Collections and accounts receivable professionals will develop more confidence in their abilities and rank ahead of their peers by following the ASK method. What’s the ASK method? It stands for Attitude, Speed and Knowledge. And it’s a tried-and-true strategy that Pam Fagan, president of Audit Business Services, trains her employees and clients to master. Fagan […]
Whether your year-end closing is this quarter or still months away, your Finance team needs a strategy for keeping stress low and productivity high while generating those annual balance sheets, profit and loss statements and cash flow statements in case there’s an external audit. Calculating the fiscal year’s business expenses, income, revenue, assets, investments, etc., […]
Among all the year-end tasks CFOs and collectors are juggling right now is trying to reconcile accounts due. There may be more pressure this year than ever with a recession and layoffs on the horizon. Bottom line: How a company divides collection workloads may need an adjustment. A recent survey by the National Association of […]
Securing an unpaid debt is challenging enough. The last thing any company wants to do is undermine its efforts by forgetting to cover all the necessary legal bases. A simple one to avoid? The so-called “mini-Miranda” warning required under the federal Fair Debt Collection Practices Act (FDCPA) that apply to credit & collection services and […]
Finance departments need to know what’s going on across the organization. Yet all too often communication channels clog up, with one important team being the last to know important info. And that’s A/R. Picture this: Your A/R point person calls up a new customer whose payment is coming due. He discovers the customer’s order arrived […]
Collecting outstanding debts and maintaining cash flow all comes down to the persistence of you and your Accounts Receivable (A/R) team members. Being seen as “persistent” in your industry is the ideal spot you want to be. On the other hand, being perceived as “aggressive” by customers late to pay a bill can open a […]
Picture this: You’re settling on a new automation program shown to help streamline account data and close payments more effectively. You’re excited about the time it’s going to save your team members and the money it’s eventually going to save your company. The one hiccup? One or more staffers who need to be brought up […]
Since the pandemic began in 2020, B2B cash application – the process of matching a payment from a customer to the corresponding invoice being paid – has been slow and inconsistent at times for many supplier companies. Part of it is caused by supply chain issues, part of it’s due to a remote workforce, and […]
Credit managers are relatively optimistic about the state of the economy these days. But one critical sector in particular is behaving like it’s in a recession – and it’s going to have ripple effects on creditors and supply chain partners. The manufacturing sector’s Credit Managers’ Index (CMI) from the National Association of Credit Management (NACM) […]
