Archive for the ‘Blog Posts’ Category
In the Weeds of Credit Management: Are Joint Check Agreements Good or Bad for Your Business?
Wednesday, April 6th, 2016Experienced credit managers frequently deal with joint check agreements, and you already probably understand that you need to treat such agreements on a case-by-case basis. But it takes time to gain the experience needed to determine whether a particular agreement will be good or bad for your business. For many teams, it’s helpful to have…
Think You Know All About Mechanic’s Liens? Then Pay It Forward!
Monday, March 21st, 2016Every year, you see the invitations in your inbox encouraging you to brush up on your knowledge of rules, regulations, and best practices for credit management. And when you attend, you likely do learn something. But for experienced credit managers, are courses worth the time you spend? If you are truly experienced, the answer is…
Avoid the Credit Management Brain Drain
Monday, January 25th, 2016Across all industries, accounting departments are facing a common challenge: Experienced workers are heading for retirement, and they’ll be taking their specialized knowledge of credit management and industry-specific accounting and regulatory issues with them. While we can’t blame anyone for planning for the next step in life, there are some strategies your company, and specifically…
Credit Department vs. Sales Department? Get On the Same Team!
Wednesday, January 13th, 2016Nearly every business experiences a certain level of strain between the sales and credit teams. This conflict happens for a variety of reasons, but it often has to do with poor communication, differences in goals, and a lack of training. However, conflict can be reduced or even eliminated by training your sales team members to think…
3 Stages of Credit Risk Management in Your Order-to-Cash Cycle
Thursday, September 17th, 2015A healthy cash flow is vital to any business, so naturally, businesses spend a lot of time tracking their order-to-cash cycle, that all-important process by which you deliver your goods and services and then get paid for them. Still, the cycle is complex, and payments are influenced by everything from the promises your salesperson makes…
Are You the Last to Get Paid in the Supply Chain?
Monday, August 17th, 2015A strong supply chain is just that: a chain, in which the whole is only as strong as its weakest link. So when even one part of the chain breaks down, so does the entire chain. When the supply chain is functioning as it should, everything goes smoothly. The consignor or shipper hires a freight…
Want More On-Time Payments? Try These Tips
Wednesday, July 29th, 2015Do you have a problem getting certain customers to pay on time? Every business that offers credit to its customers faces this challenge, to some degree. Luckily, there are ways to nudge your commercial customers into making a payment without destroying the relationship you’ve worked hard to build. For best results, try the following tactics…
Data Contribution: What’s in It for You?
Wednesday, July 15th, 2015Like all credit managers, you surely understand the importance of checking the credit of every new commercial customer. But once you’ve extended credit to your customers, what information do you then have about their ongoing credit and how they’re using it? By providing a pool of data from multiple creditors, Experian helps businesses get ongoing…
Avoid Common Sales and Use Tax Pitfalls
Wednesday, June 24th, 2015Most business owners do their best to be diligent about collecting taxes and filing accurate sales and use tax returns, but there’s a lot to know — and mistakes naturally occur. Let’s take a look at some of the most common missteps that business owners make in sales and use tax collecting and reporting. Start…
Is Your Business Prepared for a Tax Audit?
Wednesday, June 10th, 2015Is it ever a good time for a sales and use tax audit? Still, they somehow seem to come at the very worst times. Preparing for the audit can be a time-consuming project in itself, but if you’re unprepared, the audit may even become disruptive to your business operations. Sales and use tax compliance is a…