The National Association of Credit Management (NACM) warns credit professionals that a record-breaking $2 trillion of U.S. corporate debt will be coming due in the next five years and therefore you should be “on guard and prepare for any contingency”.
One of the problems that face businesses that are looking to put in place change is the way in which they are siloed. This is why a wider stakeholder team need to be engaged with payments – a multi-departmental approach can make the difference between success and failure.
By repositioning accounts receivable as an integral part of the organisation substantial improvements can be made business-wide. Changing the way credit management is perceived and worked with in your organisation isn’t an overnight process.
Input from stakeholders from other parts of the business will help you do your job better. After all, you all have the same goal. But how can you join forces with stakeholders from other areas and make it a normal thing for everyone to work together?
We all know that management is not just looking for a big stack of finished reports sitting on their desks. What they really want is money in the bank to pay suppliers and paychecks. So figure out your priorities and get to work.
Client complaints can lead to difficulties in your order to cash department. In case you run into a contractual dispute check out these tips to help you get the situation resolved as quickly as possible:
Software can play a big part in how efficient you are. But the wrong tech can slow you down and could even lead to errors. Check out the right ways to become 20 per cent more effective.
Increase effectiveness of your credit management. With OnGuard SSE your customers is able to act on outstanding payments.