Your Virtual Credit Manager

JANUARY 17, 2023

Inevitably they will need to initiate Collection activities to recover some of this money owed; in other words, contacting delinquent customers and requesting them to pay your firm for goods and/or services provided on credit terms that have become past due. it just might help them pay you sooner!

Credit and Collections 246

Credit and Collections Accounts Receivable (AR) Days Sales Outstanding Past Due Invoices 246

Your Virtual Credit Manager

DECEMBER 31, 2024

In our case, we found a continued interest in collection technique and strategy, as well as in fighting credit fraud. Delaying collection efforts sends a message to customers that late payments are acceptable, establishing a bad precedent. To avoid this, collections should begin within 3-7 days of the due date.

Collector 130

Collector Credit and Collections Bad Debt High-Risk Accounts 130

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.

Credit and Collections 130

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

Your Virtual Credit Manager

SEPTEMBER 17, 2024

For small business executives, and many mid-sized businesses as well, managing collections effectively can be a significant challenge, particularly when time and resources are limited. To improve your collection efforts, you need to first see what is under the hood. Do you need help assessing your customers’ credit risks?

Credit and Collections 100

Credit and Collections Accounts Receivable (AR) Bad Debt Credit Risk 100

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?

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 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.

Accounts Receivable (AR) 100

Accounts Receivable (AR) Credit and Collections Default Cybersecurity 100

Your Virtual Credit Manager

JUNE 27, 2023

Some have good credit, others are clear risks. The first evidence a business fits this persona is when their payment history — both references and credit bureau report — indicates they pay all their vendors promptly. When that happens, it is time to review their credit again.

Collector 26

Collector Credit and Collections High-Risk Accounts Accounts Receivable (AR) 26