article thumbnail

Misalignment Between Credit and Sales Spells Trouble

Your Virtual Credit Manager

For a small business owner or executive, navigating credit decisions can be challenging, especially when they clash with the goals of other stakeholders within the company. It's essential, however, for everybody to recognize that credit decisions also have broader implications across various aspects of company operations.

article thumbnail

The Imperative for Modernizing Trade Credit

Your Virtual Credit Manager

As a result, trade credit, where businesses extend financing to customers, is undergoing rapid advancements, but it also poses high risks, especially in assessing creditworthiness, dealing with economic fluctuations, and fraud. Are there past due accounts you are trying to collect? it just might help them pay you sooner!

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Scenario Of Malaysia’s Debt Collection

MNS Credit Management Group

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.

article thumbnail

Communication, Choice & Control: The Three C’s of a Successful Collections Strategy

Eastern Credit Management Services

In the intricate world of debt recovery, success is not just measured by dollars collected but also by the relationships built along the way. At Eastern Credit Management Services, based in the heart of Atlantic Canada, we understand that communication, choice, and control are the pillars of a successful collections strategy.

article thumbnail

Four Goals Guaranteed to Improve Cash Flow

Your Virtual Credit Manager

Hopefully, that is why you are reading Your Virtual Credit Manager. If, however, there are unpaid invoices that have been allowed to go beyond the 90 day mark, you have a serious collection problem. In most cases (90 percent or more), we find the customer has a valid claim and deserves a credit.

DSO 130
article thumbnail

Cash Flow Vs Profit: What’s The Difference?

Lendio

When you execute a business transaction and receive money, that’s an inflow of cash. Profit looks at the past, present, and future of your business and includes liabilities like accounts receivables and long-term debt, which are expected expenses or future cash. When to prioritize cash flow vs. profit.

article thumbnail

Conducting an exam-proof AML/CFT risk assessment for credit unions

Abrigo

Best practices for your BSA/AML risk assessment Learn top tips for creating a risk assessment to capture your credit union's risk. Has your credit union started your annual process for updating your anti-money laundering/countering the financing of terrorism (AML/CFT) risk assessment?