Year-end close is when many finance teams are vulnerable to burnout from a seemingly endless, high-priority to-do list of generating annual balance sheets, profit and loss statements and cash flow statements. So if your year-end closing is this quarter, or…
Credit and Collections
"Ghosting" isn't just a phenomenon in the dating world. Credit departments are increasingly being ghosted by customers who may be struggling to pay multiple creditors. In some cases, these "disappearing act" clients were granted credit extensions by businesses. Failure to…
Extending credit to customers is riskier than ever. Whether it's an existing customer looking for more favorable terms or a newer client a company doesn't have a track record with, it's best to obtain as much info about the customer's…
Just as consumers are finally cutting back on spending, we can count on B2B customers to do the same, across all industry sectors. The good news? Companies that offer superior products and services and can easily demonstrate their expertise will…
Smart and efficient credit risk management is critical to the bottom line. It's especially important if you're like the many companies that are offering the convenience of B2B e-commerce to customers. Consider these insightful industry research findings: In its 2021…
Corporate bankruptcy rates are at Great Recession levels last seen in 2009-10. The worse news? The year's only a little more than half over. CEOs, CFOs, credit departments and Sales team members need to be aware of the higher risks…
Your finance staffers watch for duplicates and other payment slip-ups all year long. But why should they be especially cautious this month? July represents the peak time of year in terms of invoices processed, according to research from Concur. And it was during July…
More and more businesses are relying on email over phone calls to collect from past-due accounts. Email is faster and more direct than trying to connect with a late payer on the phone. Of course, people can ignore a collections…
2023 promises to be a very challenging year for Accounts Receivable departments. The word from many in the A/R and credit & collections arena is that customers are stretching payments as far as possible, and past-dues are surging. Inflation and…
Can automated payment systems be guilty of discriminating against certain groups of people? The federal government says yes, they absolutely can - and the feds plan to fine and possibly prosecute companies that rely on automated systems to do business.…
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…
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…
