Companies are declaring bankruptcy at a rate not seen since the 2010 recession. And it’s bad news for credit and accounts receivables departments attempting to collect debts. Compared to a year ago, total commercial bankruptcy filings increased 12% year-over-year in January. Subchapter V filings are up 49% and commercial Chapter 11 filings increased a whopping […]
B2B credit departments are steadily embracing new technology and automation. But one area where companies are steadfastly sticking to the past is new credit applications. More than half of credit professionals report 25% or less of their credit applications are online, according to a poll conducted by the National Association of Credit Management (NACM). Just […]
Cloud-based A/R is rapidly becoming a must-have for businesses of all sizes. But where is A/R technology heading, and what should you expect it to do? Here are some key trends where this fintech is evolving. Can your A/R tech do this? When narrowing down vendor offerings, draw a circle around: A/R solutions that are […]
The 2022 End-of-Year Sales Tax Rates and Rules report by tax technology solutions provider Vertex Inc. has both good news and bad news for your finance team. First, the good news: The overall number of sales tax rate and rule changes impacting businesses is the lowest it’s been in eight years, with 542 changes at […]
The start of the new year looks a lot like what we saw over 2022: Businesses are struggling to pay their bills. Late payments are higher than normal and it’s creating a challenge for Accounts Receivable and credit departments everywhere. Thirty-nine percent of credit managers say the No. 1 reason customers are stretching payments further […]
Almost every company faces this scenario at some point: A small to midsize business customer is late making payment for a product or service. Phone calls, emails and letters to the client reminding it of the debt and the terms of the contract go unheeded. Accounts Receivable is stymied. The account is then sent to […]
Plenty of financial gurus lauded the Federal Reserve for hiking interest rates and its stated goal of ratcheting down inflation. After multiple hikes in 2022, the Fed intends to increase the target rate even further in 2023. How high? Seventeen out of 19 Fed officials on the monetary policy committee expect a target interest rate […]
Among the many year-end duties finance teams are working on is identifying an aged account that isn’t likely to pay. This is the type of customer that Accounts Receivable called and wrote to so many times to collect, it was handed off to Collections months ago, but all to no avail. Maybe the customer’s in […]
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 […]
