The basis of our accounts receivable management services is the prioritization of collection activities around the money and the priorities instead of an “alphabetic order” type of collection effort. 1. Create a Plan of Action using situational strategies based on the accounts and circumstances, but remember that measuring collection metrics is not the same as following… Read more »
Subrogation Collection Best Practices
Insurance executives are familiar with subrogation, the insurer’s legal right to pursue damages after paying a claim. However, it turns out that many insurers are unable to or neglect to pursue their subrogation rights. If they do, they may not be using best practices in doing so. This results in profit opportunities lost forever, as… Read more »
Things to Consider When Hiring a Collection Agency
Every company needs a collection agency, since there will always be customers that default or who will not pay under the normal terms. Hiring the best commercial collection agency is in your best interest, so here are some factors you should take into consideration when choosing an agency for your company: If you are B2B,… Read more »
5 Tips to Help Forecast Your Bad Debt Allowance
Estimating your corporate Bad Debt Allowance (BDA) is a fundamental job of the Credit Manager. Doing it right will help your company prepare for the expense and possibly enable you to head off losses. This infographic offers five factors that can help you keep your company’s Bad Debt Allowance within a predicted threshold: To learn… Read more »
Leveraging Order-to-Cash For Shareholder Value
Improve Order-To-Cash to Increase Shareholder Value The Order-To-Cash (O2C) process is an area that that remains largely untapped by many businesses. However, smart and effective management of the O2C process could help to improve business performance and the bottom line. It is no surprise that more and more corporations are beginning to prioritize this strategy… Read more »
Automated Credit Applications
Best Practices – Online Credit Applications Credit Application Software Credit Application Systems 80% faster credit approvals 90% less manual work 5% more sales from new accounts Online credit applications are relatively new and even the simplest offer a browser-based application filled out by the customer and then processed by the creditor (but usually completed off-line,… Read more »
11 Trends in Credit Automation
Here are 11 trends you need to know about the future of credit decision automation; many of these are already available in a best-of-class risk management platform. Using Artificial Intelligence (AI), and Robotic Process Automation to replace manual tasks and improve accuracy in B2B credit checking, the best systems can revolutionize the credit approval process for… Read more »
Best Practices for Credit and Collections
Best Practices to Include in our Credit and Collections processes include All employees need to understand the mission and objectives of the credit department, so they deliver a consistent message to customers and properly represent the “culture” of your organization. Just as with customer service, the mission of the credit department has to be to… Read more »
Subrogation Collection Best Practices
General Insurance executives are familiar with subrogation, the insurer’s legal right to pursue damages after paying a claim. However, it turns out that many insurers are unable or neglect to pursue their subrogation rights, or do not use best practices in doing so. This results in profit opportunities lost forever, as well as inefficiency and… Read more »
Automation For New Account Credit Applications
“Back to the Future” in Credit Management Marty McFly would recognize today’s business credit applications as going back to his grandfather’s generation. Little has changed – until now, that is. The Credit2B ECOS™ Platform changes all this, as it completely automates and accelerates the on-boarding of new customers, even integrating industry sector trade, customer trade… Read more »
