5 Ways to Gain Time in Credit Management

If you have to talk to customers all day who are giving excuses for why they can’t pay you on time, then your job can get easily frustrating. In the field of credit management, productivity can be difficult with how much stress and frustration comes along with the work. On top of that, often times credit management teams find themselves buried in invoices, unpaid accounts and calls that need to be made. Without proper time management, the job can become seriously stressful.
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Pros and Cons of Extending Credit to Customers

A regular part of business is extending or receiving credit. It’s nice when you can purchase something right away without having to spend a huge chunk of money all at once. It can also be nice when you’re the company extending the credit, getting more customers who may not have been able to afford the item at full price. However, as the business extending the credit there are a lot of credit risks to consider too. We’re going to weigh the pros and cons of extending credit to customers.
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Keeping your CFO in the communication loop

The credit management team and a companies CFO should be working hand-in-hand. After all, the CFO’s job is to maintain the business’s overall economic performance and the credit management team plays a vital role in that. Therefore, the credit management team and the CFO should be exhibiting good communication.
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The Five Worst Personality Traits for Accounts Receivable

Collecting on outstanding invoices is probably the least fun part of any job. It is an uncomfortable and, often times, frustrating task. Everyone’s personalities are different, but some are better suited to credit management teams than others. If you tend to be a hot head, that may be a bad habit to have when you’re collecting unpaid invoices often.
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Do You Have What it Takes To Be A World-Class Credit Manager?

business credit managementAre you good credit manager or a great one? A good credit manager is one who is able to put out fires, tackle problems as they arise, protecting against unnecessary financial risk and get at least something out of a customer who won’t pay their invoice.  A great credit manager is proactively avoiding fires and disputes in the first place; simultaneously mitigating risk and using credit sales as a way to improve profitability. Everyone wants to be great at what they do, but it’s not something that just happens, it takes work. But stepping up your game is possible when you make an effort to exude the qualities of a world-class credit manager.

In this mini-series, we’ll share some of the qualities that make good credit managers great and share some tips on how you can get there.  First up, let’s talk about your mindset.
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What Every Credit Manager Ought to Know About Business Credit Applications

Business credit applications are critical to help businesses assess and manage credit risk because they will, if you use them correctly, help you identify companies who you may want to be careful with when extending credit. Most companies don’t use business credit applications and even those who do use them don’t follow up on them after they’re filled out or ask for the additional information required to truly understand the risk involved, are you?

Learn more about business credit applications below, best practices for follow-up, financial information to analyze, and how to manage these important documents for reduced credit risk. Continue reading