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Our Subscribers Say...
"Being a part of the Credit Today online community is like having the expertise of hundreds of credit managers at your fingertips. These credit execs are willing to help you solve topical business issues as they arise. In the current environment of ever increasing competing priorities which reduce our opportunities to meet peers out of the office face-to-face, this is the most valuable tool you can have on your desktop! It's important that we have a mechanism to reach out to our counterparts quickly to exchange knowledge as well as to stay on top of industry trends."
- Victoria Artis, Director of Customer Financial Services, Pfizer, Inc.
"Over the last 10 years I've seen Credit Today evolve from a monthly credit publication into a quality source of information and guidance for the B2B credit community. The website, with its user friendly form downloads, will take you from examples of new account credit applications to bankruptcy forms and everything in between.
The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
"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."
Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
"The newsletter, coupled with the website and the ListServ, are to us, more valuable than any other credit publication, bar none. I try to use at least one article out of each newsletter for departmental training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the greatest perk of a subscription is ListServ. I believe Credit Today's ListServ members may be the most knowledgeable Credit brain trust in existence today. I have saved and categorized hundreds of contributions on a wide variety of topics which I refer to often. It's an easy and cost effective way to network and learn."
Doug M. Thomas
Kimberly-Clark Customer Financial Services
"As a corporate credit manager with over two decades of experience, I consider Credit Today to be one of the best credit newsletters. Whether it is because of Credit Today's management, its distinguished panel of advisors, or the caliber of Credit Today's subscribers, it would be fair to say that some of the best and brightest minds in our profession are represented. The credit issues, technologies, news, credit department profiles, etc. are interesting and useful. Credit Today is a valuable reference and communications tool which I look forward to reading each month."
Paul Brunner
Corporate Credit Manager
Mitsubishi Electric Automation, Inc. |
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Credit Today Sample Articles
Thank you for coming to Credit Today's Members-only website.
Here are just a few samples of material you'll find here. Most is available only to Members. Take a look around and enjoy your stay here at Credit Today! We look forward to you joining our community of happy members and becoming a full member yourself soon!
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Leadership Profile: Victoria Artis, Director of Customer Financial Services, Pfizer, Inc.
Being a part of the Credit Today online community is like having the expertise of hundreds of credit managers at your fingertips. These credit execs are willing to help you solve topical business issues as they arise. In the current environment of ever increasing competing priorities which reduce our opportunities to meet peers out of the office face-to-face, this is the most valuable tool you can have on your desktop! It's important that we have a mechanism to reach out to our counterparts quickly to exchange knowledge as well as to stay on top of industry trends. . . .
keep reading
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Survey Results: The Battle For Financial Statement Information
Credit professionals quickly learn that getting most customers to release financial information, much less audited financial statements, is never easy. That does not mean it's impossible; in fact, some firms are very good at getting financial statements. Our latest survey shows that roughly two out of three credit organizations make obtaining financial statement information a priority and are generally pretty good at getting them. . . .
keep reading
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Staff Benchmarking Survey: Three of Four Credit Departments Are Satisfied With Staffing Levels
Despite widespread reports that the credit profession has been downsized and cut to the bone (and perhaps beyond), nearly three of four credit execs believe that their departments are adequately staffed, according to Credit Today's most recent staff benchmarking survey. Nonetheless, on the other side of the coin, the fact that a full 25 percent of credit departments believe they are understaffed is still a very significant figure. And if you're part of that significant minority, it's a real problem. The data from our survey are instructive, whether or not you are fully staffed. Takeaway: Five key strategies for coping if you are dealing with a staffing shortage in credit, collections, or A/R. . . .
keep reading
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Benchmarking Survey: Outsourcing Acceptance Grows Among Users: Part 1
In our initial survey investigating outsourcing practices and attitudes last year, we found that those that have used outsourcing are favorably disposed towards it, while those with no experience remained very skeptical. Our findings this year: - The the dichotomy is growing.
- Organizations that utilize receivables outsourcing are still positive both about specific perceive benefits and in their general attitudes.
- In contrast, the uninitiated continue to hold negative opinions on the impact of receivables outsourcing, and they show no signs of softening their stance.
- Those with a favorable view, while generally very pleased with the benefits they have achieved through the use of receivables outsourcing, are modest in their enthusiasm towards the general concept and remain concerned about the impact on customer relationships.
Read on to find information on- - Activities that are outsourced in their entirety
- Activities that are outsourced in part
- Activities that you plan on outsourcing either in whole or in part
- Excluding third-party collection agencies, do you use an outside service (outsourcing) for any or all of your credit and collection activities?
- Your opinions in regard to outsourcing credit and collection activities?
. . .
keep reading
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Benchmarking Survey: Outsourcing Acceptance Grows Among Users: Part 2
Our readers, from deep within the trenches of trade credit, respond to our detailed questions about their outsourcing experiences. Read on to learn what your fellow credit pros have to say about: - Details of the benefits they have realized from outsourcing
- Cost savings
- Experience with offshoring
- Outsourcing initiatives that have not lived up to their promise
- Plans to discontinue part or all of their current credit and collection outsourcing activities
- Why some have not used outsourcing
- Why control is critical
- What works, what doesn't
- Customer relationships and outsourcing
- Concerns about offshoring
. . .
keep reading
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Benchmarking Survey: Billing & Invoicing Mechanics-Electronic Delivery Will Soon Overtake Paper Invoices: Part 1
By David Schmidt
Paper invoices now account for only 55 percent of the billing process. Moreover, only 22 percent of the 109 respondents to Credit Today's Billing & Invoice Mechanics survey rely exclusively on mailing paper invoices to complete their billing process. In fact, firms with invoice volumes in excess of 25,000 per month have already turned to electronic invoice protocols (61 percent of their volume) as the primary method for billing their customers. Expectations are high that other firms will inevitably follow suit. Read on to learn more about: - Electronic delivery methods
- How much money you can save
- Enrolling your customers
- The average cost to process an invoice electronically
- What methods do your compeitors use to send out invoices?
- And much more
. . .
keep reading
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Benchmarking Survey: Billing & Invoicing Mechanics-Electronic Delivery Will Soon Overtake Paper Invoices: Part 2
By David Schmidt
Survey participants discuss their experiences with electronic billing and invoicing. Learn what your fellow credit pros have to say about their experiences: - The Importance of the Credit Application
- Customer Master File Controls
- Thoroughness Is Critical
- Use a Tracking Device
- Involve Sales and Customer Service
- Best Practice Invoice Processing and Distribution
- Choosing What to Address
- It Isn't Solely Credit's Responsibility
- Collaboration and Coordination are Critical
- System Limitations Often Define What Can Be Accomplished
- Standardize Inconsistencies
- The Advantages of Invoice Accuracy
- The Challenges Posed by AP Invoice Portals
- And More!
. . .
keep reading
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Collection Automation Drives Performance Gains: Part Two
One conclusion that stood out in the analysis of May's Credit Today's Benchmarking Survey on Collection Automation is that, more than ever, cash is king. Companies that have cash have options, whereas those that are leveraged with debt are having a much tougher time of it. As a consequence, AR performance in general and cash flow in particular are critical. No enterprise, especially in these economic times, can afford to see cash flow slump or tolerate bloated receivables. Read on for critical information on the relation of collection automation to: - number of collectors
- number of collectors
- company revenue
. . .
keep reading
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Teaming Up With Sales For Collections
"We do a lot of custom work, and we don't get a lot of money up front." A formula for collection disasters? Not at this company where a credit savvy and collection-motivated sales force keeps delinque . . .
keep reading
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Working With Distressed Customers
Some customers need help, know they need it and ask for it. Others go into denial until they're beyond help. This year you may face the dual challenge of figuring out how to help the first group and how to prevent losses with the second. Here we talk with two experts who have long experience in working successfully with distressed credit customers. . . .
keep reading
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Time for the Tough to Get Going
While very few people anticipated the depth of our current financial crisis, a year ago most recognized that boom times were over and a tougher economic environment lies ahead. In the benchmarking survey we conducted the first quarter of 2008 on the subject of economic risk we asked, "Do you believe we are headed into, or already in, a recession?" At that time 51 percent indicated definitely yes and an additional 35 percent said probably. Of the remainder, only 7 percent did not see a recession on the horizon and another 7 percent were not sure. . . .
keep reading
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Three Ways Warren Buffett Looks for Questionable Accounting
In one of his letters to Berkshire Hathaway shareholders, legendary investor Warren Buffett offered three tips for ways to spot questionable accounting. While the advice is meant for investors, it is equally applicable for all credit execs. The problem this solves is significant. When looking for accounting problems, you've got to know where to start, and if you don't have a valid "filtering" mechanism, you'll have to dig very deeply when examining the financials at all of your accounts. These tips offer a great blue-print for which accounts to examine more closely. . . .
keep reading
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Month-End Credit Reporting Could Use a Makeover
Your month-end report is a regular opportunity, not only to list the status of your receivables, but to describe your challenges and achievements to everyone in the company with actual or potential impact on your department. Are you taking advantage of it? Our latest survey shows that many neglect to present the most useful information in the most compelling formats through the best available distribution channels. . . .
keep reading
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2008 Credit Card Survey: Advice and Lessons-learned For Those Thinking of Setting Up a Credit Card Account
One of the questions in our survey asked respondents if they had any advice for someone thinking of setting up an interface to accept credit cards, but was not sure of how to go about it. We also asked for lessons-learned. Based on the responses to this question, it is quite clear that the devil is in the detail. While the basic concept behind accepting credit cards in payment of commercial transactions is relatively straightforward, any number of peripheral issues can crop up. We've organized the great responses into the following categories: - Evaluating Your Options
- Implementation
- Process Issues
- Unintended Consequences, and
- Success Stories
. . .
keep reading
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This month's topic: Processing of Credit Applications
Click here to participate!
We're examining:
- What information is being captured on credit applications
- What additional information is being requested during the credit app process (such as personal guarantees, financial statements, resale certificates, etc.)
- What the primary challenges are relative to the processing of credit apps
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March 2010
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