The COVID crisis has shown that A/R and finance departments in the enterprise organizations can function successfully, even without the whole team (or parts of it) working from the office. While it is true that we have all gotten used to remote-working now, with the economy slowly opening, a lot of us might be returning to the office soon. In order to effectively plan this transition, while avoiding any knee-jerk reactions to your finance operations continuity, leaders today need a plan.
Here are ten actionable insights that HighRadius
has collated from conversations with various industry experts and
practitioners, that you should be following for success in the aftermath of the
COVID crisis.… Read the rest
Background COVID-19 is having a profound impact on millions of businesses and their customers, especially from a cashflow perspective. Many small businesses are having trouble meeting their payment obligations. These types of payment and cash flow challenges consequently highlight the need for lenders and business creditors to more effectively manage these risks. Based on the current economic environment, lenders and trade creditors need to take proactive steps to analyze exposure within their commercial portfolios, assess account-level performance, segment those accounts by risk, and create a strategy to manage risks.
Common business challenges for today’s economic climate
— Before the current economic
environment, lenders forecasted bad rates in their commercial portfolios based
on past account performance and used traditional scoring in a less frequent
cadence and focused on portfolio review.
Shawna Kelly – Customer Service Representative and Education Coordinator Portland, OR
I’m Shawna and I have worked at NACM for a little over 12 years. I started with NACM as a Collection Intake Specialist and Skip Tracer but after a few years, I switched departments and now work as a Customer Service Representative and Education Coordinator. My favorite thing about working at NACM is the people! We have a great team here that makes coming to work enjoyable. I also love helping members with reports, questions and working with them to achieve their educational goals and earn their certifications!
My free time is spent with my two amazing kids and husband of 20+ years! I’ve spent years being a team mom for my son’s various sports teams and have also been my daughter’s Girl Scout troop leader for over 12 years.… Read the rest
NACM-National has been carefully tracking all legislation related to COVID-19 that will impact business credit. There are a pair of bills in Congress that would greatly impact collections efforts for members across the country if the bills are passed and signed into law.
Although we appreciate that public-policymakers have tried to make sure citizens can pay their bills, make housing payments and feed their family, we must not go too far and allow businesses to be harmed or detrimentally shift accountabilities.
Recent Congressional proposals include language in a Senate bill (S. 3565) and drafted language in a Democratic COVID-19 relief bill (H.R. 6379) that would impact debt collection. The timing of restrictions and the definition of “debt collector,” as currently drafted, would include all NACM members.… Read the rest
Jonathan Friedland and Michael Brandess, partners with the Sugar Law Firm
If you’re reading this article, then you are
surely somewhat familiar with chapter 11 bankruptcy. In fact, you might deal
with attorneys who do what we do (i.e. represent trade creditors and official
committees of unsecured creditors) with some frequency. Still, with the tsunami of business
bankruptcy filings really just beginning, the editors thought it timely to
provide a little refresher.
So, as you find yourself following a customer
into its chapter 11, who else is in the game?
Even though Chapter 11 cases are heard by a
bankruptcy judge, sitting in a
bankruptcy court, a bankruptcy case is not a lawsuit.… Read the rest
Navigating State Compliance Requirements in a Virtual World David Brandon and Max Forer, Miller Nash Graham & Dunn
had been circulating for months, its impact wasn’t felt by many Americans until
shelter-in-place orders went into effect in mid-March 2020. Some of the initial
effects of these shelter-in-place and remote work orders were somewhat
baffling–toilet paper shortages, for example–as Americans adjusted to the “new
normal.” The delayed effects of the continued COVID crisis can be equally
baffling, but for entirely different reasons. As the COVID crisis continues,
the business landscape is changing. The remote location of workers, and by
extension, consumers and businesses, has raised new questions for when
businesses must register to do business, submit to the jurisdiction of courts,
and pay taxes in new states.… Read the rest