Sales + Credit in a Down Economy

Sales + Credit in a Down Economy

Collection of receivables in a shrinking economy is never fun. But it is absolutely necessary if you are to be a good steward of your company’s resources. Balancing collections and sales at the same time is paramount.   Rule Number One If your corporate customer is out of cash, it is dead.   Let’s Consider Your Options.    1. Segment Your Customer Base Find a way to classify your customers by…

An Interview With Jay McKeown

An Interview With Jay McKeown

  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…

Become a Fraud Detective

Become a Fraud Detective

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,…

How to Reduce & Calculate DSO

How to Reduce & Calculate DSO

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…

5 Trends We Are Seeing Right Now in Credit

5 Trends We Are Seeing Right Now in Credit

  Keep an eye on current credit management trends. 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…

How Can Debt Financing Be A Good Thing?

“Is debt financing a good or bad thing?” Perhaps let’s ask the question differently. “How can I slightly increase my write-offs but significantly grow my revenue and profits?” In times such as these, it will be the careful extension of trade credit that will get the wheels of commerce moving again. Savvy business owners and…

Collections & Customer Service

On the face of it, “collections and customer service” seems counterintuitive; however, nothing can be further from the truth when trying to collect from a customer. Let’s examine why. In our Dispute and Resolution article, we discussed that slow payment or non-payment of invoices is not necessarily the indicator of a customer solvency issue. On…

Converting Promises to Cash

Do you use a “Promise to Pay Checklist” in your business? Practically every business has experience with customers that promise to pay and don’t. 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…