Eastern Credit Management Services

NOVEMBER 22, 2024

Cash flow is the lifeblood of any small business, but late payments and unpaid invoices can create significant challenges. Professional debt collection services can help maintain financial stability without damaging client relationships. This is crucial for businesses that rely on repeat customers or ongoing partnerships.

Debt Collections 52

Debt Collections Small Businesses Credit and Collections Credit Management 52

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.

Days Sales Outstanding 130

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

Credit Management Group UK

DECEMBER 16, 2024

2025 could be the year for your business to improve and grow, however this relies heavily on how effectively your commercial credit management runs. Therefore, at CMG UK, we have compiled a list of New Years resolutions for your to carry forward into 2025 for the benefit of your business.

Credit Management 85

Credit Management Credit and Collections Order to Cash Credit Risk 85

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

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

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Credit and Collections Credit Management Default Small Businesses 130

Your Virtual Credit Manager

APRIL 8, 2025

Photo by Ben Cliff on Unsplash Even before all this turmoil, the business outlook was concerning, in large part due to lingering inflation. Here’s a warning to trade creditor’s from a major commercial credit bureau (from CreditSafe’s Cost of Late Payments report). Do you need help improving cash flow?

Bad Debt 130

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

Your Virtual Credit Manager

MARCH 13, 2023

Your Virtual Credit Manager works with SMBs to root out the system constraints, process inefficiencies and hidden risks that create unnecessary transactional friction, thereby diluting profitability and hindering cash flow. World class receivables management involves efficiently converting orders to cash while minimizing profit dilution.

Credit Management 130

Credit Management Small Businesses AR Automation Credit and Collections 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.

Chapter 11 130

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

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

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

APRIL 16, 2024

Despite advances in workflow automation and payment technology, collecting commercial receivables is not getting any easier. From economic swings to shifting customer habits, business owners must deal with a host of factors impacting their ability to get paid what they’re owed. check, ACH, credit card, etc.),

Accounts Receivable (AR) 130

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

Accounts Receivable (AR) 130

Accounts Receivable (AR) Bad Debt Credit and Collections Bankruptcy 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

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

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

Your Virtual Credit Manager

NOVEMBER 21, 2023

For most small businesses, collections are reactive. In the meantime, routine collections are driven by passive activities, often just a monthly statement. Photo by Kelly Sikkema on Unsplash ) Small businesses need effective ways to remind customers what is owed.

Credit and Collections 130

Credit and Collections Past Due Invoices Small Businesses Credit Management 130

Abrigo

APRIL 22, 2024

Recent dynamics of the small business lending market A deep understanding of the small business lending landscape and potential efficiencies can help banks and credit unions grow their portfolios. You might also like this guide for smarter, faster small business lending.

Credit Unions 97

Credit Unions Small Businesses Credit and Collections Credit Risk 97

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. Please feel free to share this newsletter with your small business customers.

Credit and Collections 130

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

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.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Credit Management Small Businesses 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. Over time, this erodes profitability and financial stability, making it harder to keep the business running smoothly.

Credit and Collections 100

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

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. it just might help them pay you sooner!

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Default Collector 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

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?

Collector 130

Collector Credit and Collections Default Third Party Collections 130

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

NOVEMBER 19, 2024

If that’s the case, collection activities should be at the top of your to do list, because any changes in credit policy and procedures will be too little too late for this year. 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

Abrigo

FEBRUARY 14, 2023

What to know about the CFPB 1071 rule affecting small business loans This post provides answers to some frequently asked questions about data requirements and other changes likely from the new rule. A CFPB 1071 resource page for lenders , content, and educational webinars will walk lenders through requirements and preparations.

Small Businesses 78

Small Businesses Credit and Collections Credit Unions Credit Risk 78

Your Virtual Credit Manager

AUGUST 29, 2023

Effective collections are crucial to maintaining a healthy cash flow and the financial stability of your company. If your business is struggling with cash flow or AR balances are growing, it could be a sign that your collections policy requires updating. There are a myriad of issues that can affect collections.

DSO 130

DSO Credit and Collections Bad Debt Collection Effectiveness Index 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.

Credit and Collections 246

Credit and Collections Bankruptcy Past Due Invoices Order to Cash 246

Lendio

MAY 6, 2024

However, there are still plenty of small businesses that operate exclusively in cash—and will continue to do so for years to come. If you’re trying to decide whether you should accept credit card payments, it’s never been easier. Why accept credit cards? Why you might not be able to accept credit cards.

Credit Card Payments 98

Credit Card Payments Small Businesses Transactions Credit and Collections 98

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

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.

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Chapter 11 Bad Debt Bankruptcy Chapter 7 100

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). Please feel free to share this newsletter with your small business customers. 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

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.

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Third Party Collections Credit and Collections Bankruptcy Bad Debt 100

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 Invoice Amount 49

Your Virtual Credit Manager

FEBRUARY 7, 2023

And yet, at the end of each month, we felt both awkward and put out by the reality of having to chase clients for payments, even though we had worked around the clock so their businesses could succeed. Why not share this newsletter with your small business customers? Getting paid can be a pain. The list can go on.

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AR Automation Accounts Receivable (AR) Credit and Collections Bad Debt 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.

Accounts Receivable (AR) 130

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