Mountain States Commercial Credit Management Blog
Stay informed with the latest news from Mountain States Commercial Credit Management
Improve your AR Management by Tracking These KPIs
 |
A business’s cash flow depends on its ability to effectively manage accounts receivable (AR) and collections. But how do you know whether your accounting professionals are effective in their management processes or whether there is room for improvement? Continuously monitoring the performance of AR throughout the year will allow your business to collect performance snapshots… |
B2B Debt Collection: How to Ensure You Don’t Get Paid
 |
Despite sound credit-risk policies and proactive accounts receivable management, there will be times when you need to take action to collect past-due debt. However, there is a right way and a wrong way to go about it. One way will enhance your chances of collecting what’s due while maintaining the customer relationship, while the other… |
Managing Credit Risk During COVID-19
 |
The sudden and unexpected arrival of COVID-19 has thrown the economy into turmoil. Cash-strapped businesses may have to decide between paying employees, landlords, banks, or vendors. The inability to timely bill, collect overdue debt, and obtain supplies likely will hinder efforts to generate revenue and grow as well. There are a lot of unknowns ahead,… |
When Is a Payment Bond Claim a Better Choice than a Mechanics Lien?
 |
When a supplier or subcontractor doesn’t get paid for materials or work on a construction project, they have two options for securing payment: a mechanics lien or payment bond claim. Both are tools for claiming what is owed in case of a dispute. Although they are similar, there are key differences that will determine which… |
COVID-19: The Shock and Aftershock for Debt Collections
 |
What started as a global health crisis is now a global economic crisis as well — and the financial ramifications will likely be around much longer than the health ones. One thing is certain: It’s going to be a rocky road for the financial services sector, including the collections industry. There will be an increase… |
Leveraging Artificial Intelligence Throughout the Credit Management Process
 |
Artificial Intelligence (AI). It’s a hot topic, and to some, it’s can be a scary topic. The movies have not always portrayed AI in a very positive light, and in the workplace, many people are apprehensive that it might put them out of a job. In reality, AI has great potential to make their jobs… |
How to Address Requests for Extended Payment Terms
 |
When extending credit to a customer, the payment terms often will depend on the current economic climate. When times are rough, such as a recession or slow down, customers may need extra time to pay their invoices. In uncertain times like what we are experiencing with the current COVID-19 pandemic, you will likely see many… |
Accounts Receivable Management in the Construction Industry
 |
The construction industry is filled with challenges and risks of all kinds. One of the most serious for contractors and suppliers is getting paid. Because of the nature of the business, there is typically a lengthy time period between the delivery of the goods or services and the receipt of payment. This can be a… |
When Your Client Disputes Your Invoice
 |
Invoice disputes can interrupt cash flow and take time and effort to resolve. They also can damage relationships, if not handled properly. Here are some tips for managing your invoices and related disputes to reduce the impact they have on your business. Be proactive The best way to solve payment disputes is to avoid them…. |
Dig Deeper: Extending Credit Risk Management to the Customer’s Supply Chain
 |
Every business is vulnerable to risk as a result of its supply chain — from the companies it works with to the products and services it relies on and produces. So when your credit department is considering extending credit to a business, it’s important to dig deeper than just a credit-risk analysis — you also… |