Your Virtual Credit Manager

JANUARY 9, 2024

Two weeks ago we recapped the three most read articles from 2023: identifying red flags, understanding why customers pay late, and the secrets of successful collectors. Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics. There is nothing wrong with that.

Credit and Collections 130

Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

Your Virtual Credit Manager

SEPTEMBER 26, 2023

Many of these items result from unresolved payment deductions, customer chargebacks or disputes. Cleaning up open disputes and payment deductions requires significant labor over an extended period of time. Hiring a temporary collector or two is one solution.

Credit and Collections 147

Credit and Collections Accounts Receivable (AR) Deductions Collector 147

Your Virtual Credit Manager

APRIL 18, 2023

Smaller agencies will often work with small companies whose collection requirements involve much less than one FTE (full-time equivalent employee) — large agencies typically want enough business from their clients to support a half-time or full-time collector.

Bad Debt 130

Bad Debt Credit and Collections Third Party Collections Accounts Receivable (AR) 130

Your Virtual Credit Manager

APRIL 25, 2023

A ssign Collections to an Existing Employee : In this case you need to consider if the person you choose has the time and talent to be an effective collector. What are the other tasks that will not get done or be delayed because of the time you devote to collections?

Credit and Collections 130

Credit and Collections Past Due Invoices Collector Deductions 130

Waystar

MARCH 15, 2023

Estimate + explain Some aspects of financial clearance are well-known, such as verifying: Insurance coverage Benefits eligibility Financial responsibility, including unmet deductibles But today, a successful financial-clearance process hinges on something new: transparently communicating this information to the patient.

Collector 98

Collector Credit and Collections Bad Debt Deductions 98

SAP Credit Management

AUGUST 24, 2023

Use Used by the system when creating an accounting document from a billing document to determine the revenue or sales deduction account. This transaction is currently used in the following instances only: – Production cost collector in Release 4.0 – Product cost collector in IS Automotive Release 2.0

Collector 142

Collector Transactions Default Order to Cash 142

Your Virtual Credit Manager

JUNE 6, 2023

Seldom does a new collector appreciate the need for a balanced, holistic approach to debt collections. Then there are the new collectors who are task oriented. These folks invariably become good collectors, but in the beginning their focus on throughput makes them susceptible to taking shortcuts.

Debt Collections 100

Debt Collections Collector Credit and Collections Default 100

CreditStrong for Business

FEBRUARY 25, 2025

However, you may expect the credit score to be boosted by the amount that was deducted when the collection was placed on your record. Theres no specific figure that would be an accurate answer to this question because every credit report is unique. The improvement also depends on how the collection account affects your credit score.

Credit Scoring 52

Credit Scoring Credit and Collections Medical Billing Collector 52

Your Virtual Credit Manager

JULY 25, 2023

Clean invoices are also paid in full, whereas those with discrepancies often result in partial payments due to deductions for the discrepancies. Employ Pro-Active Dunning One of the most common excuses collectors hear is “we don’t have a copy of the invoice.” ” This excuse can be eliminated using emails.

Best Possible DSO (BPDSO) 130

Best Possible DSO (BPDSO) DSO Cash Forecasting Credit and Collections 130

Due

APRIL 16, 2023

Data collectors record the prices of these items every month to determine whether they have fallen or risen overall. A CPI data collector goes to a store and selects an item from a pre-selected category. Then, the data collector will randomly choose one of the sizes and track its price every month.

Collector 80

Collector Deductions 80

The Esker Blog

JANUARY 10, 2023

This often leaves customers without noticeably high balances or long past-due invoices receiving limited collections touches, forcing collectors to be more reactive than proactive. Overall, reassessing receivables is a matter of identifying opportunities for improvement and adopting best practices to help you accomplish your goals.

AR Aging 95

AR Aging Accounts Receivable (AR) Credit and Collections AR Automation 95

MNS Credit Management Group

DECEMBER 2, 2022

Who are debt collectors? A corporation or agency that recovers money owing on past-due debts is known as a debt collector. Many businesses that owe money to creditors use debt collectors, who work for a fee or a portion of the total amount collected. Another name for a collection agency is a debt collector. Introduction.

Debt Collections 52

Debt Collections Collector Credit and Collections Bad Debt 52

Fundera

MARCH 3, 2019

Online alternative lenders often deduct payments automatically from your bank account. Debt collectors will contact you if the lender sells or transfers the debt. Although lenders and debt collectors are legally allowed to reach out to you to collect on unpaid debt, there are laws regulating what they can and can’t do.

Default 59

Default Collector Credit and Collections Credit Scoring 59

Gaviti

DECEMBER 3, 2023

An A/R invoice-to-cash management platform can allow a collector to further categorize a dispute about an incorrect invoice based on different factors: unauthorized changes in the invoices, lack of communication regarding the invoice, disputed taxes or fees on the invoice, or disputed late fees or penalties, etc.

Invoice to Cash 52

Invoice to Cash Collector Invoice Disputes Invoice Amount 52

Gaviti

JANUARY 7, 2024

Netsuite enables collectors to record various phone conversations and emails with customers to help gather and consolidate collections data. They can also be sent from specific A/R collectors or with a body or subject line customized to specific situations (e.g., Dispute and deductions management. Recording collections.

Invoice to Cash 52

Invoice to Cash Credit and Collections Collector Deductions 52

Fundera

JULY 22, 2018

Online alternative lenders often deduct payments automatically from your bank account. Debt collectors will contact you if the lender sells or transfers the debt. Although lenders and debt collectors are legally allowed to reach out to you to collect on unpaid debt, there are laws regulating what they can and can’t do.

Default 59

Default Collector Credit and Collections Credit Scoring 59

Waystar

MARCH 15, 2023

Estimate + explain Some aspects of financial clearance are well-known, such as verifying: Insurance coverage Benefits eligibility Financial responsibility, including unmet deductibles But today, a successful financial-clearance process hinges on something new: transparently communicating this information to the patient.

Collector 52

Collector Credit and Collections Bad Debt Deductions 52

Gaviti

JUNE 10, 2024

Deliver comprehensive collections analytics and automatic AI-powered insights such as measurement of both team and individual collector performance, potential for improvement in performance or patterns in customer data that point to specific customer trends. Disputes and Deductions. These modules include: Collections Analytics.

Payment Portals 52

Payment Portals Electronic Funds Transfer Credit and Collections Cash Applicator 52

Gaviti

FEBRUARY 18, 2024

In many traditional collections teams, each individual collector develops their own process for managing invoices. Streamline the process for managing disputes and deductions. Dispute Management and Deductions. They simply run into a number of typical accounts receivables challenges on the way. Collections Analytics.

Credit and Collections 52

Credit and Collections Deductions Collector Payment Portals 52

Gaviti

FEBRUARY 18, 2024

In many traditional collections teams, each individual collector develops their own process for managing invoices. Streamline the process for managing disputes and deductions. Dispute Management and Deductions. They simply run into a number of typical accounts receivables challenges on the way. Collections Analytics.

Credit and Collections 52

Credit and Collections Deductions Collector Payment Portals 52

Gaviti

DECEMBER 28, 2023

Inappropriate reactions on the part of the customer or collector during a collections call may make the situation worse. It also documents an audit trail of all disputes and deductions for any future analysis or audits. They deliver poor visibility into customer information.

Credit and Collections 52

Credit and Collections Invoice to Cash Deductions Collector 52

TreviPay

SEPTEMBER 18, 2024

Deductibles: Some policies include deductibles, meaning the business must absorb part of the loss before the insurer covers the remainder. Without trade credit insurance, businesses face a higher risk of financial loss due to non-payment from customers, which can lead to the use of debit collector services to recover outstanding debts.

Bad Debt 52

Bad Debt Default Credit and Collections Export Credit 52

Gaviti

FEBRUARY 18, 2024

Its experienced PCS debt collectors are knowledgeable of relevant regulations such as HIPAA and legal processes necessary to recover debt. Accurate accounts free up your A/R resources from having to resolve disputes or verify deductions. Dispute Management and Deductions. It has a “no money, no fee” approach to collections.

Debt Collections 52

Debt Collections Credit and Collections Days Sales Outstanding Invoice to Cash 52

Gaviti

JUNE 13, 2024

Many businesses rely on manual spreadsheets to manage their accounts receivables process, often with each individual collector only having information about his or her own accounts. Dispute Management and Deductions. Streamline the tracking, coding, routing, and resolution of customer invoice deductions and disputes.

DSO 40

DSO Credit and Collections Deductions Collector 40

Gaviti

JANUARY 2, 2024

These tools provide a centralized hub for data collection and analysis, along with a comprehensive collections analytics dashboard for reporting and automation to enable greater visibility into your A/R process and optimize your performance for both A/R teams and individual collectors.

Collection Effectiveness Index 52

Collection Effectiveness Index Average Days Delinquent DSO Days Sales Outstanding 52

Fundera

JULY 7, 2018

To make sure your cash flow forecast is as accurate as possible, analyze your business indicators , estimate your sales booking timeline, understand your budget, be a diligent collector, and of course, be sure to regularly maintain and update your forecast. Yes, even the tax-deductible ones!) Pay Attention to Estimated Taxes.

Credit and Collections 89

Credit and Collections Collector Credit Card Companies Transactions 89

JSP Credit Management

OCTOBER 31, 2021

The disadvantages of incorporating a limited company are that there are set up costs involved to do it, which are payable to Companies House and there is also some preparation work that needs to be done with HMRC in order be set up for corporation tax deductions and VAT and PAYE if applicable too.

Debt Collections 52

Debt Collections Credit and Collections Law Firms Collector 52

Fundera

APRIL 21, 2016

To make sure your cash flow forecast is as accurate as possible, analyze your business indicators , estimate your sales booking timeline, understand your budget, be a diligent collector, and of course, be sure to regularly maintain and update your forecast. Yes, even the tax deductible ones!) Pay Attention to Estimated Taxes.

Credit and Collections 75

Credit and Collections Collector Credit Card Companies Transactions 75

MNS Credit Management Group

SEPTEMBER 24, 2023

Equipment There must be open lines of contact between local collectors, banks, and clients for debt recovery efforts to be fruitful and successful. This thorough paperwork will also be useful if you choose to deduct bad debts from your taxes. There will be issues if the infrastructure necessary for that communication is not in place.

Debt Collections 52

Debt Collections Credit and Collections Collector Credit Management 52

Fundera

JANUARY 7, 2019

To make sure your cash flow forecast is as accurate as possible, analyze your business indicators , estimate your sales booking timeline, understand your budget, be a diligent collector, and of course, be sure to regularly maintain and update your forecast. Yes, even the tax-deductible ones!) Pay Attention to Estimated Taxes.

Credit and Collections 75

Credit and Collections Collector Credit Card Companies Transactions 75

CreditStrong for Business

JULY 24, 2024

You could also contact your debt collectors or work with credit counseling to reach a debt settlement in a resolution for the account. The easiest way to keep your payment history in order is to have your monthly payments be deducted from your account on autopay. It will still stay on your credit report for several years though.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Card Companies Debt Collections 52

Due

AUGUST 28, 2023

Roth IRA contributions are after-tax, so you won’t get a tax deduction the year you make them. The following are some drawbacks of opening a Roth IRA: No upfront tax deduction. Roth IRA contributions cannot be deducted from your taxes, unlike traditional IRA contributions. After-tax contributions. Contribution limits.

Deductions 98

Deductions Collector Credit and Collections 98

Due

MARCH 3, 2023

In addition to having a lower interest rate than some other common types of loans, a HELOC may also be tax deductible. Credit collectors are trained to increase your anxiety levels to sky-high levels when you have bad credit. Not diversifying your investments. The best thing to do is to spread your money among a few different accounts.

Credit Scoring 105

Credit Scoring Bankruptcy Medical Billing Brokerages 105

Due

MARCH 3, 2023

In addition to having a lower interest rate than some other common types of loans, a HELOC may also be tax deductible. Credit collectors are trained to increase your anxiety levels to sky-high levels when you have bad credit. Not diversifying your investments. The best thing to do is to spread your money among a few different accounts.

Credit Scoring 64

Credit Scoring Bankruptcy Medical Billing Brokerages 64

Your Virtual Credit Manager

DECEMBER 24, 2024

Even if there is a single person credit department, or a small team with several people on the credit staff, everybody has to be somewhat of a generalist, splitting time between credit analysis, collections, deductions resolution, cash applications and other AR activities. What else can be done? One person to deal with.

Credit and Collections 130

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