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Credit professionals have big plans to keep their businesses profitable and successful as the role of credit and accounts receivable (AR) departments continues to grow exponentially each day.

In the next 18 months, 41% of credit professionals say their biggest focus for AR is to develop a stronger focus on customer relationship management in order to improve payment timeliness and reduce outstanding balances, according to a new report from NACM and BlackLine. The top three technologies that credit departments plan to implement are digital payments, electronic invoicing and digital credit applications.

One of the top ways to improve efficiency is with automation. 43% of businesses are open to discussion around automating accounts receivable processes.

You can download the full report here.
Read the article here. 

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Business bankruptcies have soared to levels not seen since the Great Recession, and it is likely just the beginning. Another worrying trend in corporate bankruptcy is businesses filing for Chapter 11 more than once, also known as Chapter 22 bankruptcy.

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Some encouraging economic trends and reports suggest that a soft landing may be in the cards, says NACM Economist Amy Crews Cutts, Ph.D., CBE. Find out why during this episode of Extra Credit!

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The best credit decisions are made in a team environment and several different departments can provide input. A recent eNews poll revealed 97% of credit teams involve upper management in credit decisions, along with the sales team (26%), treasury (9%) and customer service (3%).

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Trust is the foundation of any relationship, whether with your colleagues, friends or family. It can take years to build and seconds to break—and when it comes to leadership in the workplace, earning your team’s trust is the most effective way to improve engagement, retention and business productivity. 

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According to a PWC working capital study, 98% of interviewed CEO’s admitted they could be more confident about the visibility they have over cash flow. Learn how the credit department can create more visibility around AR with the help of automation.

This episode is brought to you by BlackLine. Complete our State of AR Automation survey and be entered to win a North Face puffer jacket courtesy of BlackLine.

Connect with us on LinkedIn: @Nacm-National @FCIB

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

Connect with us on LinkedIn: @Nacm-National @FCIB

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

With the pandemic “free money” era officially coming to an end, many businesses that are on the margin are starting to struggle. As a result, corporate bankruptcies are on the rise across the U.S.---commercial Chapter 11 filings increased 105% in May year-over-year. This underscores the importance of an effective collection strategy.

Now is the time to prepare and perfect your collection strategy with the help of automation.

Complete our State of AR Automation survey and be entered to win a North Face puffer jacket courtesy of BlackLine.

Connect with us on LinkedIn: @Nacm-National @FCIB

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

NACM’s Credit Managers’ Index slipped 1.6 points in May to 52.2—nearly erasing three months of improvement. NACM Economist Amy Crews Cutts says this indicates the economy could collapse under the mounting pressure of lingering debt ceiling issues, interest rate hikes and continued stress in the banking sector. 

Connect with us on LinkedIn: @Nacm-National @FCIB

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Automation can be a credit manager's best friend to reduce department turnover, connect with customers and spend less time chasing past-due payments---especially during periods of high interest when businesses rely heavily on accounts receivable departments for cash application.

Complete our State of AR Automation survey and be entered to win a North Face puffer jacket courtesy of BlackLine.

Join BlackLine experts for a more in-depth look at automating cash application during their webinar on June 5.  

Connect with us on LinkedIn: @Nacm-National @FCIB