Tell us what you love about Extra Credit and what topics you want covered!

When a salesperson is pushing for a credit manager to finish their credit investigation and determine a credit line so they can close the sale, it is important that credit managers find a balance between speed and risk. Organizing the workflow within the credit department to accommodate these requests can help ease stress and take some pressure of credit managers. 

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Tell us what you love about Extra Credit and what topics you want covered!

🕵️‍♀️ Scene 1: The Case File

Did you hear that? A company’s accounts receivable (AR) suddenly spiked. Collections slowed, and cash reserves dropped. The Chief Financial Officer (CFO) smells trouble. Soon after, you’re brought in to investigate the scene of the crime. You’re left wondering...was it overdue invoices? Was it an ineffective collection? Are they just difficult or unresponsive customers? Of all the mysteries credit professionals encounter, nothing compares to the mystery of disappearing cash flow. 

Credit managers act as a company’s true financial detectives, solving the mysteries behind customers’ cash flow issues.

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Tell us what you love about Extra Credit and what topics you want covered!

Artificial intelligence (AI) has transformed how the world operates, integrating itself into nearly every facet of business. For credit departments, AI is being used to enhance email communication, draft demand letters, review contracts and even predict collection trends. 

Despite its rapid advancement, AI presents significant challenges, particularly regarding accuracy and reliability of information and data privacy and security. Implementing clear, refined policies and procedures within the credit department can help mitigate these concerns and ensure AI is applied ethically and effectively. 

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Tell us what you love about Extra Credit and what topics you want covered!

As a credit manager, you’re no stranger to difficult customers. Whether there is a disagreement over a late payment or a clash over company policies, conflict can pop up anywhere in a credit manager’s day to day work. Mastering emotional intelligence can help credit professionals de-escalate conflict and ease tensions. 

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Tell us what you love about Extra Credit and what topics you want covered!

This week we are talking about building relationships outside of the credit department!

The last decade has seen tremendous evolutions within the business credit field, with advancing technology transforming the credit management profession. With technology’s growing importance in modern credit processes, the relationship between credit and IT departments is more important than ever.  

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Tell us what you love about Extra Credit and what topics you want covered!

We’re diving into one of the most valuable tools available to global credit managers—the FCIB Credit & Collections Survey.

The monthly survey serves as a global pulse check on real-world credit conditions. It gathers input from credit professionals across key international markets, on things like payment behavior, risk levels, and economic confidence. The Credit and Collections Survey’s insights help you stay informed, benchmark your practices, and even support your internal reporting.

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Tell us what you love about Extra Credit and what topics you want covered!

The construction industry is a layered ecosystem where giants and startups share the same job site, each with unique risks and rules. In a highly competitive industry, the Disadvantaged Business Enterprise (DBE) Program provides marginalized businesses with a fair opportunity to compete and thrive. 

However, rising fraud, such as firms posing as DBEs or using certified DBEs as pass-throughs, undermines the program’s purpose.  

To protect the integrity of the program and avoid serious penalties, it’s essential that credit managers to double check and verify if the DBE is legitimate and it’s performing the work it’s contracted to do 

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Tell us what you love about Extra Credit and what topics you want covered!

The CMI documents trends in accounts receivables that could help credit professionals anticipate and prepare for changes. By taking the time to complete the CMI each month, credit managers are able to give back to the profession by strengthening an economic indicator that is central to so many credit professionals risk mitigation strategy. 

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Tell us what you love about Extra Credit and what topics you want covered!

During turbulent economic times, it is challenging for businesses to maintain stability. With heightened risk, traditional lending often tightens leading more companies to seek financing from private sources.

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Tell us what you love about Extra Credit and what topics you want covered!

Tell us what you love about Extra Credit and what topics you want covered!

Automation is changing the way credit managers do business across industries. For construction credit professionals, efficiency and accuracy is vital, and new technology might be able to help make tough credit decisions faster. 

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