How Your Team is Impacted by Accounts Receivable Software: Credit and Collections

In our last blog post of this series, we broke the myth that accounts receivable software is only beneficial to those in the collections department. Even those as high up as the C-Suite have a use for accounts receivable software, from pulling reports to escalations of troubled accounts and more. Almost every department in a company can benefit from using the software, such as customer service, IT or hired third parties.
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Overhauling Credit and Collections Management: Defining Your Company

Collecting from customers is the ultimate frustration for most business owners. Often times, however, it does not have to be as difficult and aggravating as it is. Most companies suffer from simple disorganization in their credit and collections management. Between not knowing who exactly their customers are that they are collecting from or not knowing when their customers are due, this leads to longer collection times. If you want to learn how to collect faster you will need to do an overhaul of your current credit and collections management processes.
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The High Cost of B2B Credit and Collections Analytics

According to a survey conducted in early 2015, the cost of managing B2B credit and collections data is astronomical; but it’s a necessary expense, according to one credit risk manager who said, “As credit managers, we are trying to put all the pieces together to make an informed credit risk decision…as I often tell colleagues, the data tell the story.”

According to the research, 60% of B2B companies are frustrated with the amount of time and money it takes to pull together meaningful credit and collections reports; here are a few ways to reduce the cost and improve reporting efficiencies in your organization.
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Survey Reveals Why 73% of Businesses Struggle with Timely Credit and Collections

According to a survey conducted by Genpact and CFO Research, only 27% of companies collect 90% or more of their total yearly sales within payment terms. The remaining 73% struggle with timely credit and collections, suffering consequences such as slow cash flow and insufficient working capital. Why are such a large portion of companies having such a hard time getting paid on time? The research says these troubles are usually rooted in one or more of the following issues:

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4 Goals of Credit and Collections & How to Attain Them

What is the overall goal of credit and collections? Put most simply, it’s to regularly turn invoices into cash within the payment terms; but it’s not that simple. This overall goal is something many companies struggle to attain and it could be because they are too focused on the big goal, not the smaller ones that can help get them there. Below are 4 smaller goals that must be met before that large goal of routinely collecting on time can be attained.

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