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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."
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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
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Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Corporate Credit Mgr
Fulton Paper Company
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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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Benchmarking Central
Here you'll find Credit Today's Benchmarking Section, one of the most powerful features of your web experience. Look around here to see the results of past benchmarking surveys and participate in our current survey.
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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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Most Credit Executives Still Not Tracking Individual Customer Profitability
By David Schmidt
Gross margins should be a critical element in the credit approval process. A customer buying products that provide your company high gross sales margins will generate more profit than one buying an equal amount of lower margin products, everything else being equal. So you have a lot more flexibility extending credit to high margin, as opposed to lower margin accounts. Looking at the situation from a different perspective, the impact from a low margin account defaulting is much greater than for a higher margin account, thereby justifying a more thorough vetting process. . . .
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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Benchmarking Survey Shows Collection Strategies Meeting and Exceeding Goals Despite Recession: Part 1
The corporate collection function is under more pressure than ever to deliver results, and our survey shows credit and collection pros are more than meeting the challenge. Seventy-eight percent of our sample reported meeting or exceeding their collection goals, and just 4 percent fell far short. Large firms exceeded the average and, somewhat surprisingly, small firms also did well. Included in this report are: - A breakdown of the key demographics for this sample
- Collection coverage based on sales territory, distribution channel or geography
- The relationship between coverage scheme and collection performance
- Whether automation was a factor in the performance of each coverage scheme
- The top four automation tools, all used by more than 50 percent of the survey sample
- Contact made as a measure of collector input
. . .
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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