Your Virtual Credit Manager

JANUARY 17, 2023

The bottom line was a 13 percent reduction in Days Sales Outstanding (DSO) over a 6 month period in conjunction with invoice accuracy rising above 90 percent. it just might help them pay you sooner! Revenue or Profits?

Credit and Collections 246

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

Your Virtual Credit Manager

MARCH 14, 2023

Collectors spend most of their time asking for payments While it is true collectors are constantly requesting payment of past due balances, once that request is made they end up spending most of their time resolving disputes and invoice discrepancies.

Collector 189

Collector Past Due Invoices Bad Debt Credit and Collections 189

Gaviti

SEPTEMBER 7, 2023

Most business managers use the standard DSO when running the calculations, but it is also possible to calculate the best DSO. What Is ‘Standard’ DSO? This term describes the average number of days it takes a company to turn invoices into cash. It includes both the current receivables and overdue invoices.

DSO 52

DSO Days Sales Outstanding Past Due Invoices Credit and Collections 52

Your Virtual Credit Manager

SEPTEMBER 10, 2024

Pricing Problems: A supplier of medical devices implemented a new ERP system, but flaws in the pricing application caused it to frequently default to list price (nearly every accounts had exceptions), thereby generating hundreds of incorrect invoices. Customers refused to pay as billed, frequently demanding corrected invoices.

Credit and Collections 130

Credit and Collections DSO Deductions Accounts Receivable (AR) 130

Your Virtual Credit Manager

NOVEMBER 1, 2022

Simply defined, collections is the process of contacting customers to secure payment for your invoices. For the most part collections deals with past due invoices — those not paid within established terms. Automation of the routine emails to the majority of your customers can be achieved easily in a number of ways.

Credit and Collections 130

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

Your Virtual Credit Manager

JANUARY 3, 2023

Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late. Match as many unapplied payments and unapplied credit memos to open invoices, deductions, and debit memos as possible. This included a 100 percent increase in past due collected.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

APRIL 25, 2023

The bottom line was a 13 percent reduction in DSO over a 6 month period in conjunction with invoice accuracy rising above 90 percent. The sales team learned very quickly that eliminating the friction from the billing and payment processes facilitated earlier customer payments, hence larger commissions.

Credit and Collections 130

Credit and Collections Past Due Invoices Collector Deductions 130