Your Virtual Credit Manager

JANUARY 17, 2023

Inevitably they will need to initiate Collection activities to recover some of this money owed; in other words, contacting delinquent customers and requesting them to pay your firm for goods and/or services provided on credit terms that have become past due. it just might help them pay you sooner!

Credit and Collections 246

Credit and Collections Accounts Receivable (AR) Days Sales Outstanding Past Due Invoices 246

Your Virtual Credit Manager

APRIL 2, 2024

Commercial credit scores predict the likelihood of a business fulfilling its financial obligations, particularly regarding debt repayment and trade credit. Commercial credit scores are often not as well understood as consumer credit scores such as FICO.

Credit Scoring 130

Credit Scoring Credit and Collections Bad Debt Credit Risk 130

Credit Management Group UK

FEBRUARY 25, 2024

I ask these businesses each time, if your current collection procedure isn’t working, why are you still using it? You are at risk of late payment and even bad debt if you take on a customer with a poor credit rating, a risk that can be reduced if you credit check them prior to carrying out any work.

Bad Debt 88

Bad Debt Credit and Collections Order to Cash Credit Management 88

MNS Credit Management Group

JULY 12, 2023

Bad debt recovery: What is it? The money that your company receives after writing off bad debt as uncollectible is known as bad debt recovery. When the borrower is unable to repay the lender within the allotted time, the bad debt recovery process is initiated. How may loan risks be diminished?

Bad Debt 52

Bad Debt Collector Debt Collections Credit and Collections 52

Chaser

DECEMBER 8, 2023

Bad debt is the amount of money that a business has not been able to collect from its customers. The direct financial implications of bad debt include reduced cash flow , decreased profit, and increased risk for the company. Bad debt also has an emotional toll on business owners and employees.

Bad Debt 52

Bad Debt 52

Credit Management Group UK

APRIL 21, 2024

The best way of avoiding credit control issues in your business is to ensure that you are paid in full before providing any goods or services. The majority of B2B businesses offer credit terms to their customers. Offering credit to customers does have cost implications to a business and you should be mindful of what those costs are.

Bad Debt 84

Bad Debt Credit and Collections Credit Management 84

Your Virtual Credit Manager

JANUARY 23, 2024

Approving a customer for credit terms is merely the first step in an open credit relationship. Economic circumstances may cause you to tighten your credit policies and customer credit limits. In this case, ongoing Portfolio Monitoring was critical to turning up the customer intelligence that avoided a huge bad debt loss.

Credit Application 130

Credit Application Bad Debt Bankruptcy Credit Scoring 130

Your Virtual Credit Manager

NOVEMBER 29, 2022

Photo by Ralph Hutter on Unsplash Confronted with high interest rates and inflation, and heading into a what is increasingly looking like a recession, small- and medium-sized businesses (SMBs) will probably need to use a Collection Agency more than they have in the past.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Collector Default 130

Your Virtual Credit Manager

OCTOBER 17, 2023

Extending credit is the financial backbone of Business-to-Business (B2B) commerce. Not being paid in full or in part causes a bad debt loss. Not being paid on time reduces profits commensurate with your cost of capital and cost of collections — the longer the time it takes to be paid, the higher those costs.

Bad Debt 130

Bad Debt Credit and Collections Credit Risk Accounts Receivable (AR) 130

Know-It Global

APRIL 26, 2023

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. When you sign up for a free Know-it account you’ll also get a free business credit report!

Credit Risk 98

Credit Risk Bad Debt Credit and Collections Default 98

Your Virtual Credit Manager

AUGUST 8, 2023

Collecting from other businesses begins as a series of reminders followed by administrative tasks to provide your customer with the information they need to pay your invoice, and can also involve reconciling your information to theirs. Later phase collections require a much heavier reliance on problem solving and negotiation skills.

Credit and Collections 100

Credit and Collections Third Party Collections Bad Debt Credit Management 100

Credit Management Group UK

MARCH 4, 2024

Having credit risk processes in place from the outset is ideal, but credit risk management procedures can be implemented at any stage to reduce your exposure to risk of bad debt write off, improve cash flow and protect your profit Below are a few methods to use for managing credit risk.

Credit Risk 93

Credit Risk Bad Debt Credit and Collections Credit Application 93

Your Virtual Credit Manager

FEBRUARY 7, 2023

Looking around us, the Amazons, Netflixes, and HubSpots of the world were billing and charging clients automatically, while our business’s billing and collections looked pretty much the same as it had been done before computers. As invoices age further past due, the probability of a bad debt loss increases.

AR Automation 130

AR Automation Accounts Receivable (AR) Credit and Collections Bad Debt 130

Your Virtual Credit Manager

FEBRUARY 13, 2024

This prediction, although bold, is corroborated by the broader economic data, including escalating corporate bankruptcies, tightening loan standards by banks, and the surge in delinquent debt balances and consumer debt. For more on credit evaluations, check out this post. Here’s more on setting credit limits.

Bankruptcy 130

Bankruptcy Credit and Collections Bad Debt Accounts Receivable (AR) 130

Credit Management Group UK

JANUARY 7, 2024

Have you ever had to write of a bad debt? Have you ever put off taking action on a debt, due to uncertainty? We also include credit risk reporting of your current and prospective customers, as well as monitoring said customers for changes in their credit risk. Do you find it difficult to get paid on time?

Credit Management 86

Credit Management Bad Debt Credit Risk Credit and Collections 86

Your Virtual Credit Manager

OCTOBER 31, 2023

Accounts receivable (AR) represent the amounts owed your business by your customers for the purchase of goods or services delivered on credit. The other factor is the credit worthiness of your customers, which you can impact, but cannot guarantee. Especially in these times of high interest rates and economic uncertainty.

Bad Debt 130

Bad Debt Credit and Collections Accounts Receivable (AR) Credit Risk 130

Your Virtual Credit Manager

FEBRUARY 20, 2024

Financial Health Priorities: Organizations may have specific financial health priorities such as improving liquidity, managing working capital, or reducing credit risk. The experts at Your Virtual Credit Manager are ready to help you improve cash flow and reduce AR risks during these challenging times. Where do you need to improve?

DSO 130

DSO Days Sales Outstanding Credit and Collections Accounts Receivable (AR) 130

Your Virtual Credit Manager

MAY 16, 2023

When a commercial account wants to buy your product, chances are they will want credit terms. Business credit, also known as trade credit, facilitates the flow of goods and services between business trading partners. The purpose behind extending trade credit is to facilitate the sale of some other product or service.

Bad Debt 100

Bad Debt Credit and Collections Default High-Risk Accounts 100

Gaviti

MARCH 4, 2024

Once an invoice hits accounts receivable (A/R), it enters what’s called the average collection period. Other common names include “days sales in accounts receivable,” “average receivables collection period,” or “ days sales outstanding (DSO).” Your average collection period is an important key performance indicator (KPI).

DSO 52

DSO Credit and Collections Days Sales Outstanding Credit Sales 52

Credit Management Group UK

AUGUST 17, 2023

For many businesses, particularly those in B2B businesses, offering credit to customers is a necessity in order to remain competitive. Considering this, every business needs to have procedures in place that determines what payment terms a customer will receive, and how much credit they will be given.

Bad Debt 64

Bad Debt Credit and Collections Credit Management 64

Lockstep

JUNE 15, 2022

For B2B businesses, credit management is essential for accounts receivable (AR) management success. Proper, healthy credit management allows for steady cash flow, better collections management and a manageable days sales outstanding (DSO). . The credit plan will help your organization reduce bad debt and write-offs.

AR Automation 89

AR Automation Bad Debt DSO Accounts Receivable (AR) 89

Know-It Global

JULY 5, 2023

Maintaining a healthy cashflow through credit control is crucial for the long-term success and sustainability of any enterprise, especially against the backdrop of soaring insolvencies and record instances of late payment. One effective strategy for achieving this goal is to implement a robust credit control system.

Bad Debt 52

Bad Debt Credit and Collections Debt Collections Credit Risk 52

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Processing Delays There are several AR activities that often take longer than they should and therefore cause delays: processing credit applications, approving orders, generating invoices, and posting payments. Credit evaluations, however, often take time. In small companies, this may occur due to a lack of credit analysis skills.

Credit and Collections 130

Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

Credit Tools

JUNE 22, 2023

Late payments or deadlines monitor credit and reduce the risk of bad debts. Reminding customers of their financial obligations promotes prompt payment, cash flow and reduces credit risk.

Bad Debt 52

Bad Debt Credit Risk 52

Your Virtual Credit Manager

APRIL 11, 2023

Subscribe now Ten Reasons Accounts Receivables Under Perform Failure to Conduct Credit Checks: Sometimes newer business are so excited to get an order, they fail to check the new customer’s credit, only to end up selling to a deadbeat and not getting paid. Here’s more on Credit Checks.

Bad Debt 130

Bad Debt Credit and Collections Accounts Receivable (AR) Days Sales Outstanding 130

Credit Tools

JUNE 10, 2023

Late payments or deadlines monitor credit and reduce the risk of bad debts. Reminding customers of their financial obligations promotes prompt payment, cash flow and reduces credit risk.

Bad Debt 52

Bad Debt Credit Risk 52

Know-It Global

MAY 8, 2023

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. When you sign up for a free Know-it account you’ll also get a free business credit report!

Credit Risk 52

Credit Risk Bad Debt Credit and Collections Default 52

Know-It Global

MAY 8, 2023

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. When you sign up for a free Know-it account you’ll also get a free business credit report!

Credit Risk 52

Credit Risk Bad Debt Credit and Collections Default 52

Your Virtual Credit Manager

FEBRUARY 6, 2024

As a small business owner or executive, managing accounts receivable (AR) and navigating through various credit decisions is an integral part of the job. After all, credit and collections is essential to the performance of your order-to-cash (O2C) process and cash conversion cycle.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Bad Debt Credit Risk 130

Credit Management Group UK

JULY 19, 2023

Small businesses need to ensure they have the most effective credit management systems and skills to tackle late payment seriously, to avoid becoming one of those statistics. Yet many companies take a ‘sledge hammer’ approach to collecting payment from their customers. Credit management should be ‘customer focused’.

Credit Management 48

Credit Management Bad Debt Credit and Collections Credit Application 48

MNS Credit Management Group

SEPTEMBER 24, 2023

In addition to giving solicitors instructions to start legal proceedings, we also offer credit management services including sending letters of demand prior to legal action, a service that looks into a company’s history, credit reports, and status reports. When a client owes a business money, consumer collections take place.

Debt Collections 52

Debt Collections Credit and Collections Collector Credit Management 52

Your Virtual Credit Manager

AUGUST 22, 2023

The bad news is that nearly 21 percent of last year’s startups will fail this year leaving you with a bad debt on your books if you sold to them on credit terms. This is why age is an extremely important consideration when extending credit. The good news is that this is an increase in potential customers.

Credit and Collections 130

Credit and Collections Bad Debt Credit Risk Bankruptcy 130

aptic

OCTOBER 12, 2021

In the wake of the banking crisis, the European Central Bank (ECB) defined three grades of non-performing loans: past due, unlikely-to-pay (UTP) and bad loans. Today, the UTP category is more relevant than ever in the field of credit management. To identify UTP debts, you need to pick up on the warning signs in good time.

Bad Debt 52

Bad Debt Credit and Collections Bankruptcy Invoice to Cash 52

Your Virtual Credit Manager

JANUARY 3, 2023

Over time, AR Ledgers unfortunately tend to collect “Clutter.” Clutter can also cause new orders to be placed on a credit hold when it otherwise would have been automatically released. Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

Lockstep

JULY 27, 2022

In today’s economy, it is essential to be able to allocate credit where it is needed most. based B2B sales are paid using customer credit, knowing how much credit to extend and to which customers is of dire importance. Issuing too much credit to the wrong customers can lead to disastrous outcomes. .

Credit Scoring 86

Credit Scoring Accounts Receivable (AR) Bad Debt AR Automation 86

Your Virtual Credit Manager

JANUARY 9, 2024

Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics. In fact, once you decide to sell a customer on open credit, most of the accounts receivable (AR) management tasks that follow have a reactive component. There is nothing wrong with that.

Credit and Collections 130

Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

MNS Credit Management Group

DECEMBER 2, 2022

Many businesses that owe money to creditors use debt collectors, who work for a fee or a portion of the total amount collected. Some debt collectors are also debt purchasers; these businesses buy debt below its face value and then make an effort to collect the entire amount owed. Key Takeaways.

Debt Collections 52

Debt Collections Collector Credit and Collections Bad Debt 52