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

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.

78

78

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

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.

78

78

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

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.

Cybersecurity 78

Cybersecurity 78

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 69

Small Businesses 69

Due

NOVEMBER 22, 2024

Defense contractor General Dynamics Corp. (General Dynamics) is set to settle a wage investigation and pay workers $1.4M in damages. The workers in question were thirty-six Mexican engineers employed in San Diego by a subsidiary of the defense contract titan General Dynamics. General Dynamics employs over 100,000 people worldwide and has an estimated annual revenue (2023) of $42.3 billion.

52

52

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

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

Plooto

NOVEMBER 18, 2024

Using technology to run your business is a no-brainer in this day and age. It speeds up processes, helps employees and vendors communicate efficiently, and provides fast, reliable data about all aspects of your business.

59

59

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.

52

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?

DSO 52

DSO Days Sales Outstanding 52

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

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

Due

NOVEMBER 22, 2024

Pioneer researcher, architect, and software engineer Punit Gupta has cybersecurity protocols and infrastructure down to an art form. With over 17 years of work experience and 19 patents in cybersecurity, network security, and remote work-enabling technologies holding close to 500 citations, Gupta’s innovations have redefined digital security. His inventions provide critical defenses against cyber threats, protecting thousands of big-name organizations from attacks like DoS, MITM, phishing,

Cybersecurity 52

Cybersecurity Default 52

Cpcmcredit Blog

NOVEMBER 21, 2024

My opinions on disclosure of commissions were the subject of my earlier post but it has been interesting to see how lenders have reacted to the recent well publicised FCA ruling As you might expect, the lenders who have a stake in the car finance market have been the most reactive (or perhaps “jumpy”) but aside from one lender, who has taken a surprisingly aggressive approach, the market has been muted Its worth emphasising that i’m entirely in favour of disclosing my commissio

52

52

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

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

Due

NOVEMBER 21, 2024

Valenti’s Bakery LLC has been fined $385K by government regulators for safety hazards in its New Jersey workplace. U.S. Department of Labor dove deep into the bakery’s inner workings to find that safety concerns that had lingered from a previous investigation in 2023 had still not been resolved. The Occupational Safety and Health Administration (OSHA) initiated the follow-up inspection in May 2024 after the regulators were not provided with evidence of progress on the hazards.

52

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.

59

59

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 43

Retail Companies 43

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. If you’re considering a merchant cash advance, here’s what you need to know about how they work, why you should avoid them, and what you should use instead to get funding and grow your business.

Credit and Collections 40

Credit and Collections Small Businesses Credit Unions Credit Scoring 40

Due

NOVEMBER 21, 2024

A California physician has pleaded guilty to million-dollar healthcare fraud in Los Angeles. Lilit Gagikovna Baltaian is the person at the center of the guilty plea. Their crime, which took place over the best part of a decade, infringed on the United States Medicare program. Baltaian was investigated by the Human Services Office of Inspector General (HHS-OIG) and the Federal Bureau of Investigation (FBI) for $1,449,050 in damages resulting from fraudulent Medicare claims.

52

52

Emagia

NOVEMBER 21, 2024

What is a Balance Statement? A balance statement, commonly referred to as a balance sheet, is a financial document that provides a snapshot of an entity’s financial position at a specific point in time. This essential accounting tool serves several critical purposes in both personal and business financial reporting. The balance statement effectively outlines the assets, liabilities, and equity of an individual or business, thereby presenting a comprehensive overview of its financial health

Deductions 40

Deductions Credit and Collections 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!

DSO 40

DSO 40

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

Due

NOVEMBER 21, 2024

The traditional strategy of exclusively investing in stocks is scrutinized as multiple indicators suggest a potential shift in optimal investment approaches. Current market conditions and expert forecasts point to the need for a more diversified investment strategy supported by significant market indicators and expert positions. Warren Buffett’s Conservative Position A notable signal comes from Warren Buffett’s current investment stance.

52

52

Emagia

NOVEMBER 21, 2024

Introduction to Account Reconciliation Account reconciliation is a critical process within the realm of accounting and financial management, serving to ensure that the financial statements of an entity accurately reflect its economic activities. The reconciliation definition in accounting encompasses the comparison of two sets of records to identify discrepancies and confirm that the figures align correctly.

Transactions 40

Transactions Invoice Amount Deductions 40

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