May 19, 2021

Posted by & filed under Credit.

Looking for a good cause to donate some time to? Looking to get involved and network with other credit managers? Look no further! We have the perfect opportunity for you!

The NACM Commercial Services Foundation is looking for volunteers to serve on the board, plan fundraising events, or simply donate to this worthy cause. The NACM Commercial Services Foundation provides scholarship opportunities to credit professionals in the pursuit of education and training, achieving professional designation, and attending national and regional programs. The Foundation has awarded nearly $100,000 in scholarships to NACM members. By getting involved in the Foundation, you support the tradition of helping credit professionals succeed. If you are interested in learning more, please email us at foundation@nacmcs.orgRead the rest

Mar 17, 2021

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Silvia Aguirre, VP of Certificate Management at Avalara

It’s no secret that sales tax is complex with the various rates, rules, deadlines, and geographic differences that are constantly subject to change. As the pandemic continues and consumer preferences increasingly lean toward e-commerce, tax authorities will continue to implement changes to balance their budgets. Every year, Avalara explores emerging trends in its annual sales tax changes report. In 2021, we expect to see a range of changes including states broadening their tax base, new economic nexus and marketplace facilitator laws, and more state enforcement efforts.

Broadening the Tax Base

To avoid increasing rates on existing taxable goods and services, some states may look to broaden their sales tax base1 to include exempt goods and services to drive additional revenue.… Read the rest

Mar 18, 2021

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Creative credit terms are becoming more broadly used in the B2B world. As your resource for all credit matters, here’s to making sure you have exposure to this creativity. Are you familiar with these credit terms?

30 3WD – 30 days, then the 3rd work day. So if the invoice is scheduled to pay on a Sunday for example Sunday January 24th, it wouldn’t actually be released until the third work day after the 24th, so the 27th.

2/10, N30, EOM – EOM stands for end of month. You will receive a 2% discount if you pay your account within the first 10 days of next month with a maximum credit period of 30 days.

2/10, ROM – ROM stands for receipt of goods dating method.… Read the rest

Mar 17, 2021

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Credit professionals have many tools at their disposal. These tools range from information and knowledge to something that can be physically held in their hands. The benefit of learning something new about a potential customer from an industry trade group is invaluable as is a calculable ratio based on a set of numbers from a financial document or a risk score on a new customer. Sometimes, this information can be a tangible asset while other times is it not. These tools can fall into what can be considered hybrid as well. Such is the case in Asia, where two banks are breaking ground in cross-border transactions.

City Bank announced earlier this month that it became the first Bangladeshi bank to execute a cross-border letter of credit (LC) under Shariah-based financing using blockchain.… Read the rest