Your Virtual Credit Manager

NOVEMBER 19, 2024

Now that we are past the mid-point of November, the end of the year is zooming into focus. Chances are, there is a lot that needs to be done in terms of accounts receivable (AR) management between now and December 31st, especially if you are short of your Days Sales Outstanding (DSO) goals. 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.

DSO 100

DSO AR Metrics Credit and Collections Accounts Receivable (AR) 100

Gaviti

NOVEMBER 21, 2024

Many businesses underestimate the importance of their accounts receivable (A/R) process, assuming they’ll “get paid eventually.” This mindset often leads to underinvestment in collections efforts, and when budget cuts are necessary, accounting departments like collections are typically the first affected. However, maintaining a steady cash flow is essential for business survival, and efficient collections directly impact the bottom line.

Automated Cash Application 98

Automated Cash Application Credit and Collections Cash Applicator Deductions 98

Abrigo

NOVEMBER 18, 2024

Prepare for regulator scrutiny on interest rate risk & liquidity Banks and credit unions that aren't paying attention to these critical issues can expect a tough review. Key topics covered in this post: Regulatory focus Key questons for ALCOs Governance and concentration risks Expect the unexpected Regulators 'could not be more clear' Today’s regulatory climate is turning up the heat on financial institutions when it comes to liquidity and interest rate risk management.

Credit Unions 78

Credit Unions 78

Emagia

NOVEMBER 20, 2024

Robert Shultz has witnessed the remarkable transformation of the credit profession over decades. Reflecting on his career, Shultz recalls, “When I started, we were using punch cards.” Today, however, innovative technologies enable credit professionals to assess entire portfolios holistically—once an unthinkable feat. In a recent episode of Emagia’s AI for Finance podcast, Shultz, a seasoned financial executive and managing partner at Quote to Cash Solutions LLC, discussed how AI-driven technolog

Credit and Collections 52

Credit and Collections Credit Management Bankruptcy Order to Cash 52

Chaser

NOVEMBER 19, 2024

Learn about promissory notes: what they are, key elements, types, uses, and their legal implications in loans and financial decisions.

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Gaviti

NOVEMBER 18, 2024

Automation delivers finance departments many benefits, including accurate predictions and insights related to revenue and sales so that CFOs and their teams can make better business decisions. Despite this, automation in accounts receivable has met its fair share of skepticism from business leaders worldwide. Some of the main concerns include change management and employee adaptability to new technologies, adherence to compliance, how easily the automation technology integrates with other financ

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Bad Debt Bad Debt to Sales Invoice to Cash Credit and Collections 98

Abrigo

NOVEMBER 22, 2024

Evaluating the FRAML approach For years, financial institutions have debated the merits of combining fraud and anti-money laundering (AML) functions into a single department in what's known as a FRAML approach. The idea is simple: bring fraud and AML into one program to boost effectiveness, save costs, and streamline financial crime detection. With fraud rates surging and FinCEN designating fraud as a National Priority , combining these functions under the same umbrella could be a game-changer.

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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. Here’s how. Reduce the Stress of Debt Recovery Debt collection is time-consuming and can strain internal resources.

Debt Collections 52

Debt Collections Small Businesses Credit and Collections Credit Management 52

Due

NOVEMBER 19, 2024

A pharmaceutical company has been instructed to pay $47 million to resolve false federal health care claims allegations. QOL Medical LLC (QOL), alongside co-owner and CEO Frederick E. Cooper, has stumped up the money, bringing the submission of false claims to federal healthcare programs allegations to a close. The allegations were brought about after concerns were raised by Elizabeth Allen, Lauren Canlas, Donald Johnson, and Stacey Adams, former QOL Medical employees.

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Plooto

NOVEMBER 21, 2024

When you run or manage a small business, having the right accountant can be a lifesaver. They can support you in areas that you don’t have the time for or expertise in, from reconciling your books to understanding where your cash flow stands.

Small Businesses 52

Small Businesses 52

Accounting Department

NOVEMBER 20, 2024

Driver-based planning is a type of management that zeros in on a company's key value drivers and key business drivers. It helps create budgeting and business plans based on these factors. The goal of this type of planning is to center on the factors that are important to fueling success. Mathematical models can be created to project business. Driver-based planning is helpful for finance executives when they are planning long-range strategic strategies.

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Eastern Credit Management Services

NOVEMBER 22, 2024

Debt collection involves a variety of legal considerations, especially in Atlantic Canada, where regulations may vary by province. Here’s an overview of what businesses need to know to stay compliant and avoid legal pitfalls. Understand Provincial Regulations Each province in Atlantic Canada, including New Brunswick and Nova Scotia, has its own set of rules governing debt collection.

Debt Collections 52

Debt Collections Credit and Collections Credit Management 52

Due

NOVEMBER 19, 2024

Dell Technologies Inc. and Dell Federal Systems L.P. (collectively Dell) and Iron Bow Technologies LLC (Iron Bow) are set to pay millions of dollars to settle allegations they both overcharged the Army under the Army Desktop and Mobile Computing 3 (ADMC-3) contract. Dell has agreed to pay $2,300,000, and Iron Bow will part ways with $2,051,000 for their role in the scheme to defraud the United States Army.

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CreditStrong for Business

NOVEMBER 22, 2024

When you apply for a credit account, your prospective lender pulls your credit report and initiates a credit check through a process known as a hard credit inquiry. That usually takes points off your score, so it’s best to limit the number of times lenders pull your credit. However, when shopping for a home loan, that doesn’t necessarily apply. If you time them correctly, multiple credit pulls from mortgage lenders count as a single credit inquiry, which minimizes the damage to your score.

Credit Scoring 40

Credit Scoring Credit Reporting Agencies Bankruptcy 40

Accounting Department

NOVEMBER 21, 2024

In the dynamic business world, financial strategy plays a pivotal role in determining success. But what if your small or medium-sized business (SMB) can't afford a full-time financial executive? Enter CFO Support Services —a game-changer for SMBs and startups alike. This blog uncovers the essence of a CFO support service provider, the immense value they bring, and why your business might need one.

Small Businesses 74

Small Businesses 74

Eastern Credit Management Services

NOVEMBER 22, 2024

Navigating the debt collection process can be complex, especially when dealing with specific legal considerations in Atlantic Canada. Here’s a step-by-step guide to help creditors and debtors understand what to expect. 1. Initial Contact and Demand for Payment The debt collection process typically begins with an initial contact from the collection agency, which may include a written notice or phone call.

Debt Collections 52

Debt Collections Credit and Collections Credit Management 52

Due

NOVEMBER 22, 2024

A Michigan woman has been convicted of $1.4 million Medicare kickback fraud. Mary Smettler-Bolton, 71, of Oakland County, was convicted of illegal activities related to the federal healthcare scheme. According to the evidence presented at trial and court documentation, Smettler-Bolton was accused of referring Medicare “beneficiaries to several Metro Detroit home health companies in exchange for hundreds of thousands of dollars in kickbacks.

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CreditStrong for Business

NOVEMBER 22, 2024

Before you go shopping for a loan, you should know where your credit score stands. The first step is to always check your Experian, Transunion, Equifax FICO scores so you know what you’re getting into. When you know what credit tier you’re in, you’ll have a better idea of how to make it to Tier 1 credit if you’re not there already. The credit tier system is basically how an auto lender knows what money factor to assign if you’re applying for an auto loan.

Credit Scoring 40

Credit Scoring Credit Unions Default 40

Emagia

NOVEMBER 19, 2024

What Are Net 15 Payment Terms? Net 15 payment terms refer to a business agreement where the buyer agrees to pay the seller in full within 15 days of receiving the invoice. This arrangement is common in business-to-business transactions and allows companies to offer short-term credit while keeping their cash flow steady. Net 15 is favorable for businesses that need to receive payments quickly.

Small Businesses 40

Small Businesses Transactions 40

Credit Tools

NOVEMBER 21, 2024

The 2,000 customer mark has been crossed by My DSO Manager, representing more than €154 billion in receivables managed over 12 months and more than 25,000 users!

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DSO 40

FundThrough

NOVEMBER 21, 2024

Attributes 263% Revenue Growth to supporting small businesses with consistent cash flow to survive the COVID-19 pandemic and thrive in the years following. Toronto, Ontario, November 21, 2024 — FundThrough today announced it ranked 415 on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech […] The post FundThrough Ranked Number 415 Fastest-Growing Company in North America on the 2024 Deloitte

Small Businesses 59

Small Businesses 59

TreviPay

NOVEMBER 20, 2024

TreviPay’s Risk Management Platform now offers automated buyer onboarding at onset of order-to-cash process, with faster and more localized configurations for foreign markets OVERLAND PARK, Kan., November 20, 2024 — TreviPay , the most-trusted B2B payments and invoicing network, has expanded its order-to-cash (O2C) offering by enhancing the buyer onboarding experience through automation.

Credit Application 64

Credit Application Order to Cash Transactions 64

Emagia

NOVEMBER 20, 2024

What is a Credit Application on Hold? When a credit application is marked as ‘on hold,’ it means that the creditor has paused the approval process due to missing information or further review requirements. Common abbreviations for this status include COH (Credit on Hold) and PA (Pending Approval). Reasons for Placing Credit Applications on Hold Credit applications can be placed on hold for several reasons, such as missing documentation, discrepancies in the provided information, or the need for

Credit Application 40

Credit Application 40

Due

NOVEMBER 20, 2024

In a significant development, Russian President Vladimir Putin has altered the country’s nuclear weapons policy, lowering the threshold for their potential use. This move has sent shockwaves through global financial markets, leading to a notable stock sell-off. The sequence of events leading to this situation began with North Korea’s recent decision to send troops to support Russia in its ongoing conflict with Ukraine.

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Abrigo

NOVEMBER 22, 2024

Strategies for writing a better SAR narrative With over two million suspicious activity reports (SARs) filed annually, how do you write a SAR narrative that will stand out to law enforcement? AML/CFT analysts can spend hours or days filing SAR reports, but every SAR filed is a tool to help law enforcement connect the dots in broader investigations. To make each SAR count, it's essential to understand what makes a SAR narrative effective.

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Cybersecurity 88

CreditStrong for Business

NOVEMBER 22, 2024

Every time someone checks your credit an inquiry is recorded on your credit report. Hard inquiries affect your credit. Soft inquiries do not. Understanding the difference will help you manage your inquiries, protect your credit, and keep track of who is checking your credit. Let’s take a look at hard inquiries, soft inquiries, and how they affect your credit score.

Credit Scoring 68

Credit Scoring Credit Card Companies Insurance Companies Credit Application 68

Emagia

NOVEMBER 20, 2024

Understanding Days Sales Outstanding (DSO) Days Sales Outstanding (DSO) measures the average number of days it takes a company to collect payment after a sale. For Walmart suppliers, optimizing DSO is crucial for cash flow management and operational efficiency. Challenges Faced by Walmart Suppliers Walmart suppliers often face challenges in maintaining favorable DSO due to extended payment terms and high volume of sales.

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DSO Days Sales Outstanding 40

Due

NOVEMBER 19, 2024

The financial services industry is no stranger to artificial intelligence or AI. Financial apps use AI to perform different user tasks and help them make better money decisions. That means, when it comes to AI and personal finance, you get the kind of personalized advice and strategic help that was previously accessible only to the very wealthy. Here’s how you can use this technological powerhouse to manage your money, meet financial goals, and grow your wealth.

Transactions 52

Transactions Credit Scoring Small Businesses 52

Loomis Sayles Credit Research

NOVEMBER 20, 2024

In our view, the corporate health outlook remains solid as we mark the third anniversary of the CANDIs survey. This quarter’s results show an improvement over last quarter’s six-month forward outlook, with corporate resilience strengthening and positive momentum broadening across more sectors. While corporate health may not be as strong as it was a year ago, we expect stability will persist, consistent with the late stage of the economic expansion.

Retail Companies 52

Retail Companies 52

TreviPay

NOVEMBER 21, 2024

Das Kreditmanagement ist ein zentraler Bestandteil des finanziellen Erfolgs eines Unternehmens, insbesondere im B2B-Bereich. Es umfasst die strategische Planung, Überwachung und Steuerung von Zahlungsbedingungen und Kreditrisiken, um die Liquidität zu sichern, das Forderungsmanagement zu optimieren und das Wachstum des Unternehmens zu fördern. Doch warum spielt Kreditmanagement eine so entscheidende Rolle, und wie können Unternehmen davon profitieren?

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DSO Days Sales Outstanding 52