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Increasing Sales With Customers You Know Can Pay--A Credit Management Specialty|
This credit management veteran visited a customer with the sales person and--Bingo!--he spotted an opportunity that has increased sales by $12,000 a month. Better yet, it opened a new sales channel for previously hard-to-move product. Not bad for one day's work. Chairs, awnings and other large items are not normally the types of inventory to be front and center in an RV dealer's parts store. Rather, you'd typically find them towards the back right. But they were front and center at a 10,000 square foot particular store. Visiting the dealer with the area salesman . . . keep reading
Turnaround Story: Bringing Chronic Slow Pays in Line With Promissory Notes|
You're not a bank, so why would you want to do business with promissory notes? "Because that may be your best way of handling serious delinquencies while continuing to do business with these customers." That's what happened here when this credit-consultant-turned credit and collection manager took over a dysfunctional department. Read on for a great turnaround story. . . . keep reading
Spotting Risks and Opportunities with Credit Scoring|
High risks are a daily fact of life for this credit management veteran. But, then again, so are promising opportunities. So spotting both are crucial for him. And he's found credit scoring a powerful tool for meeting those responsibilities. Learn what tools this veteran credit exec uses and how they help him cut losses, aid their sales efforts, and find the right risks to take. . . . keep reading
Huge Productivity Gains: Expert Insights Into Remittance Processing Technology|
Applying customer payments in a timely and accurate manner is a key part of the order-to-cash process. Keyed manually into an A/R software module, cash posting can take considerable time. Furthermore, due to lack of information, some payments will be posted on account pending further research (or otherwise tagged to a suspense account or flagged for follow-up). Automated remittance processing systems will greatly reduce the time and labor required to post customer payments and increase the number of postings that are cleared on the first pass. In this article...
. . . keep reading
- A checklist of eight critical issues to consider when analyzing your remittance processes
- A breakdown of the key benefits to automation in each of autocash, EIPP, and credit/debit matching
- The top two factors driving change in the remittance processing arena
- The implications for lock box usage
Use This Chart to Get a Handle on the OTC Process and All Technology Associated With It|
Credit is all about the order-to-cash process, with the emphasis these days on process. It helps to start with the big picture and have a framework, and of course, the "big 3" of that include, credit, collections, and receivables (cash app). But from a strategic and organizational standpoint, there's a lot more detail. And today - when process improvement can make you a hero (or, probably better put, when the lack of it will get you unemployed), it helps to really analyze all that goes on. . . . keep reading
Who's Got Staying Power?|
Plunging oil prices threaten to drag over-leveraged companies in oil, gas and related industries into a vortex of unpayable debt and ruin. For their trade creditors it promises to be a time of both extreme risk and above average opportunity. Back in the 80s when this credit exec was just getting into commercial credit management, his mentor gave him some advice. . . . keep reading
Detecting Bogus Orders--The Smell Test and Much More|
For alert credit management, most fraudulent orders arrive festooned with warning signs. This credit veteran talks about what they are, and then she goes on to detail the procedures that they have established to ensure that even clever fraudsters don't get orders through her organization. . . . keep reading
You Need to Establish Information Pipelines With Customers Taken Over in Leveraged Buyouts|
Tibco Software, Inc. calculated its earnings through the 12 months ending August 31 at $239 million. Vista Equity Partners, which is taking Tibco private in a leveraged buyout, has recalculated those earnings at $378 million. The Wall Street Journal reported that, in projecting this 58 percent increase, Vista factored in "cost savings the buyout would generate." We called Vista is ask what particular cost saving they had in mind. They have not responded. But while the nature of the savings may be vague, the purpose and consequences are perfectly obvious. . . . keep reading
Credit Today Benchmarking Survey: 2014 Unclaimed Property -- Credit Takes the Lead in Handling Unapplied Credit Balances|
We've heard the horror stories of unclaimed property audits and recognize that cash-strapped states are increasingly looking for additional sources of revenue, so we sought to quantify exactly what is going on out there. This survey gathered information on:
. . . keep reading
- What percent of companies have been audited, and of those,
- What percent paid a fine
- What states are doing the auditing (and how often)
- What percent of companies have formal unclaimed property policies
- Who put together those policies
- Any lessons-learned from those who have been through the process
Tech Notes: New Insights for Construction Credit Management and Automated Lien Management|
Credit executives involved in the construction industry face special challenges. Credit risks extend beyond your customer to include projects' physical and financial supply chains. The real risks are obscured unless you can access the Notices of Commencement, Notices of Completion, Mechanic's Liens, and Performance Bonds that are filed on construction projects across the US in each of the roughly 3,000 counties, and that show the true character of your customer and the contractors further up the feeding chain. Here we take a look at some great new tools to help you manage these processes. . . . keep reading
Forecasting Monthly Collections|
End-of-month collections are forecasted at this billion-dollar plus company at the beginning of each month with an average of 96 to 97 percent accuracy. That's been a boon to Treasury's cash planning and a valuable guide for Credit and Sales operations. We explore this forecasting system and extend its creator's invitation to contact him if you'd like to establish a similar system like this at your company. . . . keep reading