Written By: Chris Finch, Sumitomo Electric and Scott Blakeley, Blakeley LLP
Credit teams are responsible for protecting and maintaining company’s accounts receivable, the most valuable asset for any company. The biggest threat to that asset is fraudulent orders. Fraudulent orders often lead to unrecoverable losses. After a loss of profit through a fraudulent order, companies often need to sell up to three or four times their normal sales to recover the loss profits (see table below).
The best way to manage this threat is to catch fraudulent orders before they have a chance to do any damage. The following information will help you stay ever diligent in your protection against fraudulent orders that could be a threat to your company.… Read the rest
Come party with us! We are usually all fun and games during our holiday parties and this year will be no different. Ok, so maybe a little different. While we can’t all come together, we can have some fun virtually and be entered into a raffle to win some prizes!
We know all the reasons why we value our members, but we want to know the reasons why you value NACM. To enter for a chance to win, tell us 3 short reasons you value our relationship. Click the link below to leave a short video or even a written response. Winners will be chosen at random and emailed about their prize.… Read the rest
If you are an engineer or credit manager, you might
answer that the glass is twice as big as it needs to be. The sales leader would add that while you
were debating whether it was half empty or half full, they sold it.
The outlook for the economy is arguably mixed right
now, and factually there is an argument for both the glass half full and glass
half empty crowds. In fact, when we
study forecasts for the economy, we get three dominant scenarios that couldn’t
be further apart.
The most optimistic of scenarios assumes that
localized lockdowns work against the pandemic and a smaller section of the
economy is impacted. Some success with early vaccine distribution is
accomplished early in Q1 and some broader-based travel starts to open.… Read the rest
It’s near December already! While most of us are wishing away 2020 as a year we want to forget (but can’t!), Credit professionals should be looking to clean up your company’s accounts receivable in preparation for year-end. This would include identifying accounts not paying timely, contacts who are not responding, and receivables growing more delinquent by the month. NACM is your partner in debt recovery and this is one of our busiest times of the year assisting member companies in collection efforts prior to year-end. I would encourage you to send NACMCS accounts you are struggling with rather than just writing them off. Or, perhaps you intend to write them off assessing your time is more valuable than the dollars owed.… Read the rest
Due to the current economic environment, now more than ever, it is important to keep a closer watch on your accounts. Some industries are doing very well during these unprecedented times and many industries are struggling to meet their payment obligations. Creditors need to take proactive steps to manage these risks. We would like to remind you of the services available to assist you in managing your risk:
We all need to work smart and If you could use some assistance managing your portfolio of accounts, Portfolio Scoring will support you. This service will apply a statistical score to each of your accounts along with returning credit, public records, and demographic attributes, which enables you to focus on the customers who are the greatest risk to you.… Read the rest
Is Your Accounts Receivable Process Slowing You Down?
In today’s digital economy, a company’s survival hinges on its potential to manage working capital and cash flow while ensuring customer satisfaction along the way. Mid-sized businesses heavily depend on cash for their day-to-day business operations and growth. In times of uncertain economic swings, optimized cash management could make all the difference between simply surviving versus having the edge over your competitors.
Accounts Receivables ( A/R ) is critical to cash flow and a clear indicator of the business’s financial health. Most mid-sized businesses are familiar with the traditional manual, paper-based A/R processes that more often than not, end up hurting the company’s cash conversion cycle. As a result, businesses are inevitably moving towards automating their accounts receivable processes and upgrading their payment landscape by introducing digital payments.… Read the rest
Congratulations to our newest designation recipients from the last few exams. Are you interested in education and getting a designation? Check out this guide on the certification program. If you have any questions contact Shawna Kelly.
Certified Business Associate (CBA) Adeline Flowers, CBA – Wagner Equipment Co Dan Clarke – Pure Storage Inc Lainie McElroy, CBA – Helena Agri-Enterprises LLC
Certified Business Fellow (CBF) Autodesk Inc – Eleanor Hartman, CBF… Read the rest