Your Virtual Credit Manager

FEBRUARY 13, 2024

Clearly, the level of Business Credit Risk is going to remain elevated as we move through 2024, bringing with it the potential for corresponding increases in bad debt and delinquency. Start with your largest customers along with those you know are at risk. For more on credit evaluations, check out this post.

Bankruptcy 130

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

Abrigo

MAY 2, 2024

DOWNLOAD Takeaway 1 Your loan policy sets the tone for the institution's approach to risk appetite, risk tolerance, lending philosophy, and organization of the lending function. This policy serves as a set of guidelines that outline the rules and expectations for the credit function within the bank or credit union.

Small Businesses 88

Small Businesses Credit Risk Credit Unions CECL 88

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. Situations change, both for you and for your customer. Even more likely are changes to a customer’s business.

Credit Application 130

Credit Application Bad Debt Bankruptcy Credit Scoring 130

Your Virtual Credit Manager

APRIL 30, 2024

Payment Terms define when a customer is supposed to pay your invoice for the products and/or services your firm provided. Photo by Freddie Collins on Unsplash ) Trade credit terms are intended to provide a convenience for the customer and unlike most loans are generally unsecured, in large part because they have a short term.

Credit and Collections 100

Credit and Collections Accounts Receivable (AR) Credit Risk Bankruptcy 100

Your Virtual Credit Manager

OCTOBER 17, 2023

Extending credit is the financial backbone of Business-to-Business (B2B) commerce. To avoid unacceptably large credit losses, a system of credit controls and procedures must be implemented. The experts at Your Virtual Credit Manager are ready to help you improve cash flow and reduce AR risks during these challenging times.

Bad Debt 130

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

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

Your Virtual Credit Manager

JANUARY 30, 2024

Photo by Igor Omilaev on Unsplash ) Automated collections increases productivity by providing higher visibility into all things related to a customers AR (invoices, shipping documents, previous collection efforts, and so forth), thereby saving time and driving better decisions. What do you need help with?

Credit and Collections 130

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

SAP Credit Management

AUGUST 4, 2023

This blog shares highlights on Solution Order Management in SAP S/4HANA Cloud, public edition 2308. Watch the following video to get a glimpse of the new features: Credit Checks for Solution Orders Credit checks can be performed against the payer of solution orders. Your Voice Matters!

Credit Management 167

Credit Management Transactions 167

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. Buy Credit Reports But, On the Other Hand.

Credit and Collections 246

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

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. The following table contains data about business formations and failure rates to illustrate these risks: 1 LendingTree analysis of U.S.

Credit and Collections 130

Credit and Collections Bad Debt Credit Risk Bankruptcy 130

Abrigo

APRIL 25, 2024

Takeaway 3 With lower interest rates nowhere in sight, lenders need to monitor and adjust lending and underwriting strategies based on their own institution’s credit risk profile. Almost half sought credit to grow their businesses, and 28% applied to make repairs or replace capital assets.

Small Businesses 88

Small Businesses Credit Unions Credit Risk CECL 88

Your Virtual Credit Manager

DECEMBER 5, 2023

Share Differentiating Your Customers The two most important customer account characteristics that will foreshadow the Collection Strategy you should pursue are: The size of their AR balance Their credit risk profile As a rule, customers that owe you larger amounts of past due AR should receive more and earlier attention than customers who owe less.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Third Party Collections Credit Risk 130

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 87

Bad Debt Credit and Collections Credit Management 87

Your Virtual Credit Manager

MARCH 12, 2024

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. The experts at Your Virtual Credit Manager can help you bring in the cash.

AR Transformation 100

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

Your Virtual Credit Manager

DECEMBER 27, 2022

For example, there are firms burning through their cash reserves that may still be considered worthy of credit on their next order, but not the order that comes in three months from now. A customer can be paying you with no problems, but then their bank line of credit comes up for review and is drastically cut back by the bank.

Credit Scoring 130

Credit Scoring Credit and Collections Accounts Receivable (AR) Bankruptcy 130

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. Subscribe now Learn to Recognize These Red Flags There are two types of credit risk affiliated with selling on open credit terms. This raises the question, what should I do?

Collector 130

Collector Credit and Collections Default Third Party Collections 130

Abrigo

FEBRUARY 14, 2024

Find commercial real estate risks in the loan portfolio Sound risk management practices in commercial real estate lending help lenders manage CRE credit losses and protect the portfolio's profitability. You might also like this podcast, "How to sleep easier at night about your capital and risk levels."

CECL 78

CECL Credit Risk Credit Unions 78

Abrigo

OCTOBER 10, 2023

How industry analysis can improve your credit risk management Understanding your customers' businesses leads to better loan pricing, structure, and risk management. You might also like this webinar series, "Tackling common credit risk questions during challenging times."

CECL 78

CECL Credit Risk Credit Unions Small Businesses 78

Abrigo

JANUARY 30, 2024

Takeaway 3 ThinkBIG conference sessions can help bank and credit union professionals earn required credits for continuing education. Abrigo’s ThinkBIG conferences have been a cornerstone of learning for lenders, risk professionals, and AML/CFT professionals for more than two decades. Don’t take our word for it, though.

Credit Unions 78

Credit Unions CECL Credit Risk Cybersecurity 78

Your Virtual Credit Manager

SEPTEMBER 19, 2023

Recognizing that a customer is in distress putting your receivables at risk is the first step in ameliorating the situation. Now that you understand that your customer has become a liability, it’s time to review their credit worthiness again so you can make informed choices. For more on Red Flags click here.

Credit and Collections 130

Credit and Collections Bad Debt Default Credit Risk 130

Abrigo

JANUARY 24, 2024

Prevent fraud when adopting FedNow Credit unions can prevent fraud as they connect to FedNow. DOWNLOAD Takeaway 1 Preventing fraud is a top concern of credit unions considering adopting FedNow, the new instant payments infrastructure from the Federal Reserve. These include the ability to accept a payment without posting.

Credit Unions 88

Credit Unions Credit and Collections Transactions Cybersecurity 88

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. More About Purchasing Credit Reports On the Other Hand We would be remiss to only state the benefits. As with any change there are pros and cons.

Credit and Collections 130

Credit and Collections Past Due Invoices Collector DSO 130

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. What are these barriers?

Credit and Collections 130

Credit and Collections Bad Debt Invoice Disputes Credit Management 130

Your Virtual Credit Manager

DECEMBER 6, 2022

Photo by VD Photography on Unsplash Every Small to Medium Enterprise (SME), especially if you are a startup SME, has two overriding priorities: Selling your product/service to generate revenue Delivering the goods consistently at a high quality and on a timely basis. This software firm did not actively manage its AR.

DSO 130

DSO Credit and Collections Bad Debt AR Aging 130

Your Virtual Credit Manager

AUGUST 15, 2023

More About Purchasing Credit Reports Use Sequencing and Escalation Once you have settled on how you will segment your customers, it is a simple matter to outline the sequence of collection activities and the timing thereof for each segment and circumstance. New orders trigger a credit hold and a call.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Credit Management Small Businesses 130

Collenda

MARCH 13, 2024

Aryza Decide is a standalone platform meticulously crafted to streamline lending operations, allowing organisations to effectively manage the credit risk journey in-house. Its cloud-based decision engine automates lending decisions, offering unparalleled simplicity and ease of use.

Credit Risk 52

Credit Risk 52

Abrigo

OCTOBER 10, 2023

Learn what other banks are doing to manage. Recent trends highlight four critical areas that banks and credit unions can evaluate to gauge the efficiency of their loan review departments: staffing, collaboration practices, job responsibilities, and talent development.

Credit Unions 78

Credit Unions Credit Risk CECL 78

Abrigo

OCTOBER 10, 2023

Learn what other banks are doing to manage. Recent trends highlight four critical areas that banks and credit unions can evaluate to gauge the efficiency of their loan review departments: staffing, collaboration practices, job responsibilities, and talent development.

Credit Unions 78

Credit Unions Credit Risk CECL 78

Abrigo

OCTOBER 17, 2023

Why change management is vital for banks and credit unions Regulators promote change management to manage risk, but banks and credit unions can also achieve important benefits when they manage change. This article describes recent comments by financial regulators about managing change.

Credit Unions 78

Credit Unions CECL Credit Risk Dashboards 78

Abrigo

SEPTEMBER 7, 2023

Adapt to a dynamic banking environment with real-time lending & credit data Lender dashboards and reports showing the lending pipeline, pricing trends, emerging risks, workflow bottlenecks, etc. You might also like this on-demand webinar, "Identifying emerging CRE risks." help financial institutions adapt quickly to trends.

Dashboards 78

Dashboards Credit Unions Credit Risk CECL 78

Gaviti

SEPTEMBER 6, 2023

At Gaviti, we are committed to providing you with the most cutting-edge solutions to streamline your accounts receivable management processes. Managing credit applications just got a lot simpler and more effective with our new Credit Application Management module.

Cash Applicator 98

Cash Applicator Credit Application Collector Credit and Collections 98

SAP Credit Management

JANUARY 13, 2023

In today’s global economy with increased global trade, multinational corporations across various industries are rethinking and restructuring their supply chain models to distribute their products in a more efficient and agile way to reduce cost and achieve top and bottom-line growth.

Transactions 170

Transactions Credit Risk 170

lsq

MAY 9, 2024

May 9, 2024) – LSQ, a leading provider of working capital and payments management solutions, recently announced the creation of a $25 million supply chain finance (SCF) program with a large Kentucky-based specialty energy company serving the metals manufacturing industry globally. ORLANDO, Fla. LSQ is headquartered in Orlando, Florida.

Credit and Collections 52

Credit and Collections 52

Credit Management Group UK

NOVEMBER 9, 2023

Managing business cash flow effectively is essential to the survival of any business, many things will count towards positive cash flow, here I will be focusing on the credit management aspect of managing cash flow.

Order to Cash 73

Order to Cash Credit and Collections Credit Risk Credit Management 73

Bectran

MARCH 5, 2024

In the dynamic world of B2B credit management, having a solid credit order hold process is essential for financial stability and success. At the heart of this challenge lies one of the most impactful processes in a company's credit workflow: credit order hold processing.

B2B Credit 52

B2B Credit Credit Management 52

Abrigo

MARCH 24, 2023

Best practices for your BSA/AML risk assessment Learn top tips for creating a risk assessment to capture your credit union's risk. You might also like this resource: "BSA/AML risk assessment checklist." READ Takeaway 1 Documentation is one of the most critical aspects of performing a risk assessment.

Credit Unions 78

Credit Unions Cybersecurity Credit and Collections Transactions 78

Know-It Global

DECEMBER 20, 2023

A record-breaking year for signups, over £25 million in late payments collected in platform, key hires made, awesome product updates and even a trip down under all squeezed into 1 year. Running at peak times during May, our aim was to build brand awareness and educate viewers on the all-in-one credit control platform.

Credit and Collections 105

Credit and Collections Debt Collections Credit Management Credit Risk 105