Archive for the ‘Risk Management’ Category
Why You Need a Credit Risk Scoring System
Tuesday, April 27th, 2021If you rely more on judgment and gut feelings than sound credit practices when extending credit, perhaps it’s time update your process with a credit risk scorecard.
Legal and Other Considerations for Remote Employees
Tuesday, April 20th, 2021Suddenly switching to having a remote workforce was a necessity for many businesses due to the arrival of COVID-19, and many were unprepared for the switch. Now that we’re a year in, you might want to review some of the legal and related considerations for your remote employees to ensure you remain compliant.
Cash Flow Is Critical, Especially During a Crisis
Thursday, February 25th, 2021Cash flow is critical to the success of your business; but when that cash flow is tied up in accounts receivable, you may not be able to keep up with business expenses to keep the business viable. With good people and good accounts receivables (AR) management, you should be able to stay on track. What…
When Your Client Disputes Your Invoice
Thursday, February 20th, 2020Invoice 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….
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…