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.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Your Virtual Credit Manager

NOVEMBER 5, 2024

In other words, they weren’t collecting everything being sold. Three staff members handled both customer service and collection duties, while the Controller managed credit. For the most part, the customer service team only addressed collection issues when a customer placed a new order, which was woefully inadequate.

Accounts Receivable (AR) 130

Accounts Receivable (AR) Credit and Collections Credit Management Transactions 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

CreditStrong for Business

JULY 29, 2024

If your credit scores aren’t in good shape, it can be challenging to get access to financing for your small business. Fortunately, there are commercial lenders that offer small business loans with no credit check, and in some cases, it can be what you need to keep your business afloat.

Small Businesses 52

Small Businesses Credit Scoring Credit and Collections Invoice Amount 52

Your Virtual Credit Manager

MARCH 12, 2024

As a result, trade credit, where businesses extend financing to customers, is undergoing rapid advancements, but it also poses high risks, especially in assessing creditworthiness, dealing with economic fluctuations, and fraud. Are there past due accounts you are trying to collect? it just might help them pay you sooner!

AR Transformation 100

AR Transformation Credit and Collections Accounts Receivable (AR) Order to Cash 100

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.

AR Automation 130

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

Your Virtual Credit Manager

AUGUST 6, 2024

Extending credit is standard practice if you are selling to other businesses. In the world of business-to-business (B2B) commerce there aren’t many situations where you can require payment in advance or upon receipt of goods or services. Extending credit is therefore a risk versus reward equation.

Bad Debt 100

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

Due

APRIL 15, 2024

America’s small businesses face unprecedented challenges. Small business bankruptcy filings increased 78% over the past year, driven by impending changes to bankruptcy law and ongoing uncertainty about the overall economic outlook. As a business owner, you indeed wish things could be easier.

Small Businesses 84

Small Businesses Bankruptcy Credit and Collections Business Bankruptcy 84

Your Virtual Credit Manager

AUGUST 23, 2022

Photo by CDC on Unsplash Small businesses have to deal with many of the same challenges as larger ones. A key difference (besides volume of transactions) is the lack of labor specialization.

Transactions 130

Transactions Small Businesses 130

The Red Spectrum

MAY 8, 2023

Small businesses are the backbone of the economy. However, starting and running a business requires much capital. As a result, most entrepreneurs depend on small business financing to get their ventures off the ground. In recent years, the small business financing landscape has undergone significant changes.

Small Businesses 98

Small Businesses Credit Scoring Credit and Collections Transactions 98

Your Virtual Credit Manager

JULY 23, 2024

It usually only takes about six months to figure out the segment into which a new business customer will fall. Once each customer’s payment proclivities are known, assigning appropriate monitoring and collection strategies is easily done, thereby ensuring adequate collection coverage. that’s nearly a 30% discount!

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Shared Service Center Small Businesses 130

Your Virtual Credit Manager

MAY 16, 2023

When a commercial account wants to buy your product, chances are they will want credit terms. Business credit, also known as trade credit, facilitates the flow of goods and services between business trading partners. Credit evaluations prevent more bad debts than collection efforts.

Bad Debt 100

Bad Debt Credit and Collections Default Small Businesses 100

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.

Past Due Invoices 130

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

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

DECEMBER 27, 2022

This is why companies continue to sell to business customers that appear to be facing financial difficulty. For example, there are firms burning through their cash reserves that may still be considered worthy of credit on their next order, but not the order that comes in three months from now. it just might help them pay you sooner!

Credit Scoring 130

Credit Scoring Credit and Collections Accounts Receivable (AR) Credit Application 130

MNS Credit Management Group

SEPTEMBER 24, 2023

In addition to giving solicitors instructions to start legal proceedings, we also offer credit management services including sending letters of demand prior to legal action, a service that looks into a company’s history, credit reports, and status reports. When a client owes a business money, consumer collections take place.

Debt Collections 52

Debt Collections Credit and Collections Collector Credit Management 52

Lendio

MAY 23, 2023

When it comes to taxes for small businesses, the questions often come fast and furious. Every small business has unique financial details, so there are no universal answers. Understand Your Business Tax Rate Your business tax rate depends on the type of business you have. How much money will I owe?

Small Businesses 52

Small Businesses Deductions Credit and Collections Bad Debt 52

Lendio

JULY 31, 2023

It’s tempting for small business owners to view accounting as a hassle—some necessary evil. And while it’s certainly not the most exciting part of running a business, keeping up with your small business accounting will pay massive dividends and make you a better business owner.

Small Businesses 52

Small Businesses Chapter 11 Chapter 7 Transactions 52

Eagle Business Credit

JUNE 20, 2024

Financial management is a critical component of any small business. For B2B businesses, financial management involves several specific considerations, including managing cash flow, understanding credit terms, and leveraging financial tools to optimize business performance.

Small Businesses 52

Small Businesses Credit and Collections Bad Debt Credit Management 52

Eagle Business Credit

JULY 26, 2023

Small business owners operate on tighter margins due to the cash flow strain of business growth. In fact, 82% of failed businesses cite cash flow as a reason. As the owner of your own company, you are responsible for meeting payroll, delivering goods or services, and growing your business.

Small Businesses 52

Small Businesses Invoice Amount Credit and Collections Credit Scoring 52

Lendio

MAY 23, 2023

Throughout this guide, we will break down complex accounting concepts and give you step-by-step instructions for entering common transactions. Bookkeeping is the collection of data from various sources and entering it into your company’s accounting system—but there’s more to it than just data entry. What Is Bookkeeping?

Small Businesses 52

Small Businesses Chapter 11 Chapter 7 Credit and Collections 52

Abrigo

JANUARY 24, 2024

Prevent fraud when adopting FedNow Credit unions can prevent fraud as they connect to FedNow. DOWNLOAD Takeaway 1 Preventing fraud is a top concern of credit unions considering adopting FedNow, the new instant payments infrastructure from the Federal Reserve. These include the ability to accept a payment without posting.

Credit Unions 88

Credit Unions Credit and Collections Transactions Cybersecurity 88

Abrigo

MAY 30, 2023

Timelines for small business loan data collection and reporting Deadlines for complying with the new CFPB section 1071 rule requirements for financial institutions to collect data on small business loan activities. But compliance deadlines are tiered. 1, 2024, and report for the first time by June 1, 2025.

Credit Unions 78

Credit Unions Credit and Collections Transactions Small Businesses 78

CreditStrong for Business

AUGUST 23, 2024

Small business owners looking for a way to finance and organize purchases will want to know how to get a business credit card. In addition to having the application information ready in advance, you’ll want to know how both personal credit and business credit scores are considered for approval.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 52

Your Virtual Credit Manager

DECEMBER 19, 2023

Hopefully, that is why you are reading Your Virtual Credit Manager. If, however, there are unpaid invoices that have been allowed to go beyond the 90 day mark, you have a serious collection problem. In most cases (90 percent or more), we find the customer has a valid claim and deserves a credit.

DSO 130

DSO Third Party Collections Credit and Collections Deductions 130

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

Lendio

DECEMBER 14, 2022

Even as a small business owner with no revenue and no credit (or bad personal credit), you might be able to find a startup business loan. Getting A Business Loan With No Credit. Reviewing previous credit history and checking your credit scores helps lenders predict risk.

Credit Scoring 98

Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 98

CreditStrong for Business

JULY 1, 2024

Unfortunately, it’s challenging for new startups to qualify for traditional business loans because they lack business credit. Let’s explore some alternative forms of financing you can use to clear that hurdle and get startup business loans with bad credit. For example, OnDeck’s term loan starts at 29.9%

Credit Scoring 52

Credit Scoring Credit Unions Credit and Collections Nonprofit Organizations 52

Due

MAY 8, 2024

We all know how convenient it is to swipe our credit cards for everyday purchases. adults had a credit card , making it the most common consumer lending product. With 53% of consumers using physical or virtual debit cards, and 37% using physical or virtual credit cards, debit cards and credit cards are the most common payment methods.

Credit Card Payments 52

Credit Card Payments Credit and Collections Transactions Credit Card Companies 52

Fundera

MARCH 7, 2020

In this guide, we’ll break down 10 of the best invoicing software solutions for small businesses—so you have all the information you need to decide what’s right for your business’s needs. 10 Best Invoice Software Options for Small Businesses. per transaction with no hidden or monthly fees.

Small Businesses 99

Small Businesses Credit and Collections Credit Card Payments Transactions 99

Fundera

SEPTEMBER 18, 2018

When a credit bureau computes your credit score, their job is to produce a number that estimates—given your past and current financial history—how likely you are to default on future debts. There are five notable components of a personal credit score. There are five notable components of a personal credit score.

Credit Scoring 93

Credit Scoring Small Businesses Credit and Collections Collector 93

CreditStrong for Business

AUGUST 30, 2024

As a business owner, finding the right credit card is an important step in building your business and getting perks and rewards along the way. But once you have a business credit card, can you use it for personal expenses as well? Is It Illegal to Use a Business Credit Card for Personal Use?

Credit Scoring 52

Credit Scoring Credit Card Companies Credit and Collections Deductions 52

Your Virtual Credit Manager

APRIL 30, 2024

Photo by Freddie Collins on Unsplash ) Trade credit terms are intended to provide a convenience for the customer and unlike most loans are generally unsecured, in large part because they have a short term. Do you need help with Customer and Portfolio Risk Analysis, or are there Past-Due Accounts you are trying to collect?

Credit and Collections 100

Credit and Collections Accounts Receivable (AR) Credit Risk Bankruptcy 100

tillful

JANUARY 11, 2023

A business credit score is similar to your personal credit score in that it serves as a key indicator of your business’s financial health and reliability as a borrower to repay. Why is your business credit score a deciding factor for so many different financial transactions?

Credit Scoring 52

Credit Scoring Credit Reporting Agencies Credit and Collections Small Businesses 52

Your Virtual Credit Manager

JANUARY 3, 2023

Over time, AR Ledgers unfortunately tend to collect “Clutter.” Clutter can also cause new orders to be placed on a credit hold when it otherwise would have been automatically released. Please share this newsletter with your small business customers. it just might help them pay you sooner!

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

CreditStrong for Business

NOVEMBER 22, 2024

For new business owners and small businesses with poor or no credit histories, merchant cash advances can be an easy way to gain access to capital. But in most cases, merchant cash advances can do more harm than good to your business. Here’s a breakdown of how each type works.

Credit and Collections 40

Credit and Collections Small Businesses Credit Unions Credit Scoring 40

MNS Credit Management Group

AUGUST 7, 2023

Lenders are picky about whose businesses they give credit to. A company that does not have a sufficient corporate credit score may struggle to obtain crucial loans. What is a company credit score? Lenders use company credit ratings substantially to determine loan eligibility and interest rates.

Credit Scoring 52

Credit Scoring Credit Risk Credit and Collections Bad Debt 52