Your Virtual Credit Manager
NOVEMBER 14, 2023
If you discuss credit terms with a competitor, you are in violation of anti-trust statutes forbidding price fixing. Photo by Aziz Acharki on Unsplash ) Because Credit Policy is a part of Sales Policy, how you manage credit impacts company profits. How then does your Credit Policy affect your overall profitability?
Your Virtual Credit Manager
FEBRUARY 27, 2024
Here’s a rundown of the issues that arise from misalignment and a lack of risk awareness: Delays Processing Orders : If credit approvals are slow or inconsistent, sales orders may be held up, resulting in frustrated customers, sales reps, and potentially lost revenue. it just might help them pay you sooner!
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Your Virtual Credit Manager
DECEMBER 20, 2022
Share Controlling Credit Risk Increasing sales to high margin customers disproportionately increases total gross profit. Readers of Your Virtual Credit Manager can now access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner Accredit. Here’s how?
Your Virtual Credit Manager
JANUARY 10, 2023
Photo by Patrick Hendry on Unsplash Although defaults resulting in significant bad debt losses are a rare event for trade creditors, much of the focus of AR Management is on credit risk. Banks make money by lending so they pay close attention to the credit risk of the borrower.
Your Virtual Credit Manager
JANUARY 3, 2023
Do not match unapplied credits with open deductions and debits unless there is documentation to relate them or you will be in violation of escheatment laws. Refresh the credit risk ratings and credit limits of customers that have not been updated within the past two years. Update your customer master file.
Your Virtual Credit Manager
APRIL 4, 2023
Supporting profitable sales through the extension of credit Collecting as much of the AR generated as possible by or near the due date to ensure a substantial cash inflow Mitigating the risk of bad debt losses These tasks are best accomplished in a tidy environment.
Your Virtual Credit Manager
MARCH 28, 2023
Volumes have been written about the criteria you should use to make a credit decision. The rigor with which this information is often presented belies the fact most business credit decisions are not that difficult. There is a challenge, however, with the 20 to 30 percent of credit decisions that fall in between.
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