Credit Management Group UK

JANUARY 19, 2025

Wed all agree that writing effective collection letters is a balancing act between ensuring you receive payment in full and maintaining a positive working relationship with your customers. Include Adequate Details Provide your customers with bank details, or who to contact if you can take payment by credit/ debit card, in your letters.

Credit and Collections 88

Credit and Collections Credit Management 88

Your Virtual Credit Manager

MARCH 4, 2025

We often talk about the importance of having an efficient and effective collection process and how, from a process improvement perspective, collections automation provides substantial benefits. We don’t, however, want to minimize the importance of the credit side of the equation. Do you need help improving cash flow?

Bad Debt 130

Bad Debt Credit and Collections Accounts Receivable (AR) Collector 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. Your Virtual Credit Manager is a reader-supported publication. Learn More About Credit Reports Please share this newsletter with your small business customers. Need help improving cash flow?

Days Sales Outstanding 130

Days Sales Outstanding DSO Credit and Collections Accounts Receivable (AR) 130

Your Virtual Credit Manager

NOVEMBER 25, 2024

Your Virtual Credit Manager is a reader-supported publication. For a masterclass on Credit Department Digital Transformation , join David Schmidt online December 3, 2024, at 1:30 PM EDT. Learn More About Credit Reports Please share this newsletter with your small business customers. Share Read more

Credit and Collections 130

Credit and Collections Credit Management Default Small Businesses 130

Your Virtual Credit Manager

FEBRUARY 25, 2025

A customer that pays on time does not require any collection efforts. Those who sometimes pay on time only require a collection effort when they pay late; getting them to pay is usually not difficult. Since they are abusing your credit terms, why not require them to pay with a credit card when they place an order?

Bad Debt 130

Bad Debt Credit and Collections DSO Debt Collections 130

Your Virtual Credit Manager

MARCH 14, 2023

Commercial collections is no different. Collection myths can be found at the very root of bad decisions as well as informing counter-productive activities. Adhering to collection myths more often than not leads to bad outcomes. Simply put, collection myths get in the way of doing the best job possible. Subscribe now 1.

Collector 189

Collector Past Due Invoices Bad Debt Credit and Collections 189

Your Virtual Credit Manager

JANUARY 14, 2025

Customer past due balances cause cash flow shortages, increase the need for borrowing, and create a significant work requirement in order to accelerate collections. When you do eventually get paid, you recover the cost you expended in fulfilling the customer order less the cost of collections and any interest on loans.

Bad Debt 130

Bad Debt Bankruptcy Credit and Collections Accounts Receivable (AR) 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. Share Read more

Chapter 11 130

Chapter 11 Accounts Receivable (AR) Bankruptcy Credit and Collections 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. Share Read more

Accounts Receivable (AR) 130

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

SAP Credit Management

FEBRUARY 2, 2023

Using collective settlement and collective rate determination, the total freight cost can be saved rather than spending for each shipment and this was agreed upon with the carrier to post freight settlement on a weekly basis and the total weight shipped that week. Choose option Collective from the dropdown.

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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.),

Accounts Receivable (AR) 130

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

Your Virtual Credit Manager

SEPTEMBER 3, 2024

As businesses grow and add customers, there comes a point when collections become a burden. Photo by Towfiqu barbhuiya on Unsplash The first step toward a dedicated collection effort involves prioritization. This is a simple matter of efficiency aimed at collecting the most possible dollars with a minimum of effort.

Accounts Receivable (AR) 130

Accounts Receivable (AR) Days Sales Outstanding DSO Credit and Collections 130

Your Virtual Credit Manager

NOVEMBER 19, 2024

Chances are, there is a lot that needs to be done in terms of accounts receivable (AR) management between now and December 31st, especially if you are short of your Days Sales Outstanding (DSO) goals. For those twenty days when you can count on your customers being at work, you need to concentrate on making collection calls.

DSO 100

DSO AR Metrics Credit and Collections Accounts Receivable (AR) 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.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

Eastern Credit Management Services

NOVEMBER 22, 2024

Professional debt collection services can help maintain financial stability without damaging client relationships. Reduce the Stress of Debt Recovery Debt collection is time-consuming and can strain internal resources. Professional collection agencies help expedite payment recovery, minimizing cash flow disruptions. Here’s how.

Debt Collections 52

Debt Collections Small Businesses Credit and Collections Credit Management 52

Your Virtual Credit Manager

JANUARY 16, 2024

If you sell on open credit terms, you need to plan on having to expend time and resources collecting from those customers that don’t pay when due. No matter how much effort you put into evaluating customer credit, some customers will not live up to your expectations. You need to be doing the right things.

Debt Collections 130

Debt Collections Collector Credit and Collections Bad Debt 130

Gaviti

NOVEMBER 24, 2024

The sooner your business collects on its invoices, the lower your financial risks and the better your financial position. One of the fastest ways to do this is via collections process automation to streamline the A/R process, eliminate manual tasks, and ensure timely follow-up with customers.

Credit and Collections 52

Credit and Collections DSO Average Days Delinquent Collection Effectiveness Index 52

Your Virtual Credit Manager

JANUARY 30, 2024

The evolution of Accounts Receivables (AR) automation has revolutionized our collection strategies. Manual collection processes centered on an aged accounts receivable trial balance (ARTB) lack the regimentation and efficiency brought about by automation. For a more in depth discussion of systematic collections, click here.

Credit and Collections 130

Credit and Collections Collector Accounts Receivable (AR) Days Sales Outstanding 130

Your Virtual Credit Manager

OCTOBER 22, 2024

When we first think about credit risk, our minds focus on the financial status of the company in question. To manage the risk that a customer might default, companies implement credit and collection policies and procedures. Your Virtual Credit Manager is a reader-supported publication. Share Read more

Past Due Invoices 130

Past Due Invoices Credit and Collections Credit Card Payments Default 130

SAP Credit Management

JANUARY 31, 2023

Prerequisites: ME data collection parameters setup completed as required To make the Web service call, create a ME/MII UME service user. Built BLS transaction to receive Machine values and record them in ME data collection. BLS Service transaction to receive and record ME data collection values. Create a Custom workflow.

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Transactions 181

Your Virtual Credit Manager

MAY 23, 2023

Incidentally, the higher your gross margin, the more latitude you have in extending credit to marginally risky accounts. Any subsequent collection expenses and bad debt write-offs are more easily recouped through additional sales than if your gross margins are low. Do you need help with your credit policies and procedures?

Bad Debt 49

Bad Debt Credit and Collections Deductions Credit Risk 49

Your Virtual Credit Manager

OCTOBER 15, 2024

Full Speed Ahead for Collections Effective collections management is key to maintaining healthy cash flow and minimizing overdue accounts, which will reduce your risk of bad debt losses. To continue reading and learn how to adapt your collection efforts to the current economic challenges, you must be a paid subscriber.

Chapter 11 100

Chapter 11 Bad Debt Accounts Receivable (AR) Bankruptcy 100

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.

Credit and Collections 246

Credit and Collections Bankruptcy Past Due Invoices Order to Cash 246

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.

Credit Scoring 130

Credit Scoring Credit and Collections Bad Debt Credit Risk 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.

Third Party Collections 100

Third Party Collections Credit and Collections Bankruptcy Bad Debt 100

Your Virtual Credit Manager

FEBRUARY 27, 2024

For a small business owner or executive, navigating credit decisions can be challenging, especially when they clash with the goals of other stakeholders within the company. It's essential, however, for everybody to recognize that credit decisions also have broader implications across various aspects of company operations.

Accounts Receivable (AR) 130

Accounts Receivable (AR) Days Sales Outstanding Bad Debt Credit and Collections 130

Gaviti

JANUARY 7, 2025

Establishing a proper system for managing both open and overdue invoices that includes dunning workflows, reminder to pay invoice, and past due invoice emails proactively defends against extending credit to customers unable to pay. ACH, debit or credit cards, electronic wallets) and plans (e.g.

Past Due Invoices 105

Past Due Invoices Invoice Amount Payment Portals Credit and Collections 105

SAP Credit Management

JANUARY 6, 2023

Based on the collected information do some exercise in SAP HANA, express edition environment. Create a centralized, single source of the available (and most important) information regarding SAP HANA partitioning. Reason of the Article. There is huge knowledge available belongs to SAP HANA partitioning.

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Eastern Credit Management Services

NOVEMBER 22, 2024

Debt collection involves a variety of legal considerations, especially in Atlantic Canada, where regulations may vary by province. Understand Provincial Regulations Each province in Atlantic Canada, including New Brunswick and Nova Scotia, has its own set of rules governing debt collection. Need help with debt collection services ?

Debt Collections 52

Debt Collections Credit and Collections Credit Management 52

Eastern Credit Management Services

NOVEMBER 22, 2024

Navigating the debt collection process can be complex, especially when dealing with specific legal considerations in Atlantic Canada. Initial Contact and Demand for Payment The debt collection process typically begins with an initial contact from the collection agency, which may include a written notice or phone call.

Debt Collections 52

Debt Collections Credit and Collections Credit Management 52

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. The remainder of the review will mirror an initial credit evaluation (here’s more information on Evaluating Credit ).

Credit Application 130

Credit Application Bad Debt Bankruptcy Credit Scoring 130

SAP Credit Management

AUGUST 7, 2023

To effectively manage the emission footprint, we must first measure it – this is where the importance of collecting and measuring emissions comes in. Collecting and measuring scope 3 emissions entails collecting intricate data from a web of suppliers. However, quantifying scope 3 emissions presents a challenge.

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Gaviti

FEBRUARY 4, 2025

With increased interest rates and inflation, businesses are facing increasing pressure to collect cash faster. In 2025, successful businesses will: Analyze payment trends to refine credit terms and collection strategies. Many traditional KPIs, like DSO, are not always a good indicator of collection success.

Average Days Delinquent 59

Average Days Delinquent Credit and Collections AR Metrics DSO 59

Your Virtual Credit Manager

SEPTEMBER 24, 2024

Credit and collections management too often involves simultaneously handling multiple urgent tasks that demand immediate attention. This advice should resonate deeply for anybody involved in credit management, particularly in times of economic uncertainty. it just might help them collect faster and pay you sooner.

Accounts Receivable (AR) 130

Accounts Receivable (AR) Credit and Collections Credit Management Default 130

Gaviti

FEBRUARY 27, 2025

Credit Congress & Expo Dates: May 1821, 2025 Location: Cleveland, Ohio Website: Credit Congress & Expo 2025 Credit is a vital component of accounts receivable health. The National Association of Credit Management (NACM) hosts the annual Credit Congress & Expo, focusing on business credit and financial management.

Invoice to Cash 66

Invoice to Cash Payment Portals Credit and Collections Days Sales Outstanding 66

Your Virtual Credit Manager

JUNE 11, 2024

My first exposure to the power of accounts receivable (AR) automation came in 1990 when I was credit manager at ERICO Fasteners, a mid-market, specialty metals manufacturer. During the 10 years I’d been in business credit, I had never seen anything like it. Photo by ThisssEngineering RAEng on Unsplash In the Beginning.

AR Automation 130

AR Automation DSO Collector Accounts Receivable (AR) 130

Your Virtual Credit Manager

JUNE 25, 2024

Rising Days Sales Outstanding DSO measures the average number of days it takes to collect payment after a sale. A rising DSO indicates that your collections are not matching the rate of new sales, and if that goes on for any length of time, your cash flow will not be able to support the volume of your current business operations.

Bad Debt 130

Bad Debt Credit and Collections DSO Days Sales Outstanding 130