Your Virtual Credit Manager
DECEMBER 31, 2024
While emails are often used, phone calls can be more effective, especially for high-risk accounts. Bust-Out Schemes : Criminals establish fake businesses, submit fraudulent credit applications, make small payments to build trust, then divert large orders and dissappear, turning receivables into bad debts.
Your Virtual Credit Manager
FEBRUARY 18, 2025
(Photo by Markus Spiske on Unsplash ) When there are time constraints that forestall additional research, denying credit or requiring collateral or some other security is the best way to avoid a decision that results in delinquency and a potential bad debt loss.
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Your Virtual Credit Manager
JANUARY 17, 2023
it just might help them pay you sooner!
Your Virtual Credit Manager
NOVEMBER 14, 2023
It affects the level of bad debt loss (uncollected Accounts Receivables) you suffer. Its impact on revenue: it can result in higher sales (and gross profit), or lower sales and gross profit depending on how much risk your Credit Policy tolerates and how well it is executed. Insurers want to be paid for the risk they bear.
Emagia
FEBRUARY 21, 2025
Step-by-Step Process to Implement the 10 Rule Assess All Outstanding Invoices Regularly review accounts receivable. Flag High-Risk Accounts Identify customers with overdue balances above 10%. Monitor Trends Use accounts receivable aging reports to track customer payment behavior. Reduce bad debt losses.
Your Virtual Credit Manager
NOVEMBER 1, 2022
Effective collections can also reduce bad debt losses by compensating for a liberal or weak Credit Control function. The task is twofold: Optimizing cash inflows (and avoiding bad debt) confined by the number of requests for payment that can be made within a specified time period.
Your Virtual Credit Manager
APRIL 11, 2023
Poor Credit Controls: Poor credit control practices can result in providing goods or services to high-risk accounts that are likely to pay beyond terms or even default on payments. Late or inconsistent follow-up on overdue accounts leads to longer payment cycles and increased bad debt write-offs.
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