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. Commercial bankruptcies began rising earlier this year after an unprecedented lull during the Covid crisis. When a customer files bankruptcy, it immediately stops any payments coming from them to you.

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Bankruptcy Chapter 11 Chapter 7 Bad Debt 130

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.

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

Your Virtual Credit Manager

APRIL 16, 2024

Despite advances in workflow automation and payment technology, collecting commercial receivables is not getting any easier. Employ Technology: Automated billing systems, debt collection software, auto-cash, and other tech tools effectively streamline your cash conversion process. check, ACH, credit card, etc.),

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Accounts Receivable (AR) Debt Collections Credit and Collections Collector 130

Your Virtual Credit Manager

JANUARY 31, 2023

Some of the reasons for paying slow are more serious than others, but they all impact your cash flow and your collection efforts. There are several keys to effective past due collections and they start with your order-to-cash process. Do that and you eliminate a lot of potential collection issues.

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Credit and Collections Bankruptcy Past Due Invoices Order to Cash 246

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

JUNE 4, 2024

Successful collections require the coordination of a variety of activities: timely and accurate invoices and payment posting, monthly statements, email reminders and other dunning notices as well as telephone calls. A Cautionary Tale… As a corporate credit manager, I periodically was tasked with other finance department activities.

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Collector Credit and Collections Past Due Invoices Credit Management 130

Your Virtual Credit Manager

OCTOBER 8, 2024

Companies selling other businesses on open terms need to ensure any collection agency partners can effectively collect non-performing receivables. Here are four prime example of issues that impede third party collections: 1. Doing this involves taking a series of proactive steps.

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Third Party Collections Credit and Collections Bankruptcy Bad Debt 100

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.

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Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Your Virtual Credit Manager

DECEMBER 26, 2023

In our case, we found our readers had an affinity for articles on identifying collection risks and the best ways of dealing with past due balances. Hopefully, these insights will help you with your collection efforts Not a subscriber … why don’t you take advantage of a YVCM subscription?

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Collector Credit and Collections Default Third Party Collections 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. Among other things, commercial bankruptcies have been steadily climbing over the past year.

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Credit Application Bad Debt Bankruptcy Credit Scoring 130

Your Virtual Credit Manager

APRIL 2, 2024

Commercial credit scores predict the likelihood of a business fulfilling its financial obligations, particularly regarding debt repayment and trade credit. Commercial credit scores are often not as well understood as consumer credit scores such as FICO. Photo by Element5 Digital on Unsplash First, a little background.

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Credit Scoring Credit and Collections Bad Debt Credit Risk 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.

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

Emagia

NOVEMBER 20, 2024

Robert Shultz has witnessed the remarkable transformation of the credit profession over decades. Today, however, innovative technologies enable credit professionals to assess entire portfolios holistically—once an unthinkable feat. Automation and AI are gifts to those managing portfolios,” he said.

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Credit and Collections Credit Management Bankruptcy Order to Cash 52

Your Virtual Credit Manager

AUGUST 11, 2024

Commercial bankruptcies have been surging since mid-2022. Department of Justice expects a sharp increase in bankruptcies with the U.S. Your Virtual Credit Manager has already covered this topic from several different perspective. As it turned out, half of this group had indeed filed for bankruptcy during this period.

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Sub-Chapter V Bankruptcy Credit and Collections Chapter 11 100

Know-It Global

JUNE 20, 2023

Credit control is a vital aspect of financial management for businesses. 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 This is where business credit checking comes into play.

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Bad Debt Credit and Collections Debt Collections Credit Risk 19

Your Virtual Credit Manager

MARCH 21, 2023

Any enterprise extending credit to another business needs to have real treasury expertise. The role of credit should not be focused on preventing bad debt losses, but rather maximizing profits. Likewise, being heavily concentrated in a single industry is another good reason for working with a credit insurer.

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Accounts Receivable (AR) Bankruptcy Bad Debt Credit and Collections 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. In small companies, this may occur due to a lack of credit analysis skills.

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

Your Virtual Credit Manager

JULY 23, 2024

Once each customer’s payment proclivities are known, assigning appropriate monitoring and collection strategies is easily done, thereby ensuring adequate collection coverage. Here’s what to do with any customer whose payments become irregular: Tighten up the collection strategy being used with the customer.

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Credit and Collections Accounts Receivable (AR) Shared Service Center Small Businesses 130

lsq

DECEMBER 4, 2024

(December 4, 2024) – LSQ, a leading provider of working capital and payments management solutions, recently originated a $30 million accounts receivable credit facility for a New York-based staffing company. About LSQ | lsq.com LSQ is a market leader and pioneer in working capital finance and payments solutions.

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Bankruptcy Credit and Collections Credit Management 52

Your Virtual Credit Manager

JUNE 13, 2023

Open Credit Terms dominate the Business-to-Business (B2B) marketplace. Photo by Jamie Street on Unsplash There are two types of credit risk that arise from selling on open credit terms: Customers paying beyond terms (past due) reduce your cash flow. Credit availability is shrinking. it just might help them pay you sooner!

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Credit and Collections Bad Debt Default Credit Risk 26

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.

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DSO Credit and Collections Bad Debt AR Aging 130

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.

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Bad Debt Credit and Collections Default Small Businesses 100

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. This is why age is an extremely important consideration when extending credit. With there being only 21,000 large businesses (over 500 employees) in the U.S.,

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Credit and Collections Bad Debt Credit Risk Small Businesses 130

Your Virtual Credit Manager

DECEMBER 20, 2022

Share Controlling Credit Risk Increasing sales to high margin customers disproportionately increases total gross profit. Explore options such as third party security on the debt owed you: Credit Insurance, an irrevocable Letter of Credit, obtaining collateral by filing a UCC Security Agreement, or a Guaranty of the debt by a third party.

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Deductions Credit and Collections Bad Debt Credit Risk 130

aptic

JANUARY 17, 2022

In fact, an Aptic survey* on the state of credit management has revealed that 29% of companies are dealing with more late or unpaid invoices during the pandemic. To limit the impact, many are intensively reworking their credit management procedures. In this blog post, we’ll take a closer look at the research.

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Credit Management Credit and Collections Bankruptcy Debt Collections 52

MNS Credit Management Group

MAY 3, 2023

There are some issues with the debt recovery process that the debt collection agencies confront that need to be addressed by the government at a higher level. In this article, we will explore the causes of these issues, their consequences in the b2b debt collection industry, and potential solutions. What exactly is certainty?

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Bankruptcy Debt Collections Collector Credit and Collections 52

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

lsq

FEBRUARY 11, 2025

(February 12, 2024) LSQ, a leading provider of working capital and payments management solutions, recently originated a $2.5 million accounts receivable credit facility for a Minnesota-based producer of snack foods. LSQ is headquartered in Orlando, Florida.

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Bankruptcy Credit and Collections Credit Management 52

Gaviti

OCTOBER 23, 2023

One possibility is by running a business credit score and report on new customers. What is a Business Credit Score and Report? A business credit score is a rating whose goal is to demonstrate how financially responsible a business is as well as its potential for profitability.

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Credit Scoring Credit and Collections Credit Application Bankruptcy 97

Prosper

JANUARY 13, 2023

However, it’s never too late to learn money strategies to help you manage credit, get out of debt and create a budget and saving plan that keeps you financially fit. In this first installment of our money management series, we will explore all things credit. How do you establish or rebuild good credit?

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Credit Scoring Credit and Collections Bankruptcy Nonprofit Organizations 98

Your Virtual Credit Manager

MAY 2, 2023

Growth is down, interest rates continue rising, small businesses are facing a credit crunch, commercial bankruptcies are skyrocketing and experts see an emerging threat: Washington Post: U.S. A critical part of this exercise involves identifying active and new customers posing high, or even just marginal, credit risks.

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Bankruptcy Credit and Collections Accounts Receivable (AR) Default 100

lsq

FEBRUARY 27, 2023

(February 27, 2023) – LSQ, a leading provider of working capital and payments management solutions, recently originated a $1.5 million credit facility for a Connecticut-based pet-food wholesaler. The company will use the additional working capital to support growth and manage sales and inventory seasonality.

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Bankruptcy Credit and Collections Credit Management 98

lsq

MARCH 1, 2023

March 7, 2023) – LSQ , a leading provider of working capital and payments management solutions, recently originated an $8 million credit facility for a Texas-based paint and paint products manufacturer and distributor. ORLANDO, Fla. LSQ is headquartered in Orlando, Florida.

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Bankruptcy Credit and Collections Credit Management 98

Your Virtual Credit Manager

APRIL 30, 2024

Photo by Freddie Collins on Unsplash ) Trade credit terms are intended to provide a convenience for the customer and unlike most loans are generally unsecured, in large part because they have a short term. In addition, extended terms increase your exposure to customer bankruptcies and the resulting non-payment. Net 10th Prox).

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Credit and Collections Accounts Receivable (AR) Credit Risk Bankruptcy 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. Order a new credit report, request updated financial statements, and re-check the references provided when they first applied for credit.

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Credit and Collections Default Bad Debt Credit Risk 130

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.

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Debt Collections Credit and Collections Bankruptcy Default 52

MNS Credit Management Group

MARCH 2, 2023

Nowadays, there are two main methods of debt collection in Vietnam. Nevertheless, by this point, debtors may have already sold their assets, transferred them to another party, or even declared bankruptcy, leaving creditors, particularly unsecured creditors, with nothing to recover. Vietnam’s judicial debt recovery.

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Debt Collections Collector Bankruptcy Credit and Collections 52