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. The company had maxed out its line of credit and so was having some cash flow difficulties.

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Collector Credit and Collections Past Due Invoices Credit Management 130

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

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.

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Credit and Collections Bankruptcy Past Due Invoices Order to Cash 246

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.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

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.

Past Due Invoices 100

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

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Credit Sales Bad Debt Credit and Collections Credit Risk 130

Your Virtual Credit Manager

OCTOBER 2, 2024

Who absorbs any potential bad debt loss — does the lender have recourse to return the AR if they cannot collect it versus a non-recourse arrangement? Who performs the Credit & Collection activities — you or the finance company? Your Virtual Credit Manager is a reader-supported publication.

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

Your Virtual Credit Manager

JULY 2, 2024

Moreover, if you are trying to collect from a small business, you may have to deal with the owner, who will have a lot on their plate in addition to their debt to your company. New to collections? You should attend Introduction to Business/Commercial Collections on Tuesday, July 16 at 1:30 PM EDT. annualy, forever.

Collector 130

Collector Debt Collections Past Due Invoices Credit and Collections 130

Chaser

SEPTEMBER 30, 2024

Past due carries significant implications in the realm of financial transactions. It signifies unpaid invoices or payments that have exceeded their designated due date, leading to a disruption in the smooth flow of cash within a business.

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Past Due Invoices Transactions 52

Your Virtual Credit Manager

SEPTEMBER 10, 2024

To optimize the order-to-cash (O2C) process, it's crucial to understand the significant role Credit and Collections plays. Photo by Jay Heike on Unsplash ) What happens during the O2C process, however, apart from credit and collection activities, can have an outsized impact on cash flow and AR performance.

Credit and Collections 130

Credit and Collections DSO Deductions Accounts Receivable (AR) 130

Your Virtual Credit Manager

APRIL 4, 2023

Supporting profitable sales through the extension of credit Collecting as much of the AR generated as possible by or near the due date to ensure a substantial cash inflow Mitigating the risk of bad debt losses These tasks are best accomplished in a tidy environment. What constitutes optimization of a company’s AR?

Past Due Invoices 100

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

Your Virtual Credit Manager

APRIL 25, 2023

Inevitably you will need to initiate collection activities; in other words, start requesting past due customers pay what they owe your firm for goods and/or services provided on credit terms. 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

Your Virtual Credit Manager

JULY 16, 2024

Keeping these latter two groups under control requires collection efforts. Photo by Michael Starkie on Unsplash ) At a fundamental level, collections involves contacting customers to collect the money they owe you. Collections becomes more challenging when the customer objects. Keep upping the pressure until you are paid.

Collector 100

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

Your Virtual Credit Manager

MAY 28, 2024

Next comes billing, followed by collections cleaning up all the garbage left by everybody that has gone before. If you remember the Rocky and Bullwinkle cartoons, some seasons there was a parade during the closing credits. The collection role is a lot like that of the little janitor with the big mustache sweeping up behind the parade.

Accounts Receivable (AR) 100

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

Your Virtual Credit Manager

JANUARY 3, 2023

What’s Involved in “Cleaning” an AR Portfolio In a perfect world, your AR Ledger would contain only whole, current invoices; or at least nothing seriously past due. Over time, AR Ledgers unfortunately tend to collect “Clutter.” Please share this newsletter with your small business customers.

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AR Automation Collector Credit and Collections Bad Debt 130

Lendio

JANUARY 11, 2023

When it came to collecting on unpaid invoices, that was my first mentor’s mantra. I’m not talking a week or two: I’m talking about invoices that are a month late or more. When that happens, I take the following steps to getting seriously past-due invoices paid. “It’s your money.

Past Due Invoices 52

Past Due Invoices Credit and Collections Bad Debt Credit Card Companies 52

The Esker Blog

JANUARY 10, 2023

In the wake of the pandemic, CFOs found themselves with a new batch of supply chain and finance challenges — ones that have made it increasingly difficult to manage processes, collect cash and reach your accounts receivable goals. Historically, the processes within collections, cash application and credit management are highly manual.

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

Eastern Credit Management Services

JULY 15, 2019

Fret no longer, as this entry in our blog is going to explore how to deal with customers who keep breaking promises to pay on their past due invoice and how a collection agency can help. They will obtain a promise to pay a past due invoice from their customer and wait for the money to arrive.

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Past Due Invoices Third Party Collections Credit and Collections Invoice Collections 52

Fundera

MAY 24, 2018

Take control of your invoices. Collecting past due invoices can be difficult. The greater the amount on an invoice, the more difficult it will be for your client to pay. While this won’t help you collect past due invoices, it will provide you with cash flow during your off season.

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Past Due Invoices Credit and Collections Invoice Collections Transactions 69

Gaviti

SEPTEMBER 7, 2023

DSO Formula (Ending Total Receivables ÷ Total Credit Sales) x Number of Days What Is the ‘Best Possible’ DSO? The main difference between these two calculations is that best days sales outstanding does not take into consideration past due invoices. Naturally, the smaller the number, the better your performance.

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DSO Days Sales Outstanding Past Due Invoices Credit and Collections 52

Credit & Management Systems, Inc.

JULY 26, 2017

Credit & Management Systems, Inc. will be at the CRF Credit & Accounts Receivable EXPO on Monday August 7, 2017. Stop by and let us show you what’s new in CMS Credit Suite. Attending CRF in Denver? EXPO hours are 12 – 2 pm and 4 – 6 pm on Monday only. Are you taking advantage of these features?:

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Past Due Invoices Credit and Collections Dashboards 40

Emagia

JUNE 19, 2023

Recurring Invoice Businesses use recurring invoices when work continues steadily over a lengthy period of time. Credit Invoice Contrary to other types of invoices on this list, credit invoices are used to provide money to someone rather than to seek it. FAQs In banking, what is an invoice?

AR Automation 52

AR Automation Past Due Invoices Accounts Receivable (AR) Days Sales Outstanding 52

Fundera

NOVEMBER 29, 2019

Many businesses that are profitable on paper fail due to inadequate cash flow. Invoice payment terms not only regulate your business’s cash flow, but they can also impact your customers’ payment habits, including whether or not payment will be collectible at all. Invoice Payment Terms Defined.

Credit and Collections 52

Credit and Collections Past Due Invoices Default Transactions 52

Fundera

JUNE 16, 2020

You call your bookkeeper, and she explains to you that—although sales were outstanding this past month—you’ve only collected about 15% of the amount due from your customers. The rest is within the current collection period, so it’s not that you have a collections problem. The money just hasn’t come in yet.

Credit and Collections 40

Credit and Collections Past Due Invoices Default Small Businesses 40

Your Virtual Credit Manager

JANUARY 21, 2025

Large swaths of the order-to-cash (O2C) process involve credit and collection activities. Broadly defined, the credit’s contributions involve approving new customers for open terms and new orders at the front end of the O2C cycle. Your Virtual Credit Manager is a reader-supported publication.

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Order to Cash Credit and Collections Bad Debt Accounts Receivable (AR) 130