Today’s working environments are busy places and it’s not unusual to feel like you have too much to do and not enough time. This is certainly true in credit management departments, and you’re certainly not alone if you’re stretched for time. The problem with an ever-increasing workload is that it can be extremely de-motivating and stressful.
The idea of a paperless office has been floating around for more than 30 years. Ever since computers started becoming standard office equipment, there have been murmurs of how we’d no longer be needing paper in the near future.
The UK government has proposed a new model for dealing with businesses in financial crisis. The proposed framework is similar to the Chapter 11 procedures in the US – but the move has not been met with universal agreement in Britain.
Chasing up late payments is probably one of the most difficult tasks for a credit management team – and it can be a problem whether you’re working for a big multinational organisation or an SME. Sometimes, just getting hold of a late-paying customer can seem impossible and even if you do manage to talk to someone, getting them to actually hand over the money can also be tricky.
Excel is a versatile and powerful tool. But you might want to think twice before you use it for your credit and collections management. Using it beyond its intended purpose comes with risks – so if you want to get the most out of your credit management practice, it may not be the best choice.
Email is a great way to communicate – especially if you’re trying to get in contact with a large number of people.
But, even though email has plenty of benefits, it also comes with its own unique set of problems. As easy as it can be to send an email, it’s also just as easy for recipients to ignore or forget about the electronic messages.
Knowing the status of incoming payments and which customers need extra attention helps both cash allocations and collections. Speed up your cash allocations and benefit from a single view of your customer.
Global processes are gaining prevalence across a range of business functions. But it’s in the back office where the systems are gaining the most leverage.