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
Don’t Let Change Orders StandBetween You and Getting Paid
On average, 35% of projects experience at least one major change, according to an Independent Project Analysis Group study. Despite being commonplace, they create some of the biggest headaches for subcontractors and material suppliers. Download the NACM Expert Credit Brief, Maximizing Your Leverage When Discussing Change Orders, to learn more about how to put yourself in the best position to avoid conflicts and get paid on time.
The white paper powered by NACM Thought Leaders covers:
Today’s economy is riddled with unknowns, and that is not an ideal situation for the credit professional. Will the Fed be able to tame the inflation beast, or is it here to stay? Are job openings going to be filled, or will we need to find alternatives? And when on earth will the supply chain be back to normal? Here’s a breakdown of what we do know, along with a few predictions about how the economy will unfold this year.
Government Debt Is Likely to Snowball
As massive amounts of stimulus support that were in place during the height of the pandemic begin to wind down, the government will be left with public debt near post-World War II levels, according to a Kellogg Insight article.… Read the rest
Cybercrimes have wreaked havoc on businesses since before the invention of the computer, so the risk is nothing new. However, Russia’s invasion of Ukraine has brought the fear of cyberattacks to the forefront in recent weeks.
“We need to be prepared for the potential of foreign influence operations to negatively impact various aspects of our critical infrastructure with the ongoing Russia-Ukraine geopolitical tensions,” Cybersecurity and Infrastructure Security Agency (CISA) Director Jen Easterly said in a statement. “We encourage leaders at every organization to take proactive steps to assess their risks from information manipulation and mitigate the impact of potential foreign influence operations.”
Credit professionals need to not only be aware of the risk of cyberattacks on their own business, but also those of their customers and banks.… Read the rest
Congratulations to these members on their new CBA & CBF designations. 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.
CBA: Jenni Murray, CBA – Frontier Building Supply Jill Lott, CBA – Graybar Electric Company, Inc. Lia Feldinger, CBA – Canfor Wood Products Marketing Ltd
CBF: Alex McEntee, CBF – Pendleton Woolen Mills, Inc. Brandon Culpepper, CBF – Modern Glass Company… Read the rest
Written By: David H. Conaway, Shumaker, Loop & Kendrick, LLP Republished with Permission
Since its beginning in 1978, Chapter 11 has been the primary tool for financially distressed U.S. and foreign companies to efficiently restructure their balance sheets and business operations. Successful Chapter 11 cases have allowed prominent financially distressed companies to reorganize or pursue going concern asset sales, adding economic value to the global economy. This includes Lehman Brothers, General Motors, Enron, MF Global, Chrysler, Texaco, US Steel, American Airlines, Delta, United, and the list goes on.
Key Bankruptcy Code concepts include an injunction against creditor action (automatic stay), efficient resolution of key contracts with third parties (executory contracts), fast sales of assets free and clear of liens (Section 363 sale), clear rules on priority of payment of creditors (absolute priority rule), the ability to bind dissenting creditors to a restructuring plan (cram down), and a fresh start for restructured companies (discharge of pre-filing debts).… Read the rest