You are the best advocate for your credit department’s success. If you’re not thinking about tools to help you automate credit approval and collection functions, you’re falling behind the average credit professional’s goals in 2022. We know the average departments aren’t adding to staff to perform additional work. Why wouldn’t you take a look at automation features to help you manage your organization’s portfolio of customers? NACM is an expert at showcasing the possibilities, whether your company wants a fully automated system or is just interested in baby-stepping into the world of automation to fulfill credit responsibilities. You’re missing out if you aren’t connecting with NACM for a demo of easy automation features.
You are the best advocate for yourself.… Read the rest
By: Thea Dudley
Performance management isn’t dead; the old way of thinking about it is. I would love to claim ownership of the bit of wisdom, but it is attributed to Anita Bowness. It has been my mantra in credit management for a long time now. Regardless of who said it, it underscores the “one and done” approach to the yearly performance review is dead. If you are still rocking the yearly review, wake up, it is 2022! Organizations excel when employees get consistent coaching and feedback in ongoing conversations.
The yearly review is, was, and always has been a flawed system. Who remembers what happened eleven months ago? The year usually ends up encapsulating the last few weeks leading up to the review.… Read the rest
Written By: NACM National
Chaos seems to be the norm lately. Nonstop news can feel overwhelming in both your personal and professional life. Just as the pandemic began to wind down, tensions between Russia and Ukraine rose to the point of war.
“The past 18 months have felt like a series of massive disruptions, one after the other, yet some companies have emerged stronger because they were able to use the disruption as an opportunity to innovate,” reads a Deloitte Insight article.
Cross-functional teams are part of the key to turning current and future disasters into innovation, rather than just waiting until the storm passes. “Along with adaptability, a key advantage to cross-functional teams is the enhanced access to resources, such as diverse perspectives, broader skill sets and new ideas,” according to research from Deloitte and MIT Sloan Management Review.… Read the rest
By: Rod Wheeland, CCE
The heart of the relationship a company has with a customer involves the provision of a product and/or service, subject to a structure of legal rights and responsibilities for both parties. Knowledge of business law makes the credit practitioner a more valuable participant in helping to manage the customer relationship in the beginning and over time … from contract formation through performance, and in cases where a customer does not provide timely payment as agreed, through breach and pursuit of remedies.
NACM Commercial Services offers two courses in business law this year, both available online. The first, Business Law for Trade Creditors, begins June 21 and runs for 10 consecutive Tuesday afternoons, 3 pm to 6 pm pacific, through August 23.… Read the rest
By Michele A. Ellison and Samantha R. Riggen
The opinion in Kim v. TWA Construction, Inc. (2022 Cal. App. LEXIS 412) issued by the California Court of Appeal on May 13, 2022, makes it clear that a properly licensed general contractor cannot bring an action for compensation from an owner for work performed by an unlicensed subcontractor.
California licensing law has long made explicit that an unlicensed contractor cannot bring or maintain any action to collect or recover compensation for work that contractor performed unless they were duly licensed at all times during the performance of that work. This new ruling extends the scope of this restriction to licensed contractors who hired unlicensed subcontractors.
The Underlying Dispute
The case involved a dispute between property owners and their former general contractor and its principal (collectively “TWA”).… Read the rest
Written by: Chris Ng, Managing partner-elect of Gibbs Giden Locher Turner Senet & Wittbrodt, LLP
The pandemic certainly did not slow down California’s Legislature and appellate courts. The following five appellate decisions significantly impact businesses that use standard form agreements, employ mechanics lien and related remedies to ensure payment for labor or materials on construction projects, rely on website/online terms and conditions, and agree to resolve debts with written agreements.
INCONSPICUOUS ARBITRATION (AND POSSIBLY OTHER CONTRACT) CLAUSES WILL NOT BE ENFORCED
The Domestic Linen Supply Co., Inc. v. L J T Flowers, Inc., 58 Cal. App. 5th 180 (2020) case should encourage all distributors and manufacturers that utilize standard form credit, sales, or rental agreements to carefully review their form contract documents to ensure enforceability.… Read the rest
Written by FIS Global
The impact of the global pandemic has driven companies to refocus their
efforts around improving cash flow and reducing risk. Short-term survival and long-term viability are a challenge that many companies did not see coming. Companies are turning to strategic partners for specialized solutions to help overcome this challenge.
Here are four ways that a specialized solution featuring full process automation and artificial intelligence (AI) helps improve cash flow and reduce risk, especially in uncertain times:
1. Implement remote access for your full credit-to-cash process
Manual work is hard enough to monitor when everyone is in the same office. Having an online specialized solution that allows credit analysts, collections analysts, cash applies, and more to have everything at their fingertips, regardless of where they are, is paramount to improving operational efficiency during difficult times.… Read the rest