The Miller Act is the federal payment bond statute that requires general contractors to furnish payment bonds, on projects over a certain threshold, contracted by the United States. Know everything about Miller act, its importance and a brief history.

What are the things you should prepare for before jumping on a collections call and how to decide your collection goals, trade-offs, and alternative strategies while anticipating your customers' behavior? Read this full article to unlock secrets to prevent collection problems in 6 easy steps!

Know everything about credit and collection policy,its processes, its benefits and credit department roles and responsibilities in formulating and maintaining the credit policies.

Follow these 9 effective steps and learn how to handle irate customers during a collections call and get a positive outcome from them.

Although we are going to give you nine sure-fire ways to save money on legal expenses, it's critical that you first consider a couple of facts.

Read this case study on Credit Group confidentiality afreement to know how to handle the situation when your confidentiality is breached by an Email to sales

Only a very few companies-those possessing some kind of tremendous leverage can get financial statements all the time. In this article, Cindy Moorhead shares 6 tips for obtaining financials from your customers.

How do you determine your company's profitability as an A/R manager? Does cash flow serve as a metric for you? However, a healthy cash flow should be the primary concern. Utilize this article to develop a strategy for tracking your cash flow and considering ways to increase it by reducing the DSO.

Know the concept of Sales Tax Nexus and how it will be applied in accordance with state laws and regulation in line with general sales tax.

Creditors, how successfully are you minimizing the credit risks for your company? This article highlights effective steps to use of Credit Reporting Services. Read More!

The traditional method of checking credit has always been to have a prospect fill out a credit application and submit its latest financial report. A credit analyst then typically orders a credit report, requests trade and bank references and analyzes the firm's financial statements before reaching a credit decision.

Recruit the Right Credit Staff by testing their Analytical and Written Communication Skills. Find these Sample Tests in order to hire the right Employees for your department.

Credit and the Sales team work together well in many companies. Unfortunately, this may not always be the case. It may be that neither credit nor sales fully understand the objectives and priorities of the other. This results in misunderstandings, or even a contentious relationship.

Advances in technology will continue to impact the credit management profession. Combined with the emphasis the C-Suite has placed on the digital transformation of finance functions, expectations are for an even more automated future, supported by much deeper customer and process insights.

Find the most insightful inputs on rising the inventory and how it benefits the track of inventory to sales ratio. It helps in guiding credit analysts on tracking the most important indicators

This is Part Two of last week's Tip. Part One focused on preparation for interviewing an applicant or for someone in your department seeking a different department position or promotion.

Here's the most useful and important tips from a experienced credit manager. Dive in to this and know the techniques for effective credit processing.

Does your credit team use a statistical scoring model to determine the risk profile of each customer? Using this approach, Edward Don & Company was able to anticipate their customer's credit score with accuracy and reduce DSO by 6 days. Learn more about the statistical scoring approach and how it may help you improve your overall credit and collections performance by reading this article.

Are you part of a manufacturing or purchasing industry and unaware what exactly is a proforma invoice? Read full article to know the understand the term proforma invoice and how to creating one.

Lack of training, direction and/or up-to-date systems can lead to credit staff working for long time without achieving full potential. Know what steps you must avoid for managing credit department stress.

Despite the pandemic and the economic turmoil it caused, bankruptcy filings have been declining over the last 4 quarters and marked a 15-year low in February 2021 not seen since before the Great Recession. Meanwhile, unemployment shot up to over 14% by May 2020 and has since declined to 6.2%.

Here's the list of factors highlighting the ecommerce or online frauds. Read this to understand the financial risk in web based orders.

Paycheck Protection Program money had helped a small truck services company continue operating in the pandemic and retain their 43 employees. But business through 2020 and 2021 remained very slow, and management was now facing some difficult options. Then they were advised to look into the Employee Retention Tax Credit (ERTC), and that's where they found business salvation.

Know the right procedure that can be followed in your collection call. Find this basics that gives you complete proper collection call pattern to follow.

Find the most important parameters that can help you in preparing a credit mission statement correctly.

The next one might be your credit department. How do you establish protocols to abide by the state's escheatment legislation and minimize your liability? Do you abide to any set guidelines and procedures? Consider these 3 questions to streamline your escheatment process using this article as a guide.

Here's how you could build your own credit limit matrix to save time, reduce costs, and contribute to more consistent credit decisions.

Here is the explanation on the concept of apparent authority with a case study highlighting the credit manager role if customer comes back on the basis of apparent authority

At work, have you come across someone whose attitude and negativity simply “takes the air out of the room"? This article illustrates steps to turn all this negative energy into something constructive.

Interviewing can be a challenge both for the interviewer and the candidate. The fact is that hiring managers may not be adept at how to interview effectively. They have not been formally trained and have been given little direction by their management. Not focusing on the right things, makes it difficult for applicants to demonstrate why they should be seriously considered for an opening. Even worse, the hiring manager may make a decision without a thorough understanding of how the applicant wil

Here are the important steps that guide in supporting your staff in a period of change. Understand the major change in environment and manage effectively with these steps

Read this checklist on consignment considerations and create your consignment agreement effectively. Dive in to these points & follow every consignment rule.

This is the time when effective leadership is needed the most

How do you evaluate your customers as a debt collector? Do you use any magic wands? Prior to collecting, it's critical to have a solid understanding of your clients. Use this article to your advantage to discover how to recognise your consumers in these three ways.

Here is a list of four essential essential things to keep in mind before collateralizing credit risk. Protect your firm against payment delays, defaults, and bankruptcies.

Even when secured party files a financing statement correctly, post-filing events can cause a financing statement to become ineffective and can result in loss of perfection. In particular, post-filing changes in the debtor's name can invalidate the financing statement with respect to certain collateral, read this article by NCS to learn more.

The best way to avoid bad-debt by a defunct company is to escalate the collection process sooner and get to your customers before they go bankrupt, Read full article to understand how to work with defunct company

Charles M. Boring, CCE, who is credit manager for Anchorage (Alaska) Cold Storage Co., is also a time management expert. He conducted time management seminars in the Anchorage area, and he diligently employs time management strategies in his department. What are the most important of these strategies? He cites three:

What actions are needed if your company acquired another, or consolidates and merges another business unit's accounts receivable into your existing AR portfolio? How will this new workload be handled? What differences in business practices will you, as the Credit Manager, have to understand and deal with? There will be a number of uncertainties surrounding the collection effort required and risks associated with your new accounts.