied credit memos to open invoices, deductions, and debit memos as possible. This included a 100 percent increase in past due collected.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

APRIL 4, 2023

Supporting profitable sales through the extension of credit Collecting as much of the AR generated as possible by or near the due date to ensure a substantial cash inflow Mitigating the risk of bad debt losses These tasks are best accomplished in a tidy environment.

Past Due Invoices 100

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

Your Virtual Credit Manager

SEPTEMBER 10, 2024

Orders should be assessed promptly to ensure they comply with credit approval parameters, such as sufficient credit limits and the absence of past due invoices beyond the grace period. Delaying collection activities can lead to reduced cash flow and bad debt losses.

Credit and Collections 130

Credit and Collections DSO Deductions Accounts Receivable (AR) 130