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?

Collector 130

Collector Credit and Collections Default Third Party Collections 130

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.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

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.

Third Party Collections 100

Third Party Collections Credit and Collections Bankruptcy Bad Debt 100

Your Virtual Credit Manager

JANUARY 14, 2025

The United States has witnessed a significant surge in corporate bankruptcies, reaching a 14-year high in 2024. Business bankruptcy filings increased by 33.5% Customer past due balances cause cash flow shortages, increase the need for borrowing, and create a significant work requirement in order to accelerate collections.

Bad Debt 130

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

Your Virtual Credit Manager

JANUARY 7, 2025

Accelerating sales can increase DSO, but most often the cause is problems in the order-to-cash (O2C) pipeline affecting collections. While multiple factors can contribute to an organization's financial downfall, insufficient cash flow is typically the primary trigger for bankruptcy proceedings. Need help improving cash flow?

Days Sales Outstanding 130

Days Sales Outstanding DSO Credit and Collections 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. Even more likely are changes to a customer’s business. Situations change, both for you and for your customer.

Credit Application 130

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.

Credit Scoring 130

Credit Scoring Credit and Collections Bad Debt Credit Risk 130

Your Virtual Credit Manager

NOVEMBER 12, 2024

Monitoring and evaluating the credit risk posed by public companies and other large firms differs significantly in comparison to small and mid-sized businesses. Because most of your biggest customers will be larger firms instead of smaller, it is typically the larger firms that will require higher credit limits.

Chapter 11 130

Chapter 11 Accounts Receivable (AR) Bankruptcy Credit and Collections 130

Your Virtual Credit Manager

DECEMBER 27, 2022

This is why companies continue to sell to business customers that appear to be facing financial difficulty. 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. it just might help them pay you sooner!

Credit Scoring 130

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

Your Virtual Credit Manager

JANUARY 28, 2025

When a business reaches the point of multiple team members making new sales and taking orders from existing customers, the credit approval process gets more complicated. This company’s evaluation of the risk/reward tradeoff was flawed because it underestimated the credit risk of “large” enterprises.

Accounts Receivable (AR) 130

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

Fundera

SEPTEMBER 23, 2016

Many small business owners use their personal credit to run their businesses, and if you’re a sole proprietor, your business credit and personal credit are closely linked. It’s extremely important to work on building your personal credit, and not just for your business’s sake.

Credit Scoring 102

Credit Scoring Credit and Collections Bankruptcy Small Businesses 102

Fundera

FEBRUARY 6, 2018

Running a business involves a constant learning curve. And that applies whether you’re a rookie entrepreneur just starting out with a great idea for a new business or a more established small business owner with a quickly growing business that needs to expand. Accounting Terms to Know. Accounts Receivable.

Small Businesses 105

Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

Your Virtual Credit Manager

AUGUST 11, 2024

Commercial bankruptcies have been surging since mid-2022. Chapter 11 filings, used by businesses hoping to reorganize, have increased by 34 percent in the first six months of 2024 compared to last year. Department of Justice expects a sharp increase in bankruptcies with the U.S. And the future is bleak — the U.S.

Sub-Chapter V 100

Sub-Chapter V Bankruptcy Credit and Collections Chapter 11 100

Due

APRIL 15, 2024

America’s small businesses face unprecedented challenges. Small business bankruptcy filings increased 78% over the past year, driven by impending changes to bankruptcy law and ongoing uncertainty about the overall economic outlook. As a business owner, you indeed wish things could be easier.

Small Businesses 84

Small Businesses Bankruptcy Credit and Collections Business Bankruptcy 84

Your Virtual Credit Manager

JULY 23, 2024

It usually only takes about six months to figure out the segment into which a new business customer will fall. Once each customer’s payment proclivities are known, assigning appropriate monitoring and collection strategies is easily done, thereby ensuring adequate collection coverage. that’s nearly a 30% discount!

Credit and Collections 130

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

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. Please feel free to share this newsletter with your small business customers. Learn More About Credit Reports 5.

Accounts Receivable (AR) 130

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

Fundera

MARCH 14, 2019

7 Steps to Eliminate Small Business Debt. That feeling is heightened when you’re dealing with business debt, and you’re facing the possibility of losing your business altogether. Before tackling business debt, you need to have a solid understanding of your current financial situation. Reduce expenses.

Small Businesses 92

Small Businesses Bankruptcy Credit and Collections Debt Collections 92

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. Small businesses are particularly vulnerable to the impact of these cost increases. Moreover, the average lifespan of a small business is only 8.5

Credit and Collections 130

Credit and Collections Bad Debt Credit Risk Small Businesses 130

Fundera

SEPTEMBER 1, 2017

Well, if you’re a credit score aficionado like we are, you’ll recognize 850 as the absolute perfect credit score. And it’s an especially important figure for small business owners on the prowl for business financing. Quick(ish) Review: What’s a Credit Score? Personal Credit Score. 850, here we come.

Credit Scoring 92

Credit Scoring Bankruptcy Credit and Collections Default 92

Fundera

OCTOBER 23, 2017

If you find yourself struggling with small business debt, start with these steps to help eliminate what you owe and get your business back in good financial standing. Before tackling business debt, you need to have a solid understanding of your current financial situation. Assess and rework your budget.

Small Businesses 92

Small Businesses Bankruptcy Credit and Collections 92

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. Credit evaluations prevent more bad debts than collection efforts.

Bad Debt 100

Bad Debt Credit and Collections Default Small Businesses 100

Fundera

MARCH 28, 2018

You probably know how important your credit score is when you’re applying for a small business loan. But with all of the surprising ways you can damage your credit, that number might come as a surprise when it pops up on your application. What Your Credit Score Is, and Why It Matters: A Quick Rundown.

Small Businesses 88

Small Businesses Credit Scoring Default Credit and Collections 88

Abrigo

DECEMBER 29, 2023

Abrigo's most popular whitepapers and checklists on lending and credit risk Abrigo experts' insights on CFPB 1071, loan policies, and risk ratings were popular with banking professionals. Watch NOW Takeaway 1 Abrigo's experts produced many pieces on lending and credit risk to provide strategies and tools to help banking professionals.

Credit Risk 88

Credit Risk Credit Unions Credit and Collections Small Businesses 88

Fundera

OCTOBER 20, 2019

How to Manage Small Business Finances in 5 Comprehensive Steps. Choose a business bank account and separate your personal and business finances. Organize your business finances by using accounting software and hiring a professional. Understand and fulfill your business tax responsibilities.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

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. Cash Flow is the number one cause of small business bankruptcies.

DSO 130

DSO Credit and Collections Bad Debt AR Aging 130

Your Virtual Credit Manager

JUNE 13, 2023

Open Credit Terms dominate the Business-to-Business (B2B) marketplace. The simple reason: business customers expect it and free enterprise encourages it. Without open terms, business cash flows would be restricted, with the lost liquidity acting as a break on the velocity of commerce.

Credit and Collections 26

Credit and Collections Bad Debt Default Credit Risk 26

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. Please feel free to share this newsletter with your small business customers.

Credit and Collections 130

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

Your Virtual Credit Manager

DECEMBER 20, 2022

Why not share this newsletter with your small business customers. Share Controlling Credit Risk Increasing sales to high margin customers disproportionately increases total gross profit. The good news is that in a bankruptcy, you will be ahead of all the general unsecured creditors. Here’s how?

Deductions 130

Deductions Credit and Collections Bad Debt Credit Risk 130

Fundera

SEPTEMBER 20, 2017

We’re thinking of a number between 300 and 850… and it’s your credit score. Unless you have an absolutely perfect credit score—850—we’re willing to bet that you’d like to tack on a few points to that three-digit number. Building credit fast is no easy task. But there are things you can do to bump up your credit score quickly.

Credit Scoring 98

Credit Scoring Credit Reporting Agencies Credit and Collections Bankruptcy 98

Fundera

NOVEMBER 9, 2016

So, small business owner, you need to finance your business… Who’s going to be the small business lender to step up and meet your financing needs? But with signs that commercial banks are opening their credit to small business owners , now’s a great time to consider bank loans for your business.

Small Businesses 82

Small Businesses Credit and Collections Default Bankruptcy 82

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.

Bankruptcy 100

Bankruptcy Credit and Collections Accounts Receivable (AR) Default 100

Fundera

DECEMBER 13, 2018

What Is a Perfect Credit Score? When it comes to personal credit scores, the absolute perfect credit score is 850. Though it may seem impossible, it’s actually totally doable if you’re responsible with your debt and check (and recheck) your credit score often. What Is Your Personal Credit Score?

Credit Scoring 75

Credit Scoring Bankruptcy Credit and Collections Default 75

Fundera

MAY 10, 2016

Well, if you’re a credit score aficionado like we are, you’ll recognize 850 as the absolute perfect credit score. And it’s an especially important figure for small business owners on the prowl for business financing. Quick(ish) Review: What’s a Credit Score? Personal Credit Score. 850, here we come.

Credit Scoring 76

Credit Scoring Bankruptcy Credit and Collections Default 76

Fundera

AUGUST 26, 2018

Business credit cards are essential financing tools for both new and established business owners alike. When you’re just beginning, they can be your main financing lifeline and how you build your business credit. Many business owners need to know how to recover from business credit card debt.

Chapter 11 65

Chapter 11 Bankruptcy Chapter 7 Credit Card Companies 65

Fundera

JULY 12, 2016

While there’s some debate in American politics over whether or not “corporations are people,” it is true that businesses have credit scores and can receive credit reports the same way individuals do. What is a Business Credit Score? Length of credit history. Payment history. Company size.

Credit Scoring 75

Credit Scoring Credit and Collections Bankruptcy Credit Card Companies 75

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).

Credit and Collections 100

Credit and Collections Accounts Receivable (AR) Credit Risk Bankruptcy 100

Fundera

NOVEMBER 17, 2018

Some small business owners are already financial experts: they have MBAs, experience in the private sector, and strong literacy in all things related to managing small business finances. If managing finances for a small business has you feeling completely overwhelmed, take a look at this comprehensive primer.

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75