Your Virtual Credit Manager

JANUARY 31, 2023

There are several keys to effective past due collections and they start with your order-to-cash process. When collections do occur, you then need an organized process that gives priority to the largest balances, the riskiest past dues, and following up on previous collection activities.

Credit and Collections 246

Credit and Collections Bankruptcy Past Due Invoices Credit Management 246

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

RMAi Blog

JANUARY 20, 2023

January 20, 2023 (Sacramento, CA)  – Finvi demonstrates their support of RMAI and the receivables management industry through a Gold sponsorship of the 2023 RMAI Annual Conference. Year after year, RMAI delivers rich and relevant content to the receivables management industry through its Annual Conference,” said Andersen. “I

Law Firms 234

Law Firms 234

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. it just might help them pay you sooner!

Credit and Collections 130

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

Your Virtual Credit Manager

JANUARY 23, 2024

Consequently, where the risks are concentrated in your AR portfolio can change significantly from year-to-year, which is why you need to have a program that involves both periodic account reviews and portfolio monitoring. The challenge inherent with Account Reviews , especially as your customer-base grows, is finding the time.

Credit Application 130

Credit Application Bad Debt Bankruptcy Credit Scoring 130

Your Virtual Credit Manager

JANUARY 16, 2024

Time is as much an enemy as anything else when you are charged with collecting past due accounts receivable (AR), so it is crucial you don’t waste time by making mistakes, which will also serve to elongate the collection process. Late payments and even non-payment are simply inevitable.

Debt Collections 130

Debt Collections Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

SEPTEMBER 19, 2023

Photo by Elisa Ventur on Unsplash ) There are several situations that might explain this behavior: Companies that are under-capitalized often rely on their accounts payable (their suppliers’ receivables) as a source of capital by delaying payment. For more on Red Flags click here. For more on Red Flags click here.

Credit and Collections 130

Credit and Collections Bad Debt Default Credit Risk 130

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Effectively managing accounts receivable (AR) is essential for a company's financial well-being. Poor receivables performance affects cash flow, and it is no secret that cash flow problems are the leading cause of business failures. The greater the number of payments you receive daily, the greater this problem will be.

Credit and Collections 130

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

Your Virtual Credit Manager

SEPTEMBER 26, 2023

Your accounts receivable (AR) and cash balances as of December 31, 2023, are very important numbers. Other firms often pay slower just because their AP staff and the invoice approval authorities are on holiday or taking vacation time, which causes delays in the Accounts Payable (AP) process.

Credit and Collections 147

Credit and Collections Accounts Receivable (AR) Deductions Collector 147

RMAi Blog

MARCH 2, 2023

of the Receivables Management Certification Program (RMCP) after a lengthy development and review process. Creating a specialty certification for process servers. Applications received prior to this date will not require a Pre-Certification Audit. Launches Certification Version 11.0 From Version 1.0 to Version 11.0,

Law Firms 130

Law Firms 130

RMAi Blog

MARCH 1, 2023

March 1, 2023: Receivables Management Association International (RMAI) is pleased to launch another new educational resource for the accounts receivables management industry, An Overview of Bankruptcy for the Accounts Receivables Management Industry.

Bankruptcy 130

Bankruptcy 130

Your Virtual Credit Manager

NOVEMBER 28, 2023

Cash forecasting is the process used for projecting how much cash you will have on hand in the future. The impact on your workforce if you delay payroll, in today’s labor tight market, can seriously deplete your workforce not to mention the morale of those who stay — and it probably won’t be your best people who stay.

Cash Forecasting 130

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

Your Virtual Credit Manager

DECEMBER 20, 2022

A better metric is customer profitability, which is generally accepted as a customer’s true “value” to their supplier. A sure path to business success involves selling more to your best customers. Unfortunately, your ability to substantially increase sales to these accounts may prove difficult.

Deductions 130

Deductions Credit and Collections Bad Debt Credit Risk 130

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. Because AR constitutes one of largest assets on your books, proactively managing accounts receivable is crucial for the financial health of your business. Nobody anticipated Covid.

Bad Debt 130

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

Your Virtual Credit Manager

MAY 30, 2023

Furthermore, 73 percent of organizations reported transitioning from paper to electronic payments in the AFP Survey — Covid helped accelerate this process. Furthermore, 73 percent of organizations reported transitioning from paper to electronic payments in the AFP Survey — Covid helped accelerate this process.

Electronic Funds Transfer 130

Electronic Funds Transfer Credit and Collections Vendor Portals Order to Cash 130

SAP Credit Management

AUGUST 15, 2023

Prerequisites: Before we enter into the integration flow, make sure you have the following prerequisites in place: SAP BTP Account (Trial or Enterprise) SAP Cloud Platform Integration (CPI) Basic Knowledge in CPI Note: Make sure to provide all the roles to authorize your user in BTP under the Role section for Integration Suite Access.

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144

RMAi Blog

JANUARY 18, 2023

When determining who to contact first in a dialing strategy, many agencies use a propensity to pay (PTP) or collect score to concentrate on the accounts with the most potential for payment. Delays in the collection process lower urgency and create missed opportunity for payment, which reduces liquidation. .

246

246

SAP Credit Management

JULY 16, 2023

Vendor customer is are the role which is done by business partner It is mandatory in conversion ECC to S/4HANA, Business Partner must be assign to customer and vendor in ECC. CSA uses account groups in financial statements to increase their flexibility and to enable you to use a financial statement for multiple clients.

Credit and Collections 147

Credit and Collections Transactions Credit Management 147

Your Virtual Credit Manager

DECEMBER 12, 2023

The other prominent challenge is administering the contracting, billing, and receivables management processes supporting the recurring revenue. The other prominent challenge is administering the contracting, billing, and receivables management processes supporting the recurring revenue. So what happened?

Days Sales Outstanding 130

Days Sales Outstanding DSO Credit Management Small Businesses 130

Your Virtual Credit Manager

DECEMBER 5, 2023

This misguided search for a singular understanding applies to many things, including collecting Accounts Receivable (AR). Keeping it simple is the best way to optimize your results. How do you determine which customer types merit which collection protocols?

Credit and Collections 130

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

SAP Credit Management

SEPTEMBER 7, 2023

Particularly fast-growing organizations have the need to follow a “post-modern ERP strategy” – which means that they differentiate between their operational and their administrative ERP capabilities. We are here to support customers solving their day-to-day business challenges and equip them best to steer their company.

Revenue Recognition 226

Revenue Recognition Order to Cash Invoice Collections Cash Applicator 226

Your Virtual Credit Manager

NOVEMBER 21, 2023

Most businesses will send out a monthly statement generated by their accounting software to all customers that have a balance on account at the end of a given month or who have paid their balance in full since the previous statement. For most small businesses, collections are reactive.

Credit and Collections 130

Credit and Collections Past Due Invoices Small Businesses Credit Management 130

Your Virtual Credit Manager

JULY 25, 2023

The other option you have involves improving the performance of your accounts receivable (AR). Interest rates are high, which makes borrowing less attractive. It is best understood in relation to Best Possible DSO (BPDSO) which is essentially what your DSO would be if every customer paid on time.

Best Possible DSO (BPDSO) 130

Best Possible DSO (BPDSO) DSO Cash Forecasting Credit and Collections 130

Your Virtual Credit Manager

DECEMBER 19, 2023

If you are an executive at a small or mid-sized business, chances are you are in the process of putting together a budget for 2024, or have already done so. Fresh memories and recent documentation facilitate the resolution process. Hopefully, that is why you are reading Your Virtual Credit Manager.

DSO 130

DSO Third Party Collections Credit and Collections Deductions 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. Photo by Kelly Sikkema on Unsplash ) We are therefore providing you with an overview of three very popular articles along with links to the originals. This raises the question, what should I do?

Collector 130

Collector Credit and Collections Default Third Party Collections 130

Your Virtual Credit Manager

OCTOBER 25, 2022

Photo by Ramiro Mendes on Unsplash Remittance processing is a true “back office” process. Remittance Processing (also know as Cash Application or Cash Posting) is the process of recording customer payments and applying them to the corresponding open invoices (not yet paid) in the accounts receivable ledger.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Cash Applicator Deductions 130

Your Virtual Credit Manager

APRIL 2, 2024

Their greatest value, however, may be not what they can tell you about an individual company, but what they can tell you about your entire accounts receivable (AR) portfolio. Do you need help with Portfolio Monitoring and Analysis or are there Past-Due Accounts you are trying to collect?

Credit Scoring 130

Credit Scoring Credit and Collections Bad Debt Credit Risk 130

Your Virtual Credit Manager

AUGUST 29, 2023

When they don’t, the policy will also specify best practices designed to recover the funds and encourage the customer to pay within terms in the future. Receivables Are Getting Older: Your AR aging report categorizes outstanding invoices by their age. As the saying goes, you can’t manage what you don’t measure.

DSO 130

DSO Credit and Collections Bad Debt Collection Effectiveness Index 130

Your Virtual Credit Manager

APRIL 11, 2023

Accounts Receivables (AR) require active management. In fact, a hands off approach will only serve to compound the weaknesses in your order-to-cash (O2C) process. You shouldn’t be shipping a customer who is significantly past due on their account, even if the new order doesn’t cause them to exceed their credit limit.

Bad Debt 130

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

Lendio

MAY 6, 2024

This guide will help you to decide whether you should take advantage of the estimated 441 million open credit card accounts in the United States. This guide will help you to decide whether you should take advantage of the estimated 441 million open credit card accounts in the United States. How credit card processing works.

Credit Card Payments 98

Credit Card Payments Small Businesses Credit and Collections Transactions 98

Gaviti

APRIL 18, 2024

As an assessment and diagnostic tool, it’s hard to overstate the importance of your company’s accounts receivable (AR) collections aging report. As an assessment and diagnostic tool, it’s hard to overstate the importance of your company’s accounts receivable (A/R) aging report. What Is an AR Aging Report?

AR Aging 52

AR Aging Credit and Collections Bad Debt Accounts Receivable (AR) 52

RMAi Blog

JANUARY 31, 2023

Louis, MO January 31 st – Credit Control, LLC (“Credit Control”) is proud to announce for the third year in a row, our employees have ranked us as winners in the Best Places to Work in Collections program. The program includes a rigorous two-part blind survey process to determine the Best Places to Work in Collections.

Credit and Collections 130

Credit and Collections 130

SAP Credit Management

SEPTEMBER 14, 2023

For ease of reading, I have split the content into two blogs, which are: 1. SAP BTP Landscape Setup Once you procure SAP BTP global account, one of the first tasks is to setup SAP BTP landscape. A typical BTP accounts setup looks like below. Introduction This blog is part of the series Demystifying DevOps with SAP BTP.

Dashboards 195

Dashboards 195

SAP Credit Management

SEPTEMBER 26, 2023

However, updating and migrating can be a complex process, requiring careful consideration of various factors. is already in the Priority 1 Support, and if you still use this version you have to consider which update or migration option could fit for you particular case. Update/Migration Options But even if you already moved to 4.3

Dashboards 186

Dashboards 186

SAP Credit Management

AUGUST 19, 2023

I wanted to create an iFlow which executes the following: automating the reply to a customer email query about the status of an order the customer placed. The motivation for this process I got reading the excellent blog from Sudip Gosh ( ChatGPT Integration with S/4HANA ). Final step is the reply to the customer via email.

Default 180

Default 180

Your Virtual Credit Manager

OCTOBER 17, 2023

Photo by Jandira Sonnendeck on Unsplash ) In most cases, you therefore have to extend credit to your B2B customers, which entails the following risks: Not being paid anything Being paid an amount less than the full invoice value Not being paid on time, whether in full or in part These outcomes are known as credit risks.

Bad Debt 130

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

SAP Credit Management

AUGUST 25, 2023

How does Universal Parallel Accounting (aka UPA) impact Financial Planning in SAP S/4HANA? I want to summarize my findings and what you need to know when you consider to activate the business function for Universal Parallel Accounting. I often receive questions about the latest innovations in the Finance area in SAP S/4HANA.

Transactions 150

Transactions Revenue Recognition 150