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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Thales Navigation, Inc.
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Fulton Paper Company
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Doug M. Thomas
Kimberly-Clark Customer Financial Services
Credit Today's Best Practices For Credit, Collections, and Accounts Receivable Management
Here you'll find Credit Today's exclusive Best Practices for procedures throughout the entire order-to-cash process, including credit, collections and A/R!
The Best Practice Series: Installment XV: Notifying Customers of a New Lockbox Address Is Not Something To Be Taken Lightly|
Consolidating customer payments is often done through a lockbox or lockbox network and is critical to a company's cash flow. Sometimes, there is a need to change a lockbox address or other payment address, which can, in turn, affect cash flow if customers do not up-date this address in their AP file. Besides increasing mail float and otherwise delaying the receipt of payment, it becomes an administrative hassle following up with customers trying to get them to change your payment address in their system. This Best Practice Installment covers:
. . .
- the principles surrounding this best practice
- the benefits of following our recommended best-practices
- Nine specific Credit Today recommendations for changing your lockbox
- What performance measures you'll want to use to measure your progess and ensure you're on the right track
Best Practices in Credit Revisited|
It is no great surprise that the pace of change, even in the credit vocation, continues to accelerate and what seemed new and novel just a little while ago is now convention. What has not changed is the pressing need for credit professionals to stay up-to-date in order to leverage the latest and greatest technology, processes and people just to keep pace. . . .
The Best Practices Series: Installment XV, Handling and Filing Bankruptcy Claims|
Bankruptcies serve a necessary function in the free enterprise system. They provide a legal means to, as equitably as possible, either reorganize or redistribute the assets of failed enterprises. From a creditor perspective, however, the bankruptcy process provides a last opportunity to recover what you can from your terminally ill customers. Doing so requires an understanding of the bankruptcy laws and processes and, most importantly, a methodology for insuring that the necessary steps are taken to protect your company's interests. In this Best Practice installment, you'll learn:
In addition, we've included a case study with some great ideas. . . .
- The three primary benefits of implementing best practices for bankruptcy claims
- Our eleven recommendations for procedures to implement when filing bankruptcy claims
- Six metrics to track to monitor how well you're measuring up
Best Practices Today, Part XIII: Establish
Comprehensive Credit Controls to Minimize Vulnerabilities|
Most discussions of credit controls focus on credit limits and all the related factors that affect credit risk and therefore the assignment of credit lines. That is all well and good, but if you only look at credit limits you can still fail to address process issues directly related to the remediation of customer risk. Internal system weaknesses and staff performance shortcomings pose risks that ultimately affect your recovery rates. Credit controls help you avoid those situations. . . .
The Urgency of Invoice Accuracy and How to Ensure It|
One of the best things you can do in credit is to ensure your invoices are accurate. This month's Best Practices Feature focuses on best practices in invoicing: why that's so important, what the best practices are; how, specifically you can get there; what to measure to ensure you stay there. Gen . . .