Archive for the ‘Risk Management’ Category
Want to Improve Your Company’s Credit Risk Management? Get Automated
Thursday, September 12th, 2019Is excessive overtime a financial burden for your credit department? Does your sales department complain about the length of time the credit approval process takes? Is your Days Sales Outstanding (DSO) higher than it should be because you don’t have enough staff to stay on top of accounts receivable? As credit departments are being asked…
Join the Conversation! Attend an Industry Credit Meeting Group
Wednesday, December 27th, 2017Do you ever find yourself with no one to turn to when asking credit-related questions? Do you wish you had someone with whom to discuss credit lending ideas? Do you find yourself wishing you had a direct helpline to a collections professional? You’re in luck! The experts at Mountain States Commercial Credit Management (MSCCM) host…
Use Experian Business Credit Monitoring Tools to Avoid Credit Risks
Monday, December 18th, 2017Some of the best advice we could ever give is for credit managers to avoid risk by taking proactive measures — instead of being reactive. What we mean by this is we encourage all credit managers to use the many available tools to make informed lending decisions before ever selling products or lending money, rather…
How to Protect Your Firm from Common Fraud
Wednesday, May 17th, 2017Unfortunately, some fraud likely exists in your firm right now. Do not wait until you identify a problem to take action and protect your assets.
Fine-Tune Your Credit Risk Management Process
Tuesday, January 31st, 2017The start of a new year is always a good time to review your credit management and collections policies. Are your systems functioning properly? Are you managing risk in a way that makes sense for you and your business? If you answered no or are not sure how to answer these questions, now is a good time to fine-tune your credit risk management process.
Estimate Uncollectible Accounts: Best Practices
Wednesday, October 26th, 2016Despite your best efforts, an unavoidable part of doing business is the occasional uncollectible account. Although every business owner wants to avoid this and does her or his best to do so, uncollectible accounts are inevitable. These accounts are receivables or debts with either little chance of being repaid or none at all and are…
B2B Fraud: Do You Know the Signs?
Wednesday, September 28th, 2016One of the biggest credit management risks that business leaders face is something many may not have considered: business-to-business (B2B) fraud, including bankruptcy fraud. B2B fraud occurs when a member of a business you have contracted with purposefully and deceitfully defrauds your company by taking advantage of the credit you have lent without intent to…
Know the Red Flags of Credit Management
Tuesday, August 16th, 2016A credit report evaluation is a good first step in your credit review process, allowing you to see if a new customer is worth the risk. It can certainly offer valuable information, but to take this review a step further, you’ll need to look at the company’s financial statement as well. You’ll get a more…
Learn Why You Need to Understand Your Financial Supply Chain
Wednesday, July 13th, 2016When we think about credit management, it’s easy to get focused on the day-to-day operations of sending invoices and collecting payments. It can be hard to see the forest through the trees, so to speak. But if the recession of 2008 taught credit managers and business owners anything, it’s that they need to be prepared…
What Happens When Your Customer Declares Bankruptcy?
Tuesday, April 26th, 2016This spring, the consulting and research firm Deloitte produced a report that revealed a shocking statistic: As many as one-third of all oil and gas producing companies are at risk for bankruptcy in the coming year.1 Analysts at Reuters explained that although oil producing companies have been able to weather the downturn thus far, most…