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Our Subscribers Say...
"There are numerous credit periodicals available to the credit professional today. How good is Credit Today? Is it relevant? I always have to read it late, or online because my credit analysts want to read it the minute it comes in. When my staff wants to read a publication before I have a chance to read it then something is working in that publication. We have cancelled our other subscriptions. When you have the best you do not need the rest."
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Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Fulton Paper Company
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Kimberly-Clark Customer Financial Services
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Paul Brunner
Corporate Credit Manager
Mitsubishi Electric Automation, Inc. |
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Credit Management Issues Today
Here, you'll find the critical issues that impact credit management: reducing DSO, handling mergers and acquisitions, analyzing cash burn rates, the importance of working capital, how to use credit applications, sales vs credit, and more. Also, check out our exclusive Credit Department Profiles, where you can learn how some of the world's leading credit departments get things done. To name but a few - MGM, Georgia-Pacific, Welch's, Serta Matress, Hachette Filipacci Magazines, Shell Canada, VF Jeanswear, Phillips-Van Heusen, and Franklin Quest.
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Declining Economy Fuels Requests for Long Term Payment Plans
June 29, 2009, by Riki-Lee Ritz, ABC-Amega
Predictably, the current economic downturn has increased requests for long-term payment plans from customers whose accounts have gone past due. Requests for payment plans are nothing new to credit and collections professionals. It is the frequency and terms of the requests that have changed. . . . keep reading
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The Proactive Crisis Management Drill
"We practice our most frequently occurring credit snags in what we call a 'proactive crisis management drill.' "I give my credit staff a hypothetical situation, they develop their individual responses, and then we meet to discuss the results. If we discover procedures that improve the company's standard approach for the scenario, the new procedure is submitted to management for approval. "Here are our most critical situations and how we handle them: . . . keep reading
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Choosing the Right Credit Policy
Frank DuBrava has more than 35 years of experience in credit management. He has taught credit and financial management courses for over 15 years and serves on the NACM/CRF Education Committee. He has . . . keep reading
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Keeping the Cost of Credit Checks Under Control
"There's no reason why the average credit check cost should exceed $40," says Barbara Sarkis, of Associated Sand and Gravel Co. (Everett, Washington). "Most of ours cost between $20 and $30. They might run more if we need a special D&B report. It can run even more if you buy D&B international reports each time you open an account. Such reports are not necessary for us, because D&B has few reports on the small contractors which are the majority of customers with Associated." . . . keep reading
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When Disaster Strikes
Paying bills on time is the last thing on the minds of customers who have been struck by natural disasters - floods, earthquakes, hurricanes, and tornados. So what do you do when you contact debtors who reply: "How can I pay my bills? My house is in six feet of water!"or "Bills? What bills? They blew away with my house in last week's tornado!" . . . keep reading
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Setting Credit Policy--Consider Your Industry
"How you design your credit policy depends on your industry's particular characteristics," says Joseph M. Jackson, CCE, formerly director of corporate credit and collection for Acme Metals Incorporated (Riverdale, Illinois), and now with MacSteel Service Centers, USA. "You have to make certain the policy protects cash flow without impeding your ability to compete." Jackson lists several characteristics you should consider when setting up your credit policy: . . . keep reading
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Organize To Improve Efficiency
If you have a large staff, one of your primary duties is to delegate assignments. However, if you are the credit department, or have a small staff, you must juggle many activities on your own. Arlene A. Paul, CCE, credit manager for EMC Corp. (St. Paul, Minnesota), says a vital key to success is to be extremely well organized. She shares some examples of efficient procedures and ideas she has adopted: . . . keep reading
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Leadership Profile: Dan O'Neill, CCE, Corporate Director of Credit, Stock Building Supply
Credit Philosophy:It's credit's responsibility to support the sales and profitability goals of a company while protecting assets and maintaining financial integrity. In this industry, especially in this economy, we cannot do this from behind a desk. We establish personal contacts and meet frequently with customers and lenders. Most contractors have limited capital; we have to be in contact with all who make construction possible. The need to get in the flow of money is essential to make sure we can help the builder complete the project and move on. Cash is King, and we have to work closely with all parties to be successful. . . . keep reading
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The Debtor as (Innocent) Victim
When a customer called to complain he'd been "abused" by the collector his agency had assigned to the account, Zippo Manufacturing's Bill Edgar asked for the date and time of the phone call. Then he c . . . keep reading
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The Credit Force Multiplier
Nancy Alfveby manages the credit and collections functions for Malt-O-Meal's nationwide sales with a department staff of only three, including herself. But she's a genuine force multiplier. She draws on the experience of others throughout the company and knowledgeable industry resources. Outside the company there is a continuous supply of vital, factual information from industry trade groups and credit reporting agencies. "It's important to extend yourself as a resource to others, both within your company and within your industry," . . . keep reading
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Changing Credit Terms as Price Discrimination
By Ann Morales Olazábal, MBA, JD
The Situation Tracy Industries had extended net 30-day credit to Garret Brothers Distributors for years. Monthly sales averaged over $60,000, and payments had always been prompt. Last Janu . . . keep reading
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