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.

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Debt Collections Collector Credit and Collections Bad Debt 130

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.

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

Credit Management Group UK

DECEMBER 27, 2023

Here are our frequently asked credit management questions for December. Confidential invoice finance providers will want to see that your credit management processes and procedures are clear and appropriate for the business, as this will pose less risk for them in offering you finance.

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Credit Management Credit and Collections Order to Cash 52

Know-It Global

NOVEMBER 10, 2022

Thinking about outsourced credit control? Credit control is the solid foundation that a finance team should be built around. Outsourced credit control. And it’s only at this point they recognise the magnitude of having a sound credit control process mapped out and followed.

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Credit Management Credit and Collections 98

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.

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Collector Past Due Invoices Credit and Collections Bad Debt 189

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

Gaviti

MAY 9, 2023

We are thrilled to announce the launch of our latest addition to the Gaviti accounts receivable collections platform: the Credit Management Module! At Gaviti, we understand how crucial it is for you to maintain a healthy cash flow, minimize credit risk, and ensure timely payments from your customers.

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Credit and Collections Credit Management Dashboards Payment Portals 52

Credit Management Group UK

APRIL 11, 2023

Using the credit management tools available to you effectively can greatly increase your chances of getting paid more quickly. Making small changes to your collection strategy to incorporate all tools at your disposal can make a big impact on your collection performance.

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Credit Management Credit and Collections Bad Debt 93

Your Virtual Credit Manager

AUGUST 15, 2023

Consequently, your collection process needs to adapt to each situation if you are going to realize the best outcomes possible. A one size fits all approach to collections will not achieve as high a level of recoveries and cash flow as a strategic approach to collections. That’s the reason for collection strategies.

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Credit and Collections Accounts Receivable (AR) Credit Management Small Businesses 130

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.

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

Credit Management Group UK

JUNE 28, 2023

The trick is to know how to plan invoice collection. Ensure you have all information ready prior to this call so that any questions that pop up during your conversation can be answered straight away, avoiding delays to you in getting paid. For smaller value invoices, use a letter or email cycle to collect payments.

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Credit and Collections Invoice Collections Credit Management 89

Your Virtual Credit Manager

MARCH 5, 2024

Finding the time and resources to accomplish all the collection activities required to do a good job is a constant challenge. Most small companies come up short because when there isn’t a dedicated employee responsible for credit and collections, the owner or CFO have more important things to do.

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Past Due Invoices Credit and Collections Collector Accounts Receivable (AR) 100

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

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

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

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

SAP Credit Management

JANUARY 16, 2023

In order to simply and make content consumption easier I have created a centralized page, a single source of the available information regarding SAP HANA persistence. More information can be find: SAP HANA, express edition and SFLIGHT demo database, modeling – Complete Tutorial. Release Information. Prerequisites. Background.

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Credit Management Group UK

MARCH 7, 2023

Some of the most common credit management issues are relatively easy to overcome; here I detail the top five issues, and how they can be resolved. I recommend businesses have collection strategies for their different customer types with timed actions and the end result being suspension of account and legal action.

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Credit Management Credit and Collections Credit Risk 104

Your Virtual Credit Manager

NOVEMBER 28, 2023

Forecasting cash receipts from AR starts with a listing of every invoice owed you by every customer (net of any payments already made and credit memos issued). Again, previous customer dispute patterns will help inform any adjustments you make for disputes. Forecasts predict if you will have enough cash to meet your expenditures.

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Cash Forecasting Accounts Receivable (AR) Credit and Collections Invoice Disputes 130

Your Virtual Credit Manager

NOVEMBER 29, 2022

Photo by Ralph Hutter on Unsplash Confronted with high interest rates and inflation, and heading into a what is increasingly looking like a recession, small- and medium-sized businesses (SMBs) will probably need to use a Collection Agency more than they have in the past.

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Credit and Collections Accounts Receivable (AR) Default Collector 130

Onguard

OCTOBER 19, 2023

Credit management has undergone a significant transformation in recent years. Whereas credit management was previously seen as the back office’s grab-can, today it is an essential part of an organisation’s financial strategy. But data-driven working within credit management is not easy to achieve.

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Credit Management Credit and Collections 52

Credit Management Group UK

JULY 19, 2023

Small businesses need to ensure they have the most effective credit management systems and skills to tackle late payment seriously, to avoid becoming one of those statistics. Yet many companies take a ‘sledge hammer’ approach to collecting payment from their customers. Credit management should be ‘customer focused’.

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Credit Management Bad Debt Credit and Collections Credit Application 50

Your Virtual Credit Manager

DECEMBER 13, 2022

Photo by Icons8 Team on Unsplash Commercial collections is not unlike convincing somebody to buy something, but people with that talent tend to go into Sales. For most people, however, collecting B2B debts is an acquired skill. Those of us who have spent our careers in credit and collections, fell into the profession.

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Collector Credit and Collections Past Due Invoices Credit Management 130

Onguard

OCTOBER 31, 2023

Credit management, a term often associated with the finance department, turns out to be a dynamic process involving several departments within an organisation. Let’s face it, manual credit checks and invoice processing can be time-consuming and error-prone. Think sales, marketing, customer success and IT.

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Credit Management Days Sales Outstanding Credit and Collections DSO 52

Your Virtual Credit Manager

NOVEMBER 14, 2023

Credit Policy is an inextricable part of a company’s Sales Policy. If you choose to sell on open credit, the terms you offer are in effect part of the price. If you discuss credit terms with a competitor, you are in violation of anti-trust statutes forbidding price fixing. What’s Right for Your Firm?

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Credit Sales Bad Debt Credit and Collections Credit Risk 130

Your Virtual Credit Manager

JUNE 6, 2023

People who are new to business collections are inclined to fall into one of several patterns. Seldom does a new collector appreciate the need for a balanced, holistic approach to debt collections. In time, as they become more familiar with the process of collecting, their productivity increases.

Debt Collections 100

Debt Collections Collector Credit and Collections Default 100

Your Virtual Credit Manager

AUGUST 8, 2023

Collecting from other businesses begins as a series of reminders followed by administrative tasks to provide your customer with the information they need to pay your invoice, and can also involve reconciling your information to theirs. To be effective at this requires good process and time management. Subscribe now 1.

Credit and Collections 100

Credit and Collections Third Party Collections Bad Debt Credit Management 100

Your Virtual Credit Manager

JANUARY 2, 2024

Contacting customers to pay past due amounts (collecting) is an essential element of accounts receivable (AR) management. For most firms, late customer payments are a frequent occurrence and collecting them can be a difficult task. Collections also has to be done effectively with minimal alienation of customers.

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

Your Virtual Credit Manager

AUGUST 27, 2024

Imagine a world where extending trade credit was completely risk-free, and granting open terms of sale to business customers required no second thought. In such an ideal scenario, every customer would have both the ability and the integrity to pay their bills in full and on time, eliminating any need for a credit management.

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Accounts Receivable (AR) Credit and Collections Default Cybersecurity 100

Your Virtual Credit Manager

NOVEMBER 1, 2022

Photo by Kenny Eliason on Unsplash Effective collections is the single most important factor for achieving reliable cash inflows. Effective collections can also reduce bad debt losses by compensating for a liberal or weak Credit Control function. The solution to the collections challenge therefore starts with Prioritization.

Past Due Invoices 130

Past Due Invoices Credit and Collections Bad Debt Accounts Receivable (AR) 130

Regal Credit Management

OCTOBER 15, 2024

These letters often claim that the sender has compromising information about the recipient and use fear tactics to demand payment or action. While the threats are typically baseless, the real concern lies in the amount of personal information these scammers have—information they likely obtained from data broker reports.

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Cybersecurity 98

Onguard

APRIL 28, 2023

Using credit management software makes it possible to bring together all customer information and generate a comprehensive customer profile. Read further and discover how Visma | Onguard’s credit management solution can help your organisation streamline its customer journey. We explain that in the blog below.

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Credit Management DSO Credit and Collections Order to Cash 52

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

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 ).

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Credit Application Bad Debt Bankruptcy Credit Scoring 130

Credit Management Group UK

JANUARY 25, 2023

For more information please look at our outsourced collections for construction by clicking here The post Welcome to Our New Commercial Credit Management Q&A blog appeared first on Credit Management Group UK.

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Credit Management Credit and Collections 71

Emagia

MARCH 15, 2024

Managing credit risk for B2B customers is critical for seamless order to cash (OTC) and working capital cycles. Businesses that follow traditional reactive strategies in OTC processes may find it difficult to collect at-risk future invoices, likely leading to large invoices going delinquent.

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Credit Risk Default Credit Management Credit and Collections 52

Emagia

MARCH 15, 2024

Managing credit risk for B2B customers is critical for seamless order to cash (OTC) and working capital cycles. Businesses that follow traditional reactive strategies in OTC processes may find it difficult to collect at-risk future invoices, likely leading to large invoices going delinquent.

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Credit Risk Default Credit Management Credit and Collections 52

Onguard

AUGUST 9, 2023

Which FinTech technologies are transforming the credit management process? Digital transformations: the future of credit management Big data & AI Expectations of big data and artificial intelligence (also known as artificial intelligence or AI) have been high for years.

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Credit Management Credit and Collections Invoice Amount DSO 52