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Brad Lohner Interviews Jay McKewon We had a small window of time to pick the brain of Jay McKeown, who as most of you know is a well-known and highly respected authority in the credit industry. Today we cover advice for business owners and credit managers going through an economic downturn, wisdom for younger managers…
Types of Credit Fraud – Credit Managers Beware With COVID-19, credit fraud can be tempting for some as desperate times will call for desperate measures. As businesses try to figure out what to do, or how to reopen, the financial pressures will be more than some of us can bear. The demands to meet payroll,…
Key Takeaways: DSO calculation can be a useful tool to understand the health of your receivables If you own a publically traded company, DSO can have a significant impact on your stock price “Good” DSO depends highly on your industry and payment terms It’s usually best to look at DSO in conjunction with ageing A…
The world changed for North American creditors on March 16, 2020. Most of the companies we work with had robust Business Continuity Plans. Still, none of the companies could have foreseen or adequately prepared for the next sixty days. While most business owners, for whom we work, are cautiously optimistic, the next sixty to…
As governments give the business community the green light to re-open, my first reaction was to remind clients to be sure they performed credit checks. Not only on their new customers (and we hope there are lots!) but also on your existing customer base. Like I mentioned in the accompanying video, some of our biggest…
Not getting paid by a customer can be an exhausting frustrating experience. You decided to extend your customer terms in which to pay, provided goods or services the best way you could, and then your customer informs you they are unable to pay, or worse gives you the silent treatment. Whether you take your customer…
On the face of it, collecting from a customer and “customer service” seems counterintuitive; however, nothing can be further from the truth. Let’s examine why. In previous articles, we have discussed that slow payment or non-payment of invoices is not necessarily the indicator of a customer solvency issue. On many occasions, PCM receives claims against…
In today’s uncertain business climate, following up on customer payments is more important than ever. We are already seeing many firms holding onto their cash in anticipation of our economic recovery taking longer than anticipated. Unfortunately, your business needs cash flow to survive as well. It isn’t surprising if you have had experiences with customers…
Many people are unsure of how read to read a credit report or how to interpret what they read. There are as many variations of commercial credit reports as there are commercial credit bureaus. Depending on what type of creditor you are, you may even see variations of the same report on the same company…
Business process outsourcing, or BPO, is the delegation of specific business functions to an external service provider to manage and execute daily tasks. There are a variety of reasons to consider business process outsourcing for your business. The primary reasons most firms do so is to save money, and to focus on their core business.…
