Your Virtual Credit Manager

APRIL 16, 2024

Despite advances in workflow automation and payment technology, collecting commercial receivables is not getting any easier. In addition, the regulatory environment is growing, as is the number of invoices being disputed by customers. it just might help them collect faster so they can pay you sooner. Share Read more

Accounts Receivable (AR) 130

Accounts Receivable (AR) Debt Collections Credit and Collections Collector 130

Your Virtual Credit Manager

MARCH 19, 2024

If all your customers paid promptly — by the time the invoice was due — you would not need to do any collection work. Collections is a reactive process. The amount of collection activity with which you are tasked is directly proportional to your customers’ payment habits.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Accounts Receivable (AR) 100

Your Virtual Credit Manager

NOVEMBER 28, 2023

You will also need to account for a certain level of disputed invoices. Disputes will delay their payment for weeks or months. Again, previous customer dispute patterns will help inform any adjustments you make for disputes. Forecasts predict if you will have enough cash to meet your expenditures.

Cash Forecasting 130

Cash Forecasting Credit and Collections Accounts Receivable (AR) Invoice Disputes 130

Your Virtual Credit Manager

MARCH 14, 2023

Commercial collections is no different. Collection myths can be found at the very root of bad decisions as well as informing counter-productive activities. Adhering to collection myths more often than not leads to bad outcomes. Simply put, collection myths get in the way of doing the best job possible. Subscribe now 1.

Collector 189

Collector Past Due Invoices Bad Debt Credit and Collections 189

Your Virtual Credit Manager

JANUARY 31, 2023

Some of the reasons for paying slow are more serious than others, but they all impact your cash flow and your collection efforts. There are several keys to effective past due collections and they start with your order-to-cash process. Do that and you eliminate a lot of potential collection issues.

Credit and Collections 246

Credit and Collections Past Due Invoices Bankruptcy Credit Management 246

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? Terms & Conditions As long as your T&Cs are suitable for your business and accepted by your customer, they can be relied upon if your customer is genuinely or spuriously disputing your invoices to delay payment.

Bad Debt 91

Bad Debt Credit and Collections Order to Cash Credit Management 91

Your Virtual Credit Manager

JANUARY 24, 2023

Disputes and Deductions occur when a customer believes an order has not been satisfactorily fulfilled, or it has been invoiced incorrectly. Disputes occur when the customer withholds payment, in part or in full, because they disagree with the bill you have sent them. Ultimately, Disputes and Deductions are an invoice accuracy problem.

Deductions 130

Deductions Accounts Receivable (AR) Credit and Collections Invoice Amount 130

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

Your Virtual Credit Manager

DECEMBER 26, 2023

In our case, we found our readers had an affinity for articles on identifying collection risks and the best ways of dealing with past due balances. Hopefully, these insights will help you with your collection efforts Not a subscriber … why don’t you take advantage of a YVCM subscription?

Collector 130

Collector Credit and Collections Default Third Party Collections 130

Your Virtual Credit Manager

MAY 9, 2023

Should you forecast a cash shortage at any point, you will then have time to: Devise ways to increase your cash inflow, often involving more aggressive collections of your accounts receivable Plan which expenditures can be reduced and/or delayed Not a subscriber … why don’t you take advantage of a free YVCM subscription?

Cash Forecasting 130

Cash Forecasting Accounts Receivable (AR) Invoice Disputes Credit and Collections 130

Credit Management Group UK

JANUARY 23, 2024

Structured and planned credit control can make all the difference Having structured credit control procedures in place can make an enormous difference to collection performance overall. Manage disputes effectively The faster your disputes are resolved, the faster you will receive payment.

B2B Credit 87

B2B Credit Credit and Collections Credit Management 87

Credit Management Group UK

FEBRUARY 18, 2024

The dreaded disputed invoice can cause havoc within any business when trying to find resolution without the correct procedures in place to deal with it effectively. The key to dispute resolution is a combination of a number of aspects, including quick action and appropriate delegation. Contact us today for more information.

Bad Debt 83

Bad Debt Credit and Collections Order to Cash Credit Management 83

Your Virtual Credit Manager

APRIL 25, 2023

Inevitably you will need to initiate collection activities; in other words, start requesting past due customers pay what they owe your firm for goods and/or services provided on credit terms. What are the other tasks that will not get done or be delayed because of the time you devote to collections?

Credit and Collections 130

Credit and Collections Past Due Invoices Collector DSO 130

Your Virtual Credit Manager

DECEMBER 13, 2022

Photo by Icons8 Team on Unsplash Commercial collections is not unlike convincing somebody to buy something, but people with that talent tend to go into Sales. For most people, however, collecting B2B debts is an acquired skill. Those of us who have spent our careers in credit and collections, fell into the profession.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

Your Virtual Credit Manager

MARCH 12, 2024

Are there past due accounts you are trying to collect? How they pay, determines any additional collection costs that will reduce gross margin. The profitability of customers that tend to pay significantly beyond terms or that regularly raise disputes or take payment deductions can be severely impacted.

AR Transformation 100

AR Transformation Credit and Collections Accounts Receivable (AR) Order to Cash 100

Gaviti

FEBRUARY 17, 2024

For some customers, however, you’ll need another strategy altogether for collecting unpaid and overdue invoices: debt collection. The Key Components of Effective A/R Management The main aspect of A/R management is the collections of receivables. Dispute resolution. These include: A streamlined dunning process.

Debt Collections 52

Debt Collections Credit and Collections DSO Invoice Collections 52

Your Virtual Credit Manager

DECEMBER 6, 2022

The solution is the implementation of credit and collection best practices geared to ensure customer profitability and sufficient cash flow. Millions more in disputed amounts was being conceded annually. Collections involves reminding customers to pay when they have missed an invoice due date. Cash is king.

DSO 130

DSO Credit and Collections Bad Debt AR Aging 130

Gaviti

APRIL 8, 2024

Anyone who’s worked in accounts receivables knows how valuable a good collections email template can be. Accounts receivable collections rely on clear communication with customers, both in delivering accurate invoices on time and ensuring those invoices get paid. It also eases the burden of invoice collections somewhat).

Credit and Collections 98

Credit and Collections Invoice Collections Invoice to Cash Invoice Amount 98

Gaviti

DECEMBER 3, 2023

No matter how efficient your A/R collections process is or how effective your communications are, it’s only a matter of time before you’ll have disputes. A human-centered approach to disputes in accounts receivables , with the right technological tools, can both accelerate dispute management and improve your company’s cash flow.

Collector 52

Collector Invoice to Cash Invoice Disputes Invoice Amount 52

Gaviti

FEBRUARY 18, 2024

Employees who aren’t paid on time will find work elsewhere, making it hard to fulfill future customer requests, and send and collect invoices. In many traditional collections teams, each individual collector develops their own process for managing invoices. These include: Lack of a unified process. It’s difficult for them to pay.

Credit and Collections 52

Credit and Collections Deductions Collector DSO 52

Gaviti

FEBRUARY 18, 2024

Employees who aren’t paid on time will find work elsewhere, making it hard to fulfill future customer requests, and send and collect invoices. In many traditional collections teams, each individual collector develops their own process for managing invoices. These include: Lack of a unified process. It’s difficult for them to pay.

Credit and Collections 52

Credit and Collections Deductions Collector DSO 52

Credit Management Group UK

SEPTEMBER 13, 2023

Effective credit management covers the entire Order to Cash, not just collection activity as many wrongly assume. It is essential that any disputes are monitored closely and resolved quickly. It is essential that any disputes are monitored closely and resolved quickly.

Order to Cash 88

Order to Cash Credit and Collections Credit Scoring Credit Management 88

Enterprise Recovery

NOVEMBER 10, 2023

Debt collections between businesses (B2B) is the recovery of overdue payments for goods or services provided to another company. Understanding the intricacies of B2B debt collections is essential for businesses to manage their cash flow effectively and maintain healthy financial relationships with their clients.

Debt Collections 84

Debt Collections Invoice Disputes 84

Your Virtual Credit Manager

JANUARY 3, 2023

Over time, AR Ledgers unfortunately tend to collect “Clutter.” Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late. Over 90 day past due balances and other clutter simply get in the way of day to day credit and collection activities.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

SAP Credit Management

SEPTEMBER 8, 2023

All of the above materials that are created and/or submitted for the Contest are collectively the “Entry” or “Entries”. Acceptance of this offer is your attestation that you, the recipient, are not a public sector employee or government official. (7) 7) LIMITATIONS: Entries by any method other than set forth above in Section 4 are void.

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Gaviti

JANUARY 7, 2024

Understanding the Challenges in A/R Collections Like many ERPs, Netsuite is a leading Enterprise Resource Platform (ERP) designed to optimize various business processes and includes various financial capabilities such as bank reconciliation, management of accounts payables and financial reporting. Inability to track collections performance.

Invoice to Cash 52

Invoice to Cash Credit and Collections Collector Deductions 52

Credit Management Group UK

APRIL 21, 2024

Costs may include: Stationary & other expense Overheads such as heat & rent Salaries for your credit control staff Set up costs Collection costs (i.e. legal fees) Loss of opportunity- Cash tied up with debtors If you are offering credit to your customers, then a significant portion of your cash flow will be tied up in your debtors.

Bad Debt 87

Bad Debt Credit and Collections Credit Management 87

Gaviti

DECEMBER 12, 2023

This may signal that the company’s goods or services are not valuable to customers, that the company is not managed effectively or a difficulty in collecting receivables. At the same time, it centralizes data across the entire A/R cycle including your credit management and monitoring, cash application, and dispute and deductions management.

Credit and Collections 98

Credit and Collections Invoice to Cash Deductions Cash Applicator 98

Credit Management Group UK

JULY 27, 2023

Having strict policies and procedures in place across the business can save you a lot of time and energy when collecting payment or indeed taking legal action. Using Late Payment Legislation as leverage, in my experience, works very well, when used in the correct way, in dealing with overdue invoices.

Credit and Collections 84

Credit and Collections Credit Management Credit Risk 84

Gaviti

APRIL 24, 2024

Dunning workflows are a series of automated emails and actions that A/R teams use to collect invoices from customers. The Dunning Notice: The Foundation of any Dunning Workflow A dunning notice , or dunning letter, is a document sent to customers at various stages in the dunning process to collect unpaid invoices.

DSO 52

DSO Credit and Collections Bad Debt Days Sales Outstanding 52

Your Virtual Credit Manager

SEPTEMBER 13, 2022

If not approved, there should be an attempt to collect the disputed amount to avoid diluting profits, and if not collected, the deduction should be cleared by a bad debt write-off. They also improved the tracking and reporting of open disputes by responsible party. This all seems fairly straightforward, doesn’t it?

Deductions 130

Deductions Credit and Collections DSO Accounts Receivable (AR) 130

Credit Management Group UK

NOVEMBER 9, 2023

Resolve customer disputes quickly Disputes are a key indicator that there is an issue at some stage within the order to cash process; by giving reason codes to disputes they can be measured, and therefore the issue can be quickly identified and resolved.

Order to Cash 73

Order to Cash Credit and Collections Credit Risk Credit Management 73

Your Virtual Credit Manager

JANUARY 10, 2023

Prioritizing risk analysis over collection capabilities makes sense if you are a financing a loan, but trade credit is less of a loan and more of a sales facilitator. While credit policy is important, collection efficiency is critical to any organization extending trade credit. What are these barriers?

Credit and Collections 130

Credit and Collections Bad Debt Invoice Disputes Credit Management 130

Credit Management Group UK

MARCH 21, 2023

Our Improving Collection Performance course focuses more on soft skills needed to be an effective credit controller such as highlighting methods to make telephone collections more successful, covering topic such as active listening, negotiating phases, how to deal with difficult people.

Credit and Collections 99

Credit and Collections Order to Cash Credit Management 99

Gaviti

DECEMBER 5, 2023

Long payment cycles, supply chain shortages and seasonality combined with a reliance on manual processes for collections are just a few factors that propel companies in the transportation and logistics industries to seek a more efficient process for their cash optimization. These challenges include: Manual A/R collections processes.

Average Days Delinquent 52

Average Days Delinquent Collection Effectiveness Index Credit and Collections Days Sales Outstanding 52

Gaviti

DECEMBER 5, 2023

Long payment cycles, supply chain shortages and seasonality combined with a reliance on manual processes for collections are just a few factors that propel companies in the transportation and logistics industries to seek a more efficient process for their cash optimization. These challenges include: Manual A/R collections processes.

Average Days Delinquent 52

Average Days Delinquent Collection Effectiveness Index Credit and Collections Days Sales Outstanding 52

Bectran

FEBRUARY 27, 2024

With AI's ability to process data at unprecedented speed and accuracy, tasks such as cash application, credit, collections and dispute management can be performed more efficiently, freeing up time and resources for more critical tasks.

Credit and Collections 59

Credit and Collections Cash Applicator Credit Management 59