LEIB Solutions
@LeibSolutions
Global Accounts Receivable Management Leader.
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One practice that improves cash flow? Advise the Customer of Your Policies. The customer should receive a written explanation of your credit and collection policies; that is, how you expect them to behave. Ideally,... facebook.com/LeibSolutions/…
Credit and Collection Policy: Every company needs a credit and collection policy which gives the department the appropriate framework in which to work. This policy should be developed by management – detailing the... facebook.com/LeibSolutions/…
Accounts receivable collection at many companies is still done the way it was in the green eyeshade era, leaving a great deal that can be done to improve results. Like many repetitive processes, collections is a... facebook.com/LeibSolutions/…
We have streamlined credit management processes, information, communication and collaboration in such a way as to accelerate trade credit transactions. One of the major benefits? Speed. Accelerate speed of order... facebook.com/LeibSolutions/…
Credit Automation Trend #10: Business process execution will accelerate, compressing the time needed to complete repetitive functions and make decisions. For example, the time required to onboard new customers... facebook.com/LeibSolutions/…
Credit Automation Trend #9: Company departments will engage collaboratively using connected platforms that seamlessly exchange information and manage tasks through effective workflow.
We're close to wrapping up the Top 11 Trends in Credit Automation, here's #8: Enterprises will seek commercial credit platforms that seamlessly integrate customer information, trade supplier experiences and public... facebook.com/LeibSolutions/…
Trend #7 in Credit Automation: Large ERP and traditional bolt-on software partner systems will be challenged by more flexible and secure cloud systems with configurable software and already-integrated credit databases.
And the trends in credit automation continue! Many of these are already available in a best-of-class risk management platform. Using Artificial Intelligence (AI), and Robotic Process Automation to replace manual... facebook.com/LeibSolutions/…
#4 Trend in Credit Automation Global trade interchange networks in industries becomes more automated and seamless through a virtual network, speeding and improving the overall process for references on common customers.
#3 Trend in Credit Automation Interactions between trade suppliers and their customers will move from static to dynamic through collaborative credit application processing, enhancing speed and accessibility to highly valuable information.
#2 Trend in Credit Automation: Commercial credit insights will draw from data open source and community data, enabling enterprises to seamlessly bring together real time business information from disparate sources.
These next few months we're talking trends in credit automation! Many of these are already available in a best-of-class risk management platform. Using Artificial Intelligence (AI), and Robotic Process Automation... facebook.com/LeibSolutions/…
Our final Best Practice for Credit and Collections: Evaluate and compare your outside agencies for collection rates, as well as customer complaints. Pay more attention to the net you get back and less to the... facebook.com/LeibSolutions/…
There's no better time to acquire an automated cash application system (“auto-cash”) that applies remittances in real time. Cash should be applied and reconciled daily so backlogs do not accumulate. Use a system that assures 100% auto cash application!
More Best Practices for Credit and Collections: Separate disputes and deduction resolution and management from invoice collections as they have different experience, workflow and resolution characteristics from the straight-forward routine collection work.
Measure your staff performance for DSO and delinquencies monthly. You should prepare cash flow and delinquency targets for all collection personnel, and they should be held accountable.
Monitor your accounts and update credit reports regularly, no less than once a year, for changes in their credit risk profile, so you can raise credit lines when appropriate to increase sales, or are not blindsided... facebook.com/LeibSolutions/…
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