Extra Credit: Recent Episodes
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Welcome to Extra Credit, a weekly podcast from the National Association of Credit Management. You can expect to hear from different credit professionals each Friday. We’ll help you stay informed about the latest in the B2B credit world.
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For decades, Days Sales Outstanding (DSO) has been the default answer to a simple question: how well is a company collecting what it’s owed? It’s easy to calculate, explain and compare across periods, which is exactly why it became the metric many credit professionals reach for first.
But a company can post a stable or improving DSO while still carrying rising bad debt, an aging portfolio of high-risk accounts or a shrinking cash conversion cycle that’s straining working capital. The number checks out. The reality underneath it doesn’t.
To form a more complete view of receivables health, credit teams are tracking key performance indicators (KPIs) alongside DSO.
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Credit managers like to know what’s coming next. Mitigating risk means following industry trends and economic cycles to see where the future might take your business, but what about the unpredictable?
As hundreds of wildfires rage through Canada and blanket parts of the United States in smoke, more credit managers are finding themselves grappling with the unpredictable.
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Collecting on overdue accounts can be time-consuming and stressful for credit teams, especially when they’re dealing with customers who are financially stretched. Uncomfortable as it is, the process is essential for maintaining sustainable cash flow and preserving customer relationships.
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Know your customer (KYC) is not exclusively a credit assignment. The task of learning your customers’ patterns and operations is shared between the credit and sales teams. As both departments interact with the customer in different ways and interact with distinct parts of their business, each has a unique understanding of the customer.
For a full view of who you’re working with, there must be an open line of communication between sales and credit.
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No matter what you do for a living, nothing compares to your first day on the job. For the first week or two, your enthusiasm and curiosity are at an all-time high.
Over time, however, that feeling can subside, and if not maintained, can leave professionals disengaged and unmotivated to work.
Employee engagement and motivation are critical for talent retention, professional development and company success. Credit professionals who uncover what motivates them and their team are that much closer to creating a high-performing department by fostering a fulfilling work environment.
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Timing of payments during construction projects can be complicated as money flows through all the different parties involved. At times, slow payment can lead to customers paying late as they await their own payment from the general contractor.
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AI companies are paying up for new AR hires—what are they looking for?
AI is rapidly changing the future of credit, collections and accounts receivable. A recent $250K+ AR job posting from a leading AI company specifically sought experience using AI and large language models (LLMs) within finance operations.
What does that mean for today’s credit professionals? Join us as we take on the topic with Jared Shulman, Co-founder and CEO of Daylit.
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As new technologies give way to more advanced forms of check fraud, it is important that credit managers reevaluate fraud prevention measures. From learning the red flags to establishing a procedure to follow when a customer exhibits suspicious behavior, the strongest defense against fraud is a multifaceted one.
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When it comes to construction credit, there is nothing more critical, or complex, than contracts. With so many unique terms and contract language shaping each project, it is important that credit professionals know what’s headed their way at the onset.
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Construction credit managers know the importance of a completed job information sheet and the added protection the sheet offers by making the preliminary notice process easier. While the benefits are clear to those in credit, customers may not understand why they need to complete them.
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Though immensely rewarding, business credit is fraught with hardship, from economic uncertainty to unforeseen crises. Without a clear path forward, people can feel disorganized to the point that they not only feel lost but adrift in their work. Like an anchor stabilizing a ship, credit leaders offer support and guidance to keep their teams steady in rough waters.
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Rising global tensions are adding to existing challenges, including higher input costs and thinning profit margins. A surge in crop production in 2025 driving prices down combined with ongoing tariff pressure, has left the agricultural economy in a difficult position.
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Mechanic’s lien laws are the bedrock of the construction credit field, offering credit managers protection as they await payment during long projects. As credit managers work in multiple states, they will encounter two distinct types of liens: full price liens and unpaid balance liens. While both offer protection, it is critical that credit managers understand what type of lien they are filing.
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When a credit professional retires or leaves a company, the organization is not just losing a valuable team member—it is often losing unparalleled knowledge and expertise. Transferring what took years to learn requires time, patience and a willingness to share and receive.
Without a proper succession plan, credit departments risk losing the ability to transfer valuable expertise. Having a continuity plan can ease the transition, allowing the next generation of credit leaders to step into their new roles with confidence and the knowledge they need to succeed.
credit #successsionplanning #leadership
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Artificial intelligence, or AI, has taken on a life of its own, integrating itself into almost every facet of our professional and personal lives. What started as a tool to research customers and draft letters has evolved into a means of streamlining various credit functions.
However, AI is only as useful as the information you provide it, and without the right context, it can generate false or inaccurate responses. By using effective prompting strategies, credit professionals can tailor it to deliver more accurate and actionable results.
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Credit card fraud has loomed larger in the business credit community in recent years, whether it’s during counter transactions or online ordering. As fraud evolves with advancing technologies, it is more important than ever that credit teams learn how to effectively spot and stop it wherever it may rear its head.
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Credit leaders are constantly making decisions on behalf of their customers, teams and companies. With the right technology and data combined, they can find more accurate solutions more efficiently.
Why it matters: Overreliance on digital solutions can quietly erode confidence and weaken critical thinking. By exercising sound judgment, credit managers can take back that confidence and tackle even the hardest decisions with clarity and conviction.
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For many credit departments, the pursuit of stronger practices and better performance is a constant and ongoing effort. As economic and market trends fluctuate, the need for improvement only grows. Through benchmarking—comparing business processes and performance metrics to industry bests and best practices—credit teams are better positioned to achieve refinement.
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In the credit profession, strong customer relationships aren’t just a nice-to-have—they’re essential. From the first conversation to the final payment, the strength of those connections can make the difference between delayed receivables and dependable cash flow. Especially in uncertain economic times, trust and communication have become powerful tools for keeping businesses moving forward.
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Having a customer that pays on time and represents a large portion of your earnings may be a dream for the sales team, but when too much revenue sits with one customer, it can create vulnerabilities in otherwise healthy portfolios. While a consistent, large customer can be good for business, sudden changes to their payment habits could be worrying.
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Business-to-business credit management can sometimes be viewed as a behind-the-scenes function, focused solely on risk control and compliance. Yet the true role of the credit profession reaches far beyond internal processes. Each day, credit professionals apply their expertise to support growth, build lasting relationships and contribute meaningfully to both their businesses and the credit community at large.
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Career development is the key to long-term success within any profession. In a rapidly changing field like business-to-business (B2B) credit, professional advancement is essential. Yet not all professionals know how to advocate for it, and not every organization prioritizes it.
Without meaningful support, both professionals and organizations risk missing opportunities for growth. With the right resources and determination, credit professionals can take ownership of their careers while contributing to the success of their organizations.
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Leadership is often associated with job titles or years of experience, but the truth is, most people demonstrate leadership long before they even receive a promotion.
Credit professionals, in particular, go beyond account management—making decisions that influence cash flow, customer relationships, risk management and cross-departmental collaboration.
Taking the initiative not only sets them apart, but it also strengthens their team and contributes to positive change within their company.
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Noticing your customers troubling habits is one thing, but finding the root cause of the issue and a long-term solution that protects your company’s interest while maintaining a strong customer relationship takes time and dedication. Root cause analysis is the process of researching a problem to identify and treat the underlying cause, rather than simply addressing symptoms.
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Effective negotiation goes beyond “winning” an argument; it’s about reaching a mutually beneficial agreement. No matter how conflicting each party’s interests may seem, the right negotiation tactics help credit professionals increase the likelihood of finding a resolution while also mitigating risk and preserving the relationship.
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Artificial intelligence (AI) is rapidly emerging as a powerful catalyst for growth, enabling organizations to innovate faster, operate more efficiently and unlock new opportunities across almost every part of business. As the expert system evolves, more credit professionals are looking to adapt, or at least explore, what it is capable of.
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Everything in life is a balance—an even distribution of weight that allows someone or something to remain upright and steady. Without balance, even the strongest structures falter. In credit management, the same principle applies.
For credit professionals, major decisions are not driven solely by numbers or intuition, but by careful equilibrium between data-driven analysis and critical thinking.
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Working in credit management requires a keen eye for strange customer behavior, whether it’s a customer whose payments have slowed or a company you’ve had an increasingly hard time getting on the phone. But even the most eagle-eyed credit professional will have customers abruptly shut down without warning. Your first instinct may be to panic, but it’s important to remember there are steps to take when a customer shuts down to protect your company from major losses.
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No aspect of credit management epitomizes the give-and-take nature of your relationship with your customer quite like disputes and deductions. Whether it’s a complaint about an erroneous charge on a bill or items left unaccounted in your order, deductions and disputes can consume a lot of your time as a credit manager, which can leave you frazzled if your credit department doesn’t have a solid protocol in place.
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Credit professionals are wired for change, always adapting to new technologies and innovations. With so many options available, finding the right product or service can be overwhelming.
Those who have a clear strategy and a willingness to learn can more effectively narrow their choices, and the Credit Congress Expo Hall is an invaluable resource, giving them a front row seat at the best show!
Check out our upcoming webinar, Tariffs as A Driver of Financial Distress and of Value on December 15th.
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Not every customer has a perfect credit score or strong balance sheet, but that doesn’t mean they aren’t worth doing business with. Marginal customers often stand in a gray area: high potential, but higher risk.
The challenge is to identify whether open, unsecured credit can be extended to a marginal customer or whether other tools must be used to create guardrails around the transaction.
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As day-to-day communication shifts to largely online, it is critical that credit professionals make the most of every conversation, whether it is in-person or virtual. From facial expressions to tone to body language, there is a lot to keep in mind in conversation to ensure that you are not only making your point clearly but effectively.
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From education to networking to vendor-shopping, Credit Congress is a one-of-a-kind experience for credit managers that stays with attendees even after the convention doors close.
As we prepare for next year’s Credit Congress in St. Louis, many credit professionals are weighing the benefits of attending Credit Congress next spring against the cost, but the advantages of attending a conference for designed specifically for credit professionals greatly outweigh the price of admission.
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As a leader, it can be easy to focus on your own perspective. After all, you’re ultimately responsible for making key decisions. However, leadership isn’t just about giving orders; it’s about guiding your team and ensuring their needs are met.
Leading selflessly, with love and compassion not only fosters trust but also strengthens relationships and boosts motivation within the team. In the process, leaders form stronger emotional intelligence and communication skills that will serve them well in their career and in life.
In NACM and FCIB’s upcoming Author Chat webinar, James Hunter, principal consultant of J.D. Hunter Associates, expands on his book, The Servant: A Simple Story About the True Essence of Leadership, which paints a vivid picture of the transformative power of servant leadership.
Register now for free to save your seat on November 13th!
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For many credit professionals, burnout does not happen all of a sudden—it creeps in slowly, like a phantom in the shadows. The pressure of the job, from managing high-risk accounts to chasing down mounting receivables, can begin to haunt even the most experienced professionals.
If left unchecked, burnout can lead to reduced productivity, job dissatisfaction and loss of personal happiness. Recognizing the signs early and taking proactive steps to address them are the keys to escaping burnout’s grip and reclaiming control, because even when the phantom looms, it does not have to win.
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Credit managers can sometimes take on too much responsibility—from handling customer disputes to managing collections. A balanced workload significantly improves team performance and efficiency.
By delegating tasks, credit managers can ease their own workload while empowering team members to think independently, develop skills and take initiative—ultimately allowing them to solve problems before they escalate out of control.
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Lien and bond rights are essential tools for protecting payments in the construction industry. Whether you’re a general contractor (GC), subcontractor or material supplier, these legal rights provide leverage when payments are delayed or withheld. However, these rights and the processes to enforce them vary significantly from state to state.
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In business-to-business (B2B) transactions, when customers aren’t satisfied with a product or service, they request a deduction—typically in the form of a short payment on an invoice or credit taken on a check.
Customer deductions typically require approval from the credit department, as they directly affect collections and terms outlined in the contractual agreement. By managing deductions proactively, credit professionals can improve the order-to-cash process, prevent future losses and support strong customer relationships.
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Gathering job information for a construction project is an important part of the work of a credit manager. Having pertinent details on the customer, contractors and the project itself help the credit manager understand what to expect when they embark on a project.
While this process is closely tied to the credit manager’s role, the task of collecting the information often falls to the sales team. The joint effort between credit and sales could see different aspects of the task doled out between the two departments.
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With the role of credit managers expanding each day with new responsibilities, outsourcing tasks within the credit department can be a key part of a risk mitigation strategy.
Collections brings a lot of problems for credit managers, making it one of the first processes many departments decide to outsource. Third-party collections improves cash flow by having dedicated collectors pursuing a debt rather than overwhelming the credit department.
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When most people think of a credit professional, they picture someone focused on collecting payments and monitoring customer balances or credit scores. In reality, the job extends far beyond credit and collections.
The multi-faceted nature of the credit professional makes them an asset to the organization, facilitating communication, improving efficiency and mitigating risk.
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The credit and sales departments both spend their days closely monitoring customers and transactions, albeit from different perspectives, making it easy for each department to recognize the needs of the other.
As the credit team works to mitigate risk by carefully considering the possible ramifications of each transaction, they rely on the sales team to bring in customers.
With the sales department often in a better position to advocate for new technology, buy-in from them on much-needed upgrades to the credit department can be immensely beneficial.
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Join us for this special Industry Insight episode with Shane Norman, CCE, senior account executive with Handle, as he discusses his 20-plus years of credit experience, and shares his perspective, both managing credit risk and now working with hundreds of credit teams nationwide.
Today we're talking about:
- Lessons learned as a credit manager
- The future of tech in the credit department
- Common habits for great credit teams
Tune in now and reshape your credit strategy!
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Join us for this week's episode on the power of proper documentation!
Certain credit practices are grounded in the roots of the profession, unchanging in a dynamic field where change is constant. Documentation is one of these habits, with thorough records of even the simplest day-to-day credit decisions protecting credit departments from risk down the line.
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The nature of credit and collections requires credit managers to always keep an eye out for risk on the horizon, whether it’s concern towards a customer’s persistent cash flow issues or a weariness towards extending credit in a country with growing political instability.
Why it matters: During periods of economic uncertainty, customers may begin acting erratically, paying late or asking for extended terms. Recognizing economic trouble is one thing, but addressing the onslaught of delayed payments and requests for new terms that comes with it is a larger task.
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Sales and credit are two sides of the same coin, both aiming to grow the business, but from different perspectives. While sales focuses on closing deals, the credit team works to manage risk, ensuring customers are financially reliable and contract terms are sound. These different priorities can often lead to tension.
When the sales team understands the “why” behind the fundamentals of credit, they can structure deals that not only close faster but also protect the company’s cash flow.
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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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🕵️♀️ 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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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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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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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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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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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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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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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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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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This week, NACM hosted its 129th Credit Congress & Expo in Cleveland, Ohio—and things kicked off strong.
The opening general session featured keynote speaker Brant Menswar, who delivered a powerful message on staying focused and hitting your goals, even when things feel uncertain.
We caught up with a few attendees to hear what their biggest takeaways were from Credit Congress. Here’s what they had to say.
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Credit professionals are often focused on supporting others—customers, colleagues and businesses—but they can sometimes forget to take time to care for themselves. In today’s shaky economy, many are facing growing challenges, which can lead to stress and a need for self-care.
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When it comes to hiring new credit managers, it can be hard to choose which candidate will be the best fit at your company. From the technical skills on their resume to their professional presence during a job interview, there is a lot to consider when hiring for a role a multi-faceted as credit manager.
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It’s no secret that companies across industries are grappling with the ripple effects of shifting supply chains, severe weather events, rising costs and mounting tariffs.
By developing a crisis management plan, credit professionals can shift from a reactive approach to a proactive one, helping to minimize risk and improve decision making.
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Byincorporating additional KPIs with DSO, credit managers can provide a clearer view of department performance, enhancing understanding for management and leading to more informed credit decisions.
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🧭 Being a leader is hard but leading during stressful periods where internal or external stressors seem to add pressure to your credit team can be even harder.
🚨Whether your company is undergoing a merger that throws everyone’s day-to-day work through a loop or economic instability brings added stress to everyone’s days, workplace challenges can pop up at any moment. But what can leaders do to ease tensions and calm their credit teams?
🎧 Listen more to find out how you can support your team through difficult times and foster a more resilient work environment.
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Collecting payment can be a hassle, no matter who you are. There’s nothing more frustrating for B2B credit professionals than collecting payment from customers with outstanding debt. Before thinking of sending a customer to collections—or worse, court—you have the option of sending a demand letter to communicate the severity of the issue and help prompt payment.
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📚Education plays a pivotal role in shaping a professional’s career by providing the foundational knowledge and skills necessary to succeed in a competitive job market. Beyond that, education also fosters personal growth, boosts confidence and builds a strong network that can support career advancement.
🧠By continuously learning, you not only improve your current role but also position yourself for long-term success.
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💼The last few decades have seen waves of women joining the credit field, breaking into male-dominated offices and paving the way for other women to not only excel in credit positions but climb the ladder into leadership roles.
✨For women’s history month, we decided to highlight the women in the profession who have pushed against the status quo and created a path for the next generation of women.
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Despite its importance, credit managers at times forgo a credit application leaving them vulnerable down the line. Other times credit managers may have to consider alternatives to a credit application when a customer doesn’t agree to one, which could leave greener credit managers on unfamiliar terrain.
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There are moments throughout your career when you might be looking for guidance. Whether you are just getting acquainted at your very first job, you’ve made a career transition or you just need some advice, a mentor can make a world of difference in your confidence at work.
For women in credit management, mentorship has helped to advance them in a field where leadership positions were once predominantly held by men. This support has been especially valuable as they navigate similar challenges in their professional journeys.
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Antitrust trials can have significant implications for defendants, industries and the economy. As a credit professional, understanding antitrust laws is paramount for protecting your company’s interests and ensuring regulatory compliance.
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🌏In today’s interconnected world, global trade credit is becoming increasingly vulnerable to financial crime. One specific crime it faces is trade-based money laundering (TBML). This is the process of disguising the illegal origin of money through trade transactions, in which goods or services are misrepresented.
💰With sophisticated fraud schemes evolving rapidly, credit professionals must proactively identify and mitigate these risks before they impact their organizations.
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🤖With automation, AI and technology dominating B2B credit discussions, it is easy to forget the importance of soft skills, especially for new credit managers eager to ride the tech wave.
🍦By focusing on and refining soft skills, credit professionals can enhance performance, relationships and communication in credit management.
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Credit managers know how easy it is to get so wrapped up in a single task that their entire to-do list slips their mind. Whether you carefully schedule out every second of your working day or you keep a tentative list of tasks that need completion, it can be hard to organize your time as a credit manager because there is so much to do.
Effective time management comes down to having a strong understanding of what needs to be done and when.
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From negotiating bedtimes with children to negotiating the price of a new car, negotiation—a strategic discussion aimed at reaching a mutually beneficial agreement—plays a key role in many aspects of life.
In B2B credit management, negotiation is key for securing payments, reducing credit risk and nurturing long-term business relationships.
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Credit scoring models offer credit managers a structured framework to assess customer creditworthiness, allowing for more confident credit decisions.
Whether you build your own or purchase one, these models help businesses automate routine tasks, analyze risk more efficiently and make well-informed credit decisions.
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🔄Credit professionals are no strangers to mistakes—whether it’s making hasty decisions, overlooking fraudulent activity or miscommunication.
🧠Regardless of where you are in your career, learning from your mistakes can help you lead others more effectively and grow as a professional.
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Whether you’re checking in with your small cohort in the credit department or taking a few minutes to go over financials at the monthly all-staff meeting, preparing for a presentation can be stressful. Hear how to create an engaging and concise presentation that covers all the important data vital to accurately capture the plight of your credit department.
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📊Most credit tasks, such as reviewing accounts, managing collections, customer research and handling disputes, are inherently time-consuming due to their complexity and the need for attention to detail.
⚒️These tasks often involve manual processes, multiple data points and regular follow-ups, all of which can drain resources and slow down overall efficiency.
⏩Streamlining these tasks allows credit teams to focus on high-priority activities, improve cash flow, reduce errors and enhance decision-making.
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What sets successful credit departments apart in today’s fast-paced market? It’s the rise of the 10X credit manager—professionals who build strong customer relationships, identify critical trends and drive innovative strategies.
Join NACM as we talk about 10X credit managers with Ali Kidwai, senior manager of product and implementation at Bectran. Topics covered include:
✅ Why the 10X credit manager is vital for future success
✅ How companies can nurture and empower this talent
✅ The tools and policies transforming credit departments
Listen now and reshape your credit strategy!
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The credit approval process is a critical responsibility for credit managers. It allows businesses to assess a customer’s creditworthiness, minimize the risk of bad debt and make informed decisions about extending credit. Whether onboarding new customers or increasing credit limits, establishing an efficient credit approval process can significantly impact a company’s revenue and strengthen long-term customer relationships.
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From handling customer disputes to managing cases of bankruptcy, credit professionals are often faced with high-stress situations. However, prolonged stress can lead to burnout, particularly during the year-end when workloads intensify.
Credit professionals must recognize the telltale signs of burnout and carry out proactive solutions to prevent it in themselves and in their team members. This will improve the health and performance of your department.
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The new year brings resolutions, renewed optimism and motivation to achieve credit department goals. By setting goals and creating a plan to achieve them, credit professionals can secure their department's long-term success.
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💵Year-end slowed or delayed payments have become common practice for businesses. Oftentimes, companies that operate seasonally or are facing tight economic conditions will hold off on non-essential payments, saving their credit debt for last.
📈Many customers intentionally make late payments so they can report a stronger financial position at the end of each quarter or year.
🧠Mastering strategies to handle these slow payers will keep cash flowing and risk at bay as you close out the year. Here’s your survival guide to tackling year-end collections so you can ward off any cash flow scares.
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Join us for a conversation with Chelsea Starley, enterprise account executive with Coface, as we explore the role that business information plays in smart credit decisions.
- Key information every credit manager needs to know about customers.
- Why business data is a credit manager's best asset.
- How inaccurate information strains team relationships.
- Tips for collecting information under the pressure of fast decisions.
- Inspiring examples of business data to navigate international markets.
This episode is a must-listen for credit managers eager to enhance their decision-making skills.
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Many NACM members find time to volunteer time and give back to their communities, whether it’s in their local neighborhood or their professional fields. Volunteering their time has allowed members to develop deep connections and build networks outside of their work that give way to mentorship and career advancement.
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📢When you’re at work, it feels like there is nothing scarier than getting called into the boss’s office. Whether it’s a performance review or notes on a recent project, getting feedback can be tough. For many supervisors, it’s just as hard to give this feedback as it is for employees to receive.
🗣️As a credit manager, you may be accustomed to being on the receiving end of all kinds of criticism from clients, for better or for worse. But how do you navigate critiques within the workplace without hurting morale?
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To build a high-performing credit team, it’s essential to find the
right individuals for the job. By assembling a team with the right blend of experience, skills and strategic insight, organizations can ensure robust credit management practices, minimize defaults and enhance overall performance.
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💰The credit department aims to maximize safe sales, requiring tough decisions. Denying credit is a last resort but sometimes essential.
⚖️While it’s important to communicate the decision effectively, it’s equally as important to be mindful of the legal constraints surrounding what information you can disclose.
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Join us for an exciting conversation with Shyarsh Desai, CEO of Carixa, as we dive into the world of Robotic Process Automation (RPAs) and Bots! If you've ever wondered what these tech wonders are and how they can supercharge your credit management processes, this episode is for you.
We’re asking all the big questions:
🤖 What exactly are RPAs and Bots, and how do they work their magic?
💼 How can they transform your Order-to-Cash cycle in a B2B credit environment?
🚀 What challenges in credit management are they best suited to solve, and how can you start using them?
Shyarsh shares real-life examples and practical insights on how to adapt and thrive in the evolving credit landscape. Tune in to learn where and how to deploy these Bots and take your credit management operations to the next level!
It’s automation, innovation and credit management all in one episode. Don't miss it!
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🎓Earning a designation from NACM’s Professional Certification Program is a powerful way to establish credibility and showcase expertise. However, the journey to certification can feel daunting, with numerous paths and options available.
💭Before embarking on your designation journey, reflect on your personal motivations and how the NACM designation aligns with your career goals.
📚For more information about each designation within NACM’s Professional Certification Program, visit our website.
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Join us for a sneak preview of what you can expect during the BlackLine and FCIB in-person networking event in Houston and Jersey City!
🚀 Whether you're looking to enhance your credit management strategies or explore the latest in financial automation, this event is a must-attend!
Real-world scenarios: Get the inside scoop on what it really takes to transition from manual to automated processes. Hear directly from an experienced credit manager, Christopher Finley, CICP, manager of global credit at Club Car LLC.
Interactive learning: This isn’t just another lecture. Engage in live discussions, ask questions and get practical advice tailored to your unique situation.
Networking opportunities: Connect with fellow credit professionals who are also looking to innovate and improve their processes.
Event details:
- 📍 September 24 in Houston, TX.
- 📍 September 26 in Jersey City, NJ.
- ⏰ 10:30 AM - 2:30 PM
These events are complimentary with coffee and lunch included. Reserve your spot now!
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📆The four-day workweek is making waves for its potential to boost productivity and improve work-life balance. Almost one-third of U.S. businesses are considering cutting their workweek down, according to a survey of CEOs by KPMG released in April.
💼A four-day workweek could be key to leveraging this new work trend for smarter credit strategies and overall financial success.
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Cash application is a vital component of the accounts receivable process. It enables businesses to track their cash flow and keep their financial records up to date. However, the efficiency of your cash application process hinges on your company's size, structure and industry.
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🪪Cybersecurity has emerged as a critical component of credit management. As businesses increasingly rely on digital platforms for transactions, data storage and communication, the risk of cyber threats has escalated, making it essential for credit professionals to prioritize cybersecurity in their risk assessments.
🔐Factoring in the risk cybersecurity poses in credit decisions is no longer a choice but a necessity to safeguard sensitive information and ensure the financial stability of both companies and their partners.
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⛈️Climate change is increasing the frequency and intensity of severe weather events and natural disasters around the world.
✍️A written plan ensures that the strategies have been well thought out rather than made during an emergency; it ensures decisions and actions taken are even handed.
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For many credit managers, the legacy left behind by a trusted and experienced leader is one of solid relationships and established trust with clients. As the new credit manager stepping into a position held by a long tenured one, earning the confidence of existing customers is key to maintaining smooth operations and ensuring continued sales success.
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Traditional methods of fraud detection in B2B trade are no longer sufficient. Join us in this eye-opening episode as we delve into why relying on outdated techniques can leave your business vulnerable and what innovative strategies you can implement to stay ahead of fraudsters.
Listen as we are joined by Ali Kidwai, senior manager of product and implementation at Bectran!
Key Takeaways:
- Discover the weaknesses of conventional fraud detection methods and why they fall short in the current B2B environment.
- Hear about real-life cases where traditional methods failed and the consequences businesses faced.
- Learn about cutting-edge technologies like AI, machine learning, and blockchain that are revolutionizing fraud prevention.
This episode will equip you with the knowledge and tools to safeguard your business in an increasingly complex digital world.
Tune in now and transform your approach to fraud detection.
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In this episode, we delve into the evolving landscape of the invoice-to-cash process and explore how automation and artificial intelligence are reshaping credit management.
Join us as BlackLine and NACM discuss the latest State of AR Automation 2024 results, including:
- Improving payment timelines and reducing outstanding balances
- Rising intent to automate
- Leveraging artificial intelligence
- Addressing data security and privacy concerns
Stay tuned for a joint BlackLine and NACM white paper to be published later this month.
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As a new credit manager, understanding antitrust laws is key for safeguarding your company's interests and ensuring compliance. These laws are designed to promote fair competition and prevent practices that can harm other businesses.
In this episode of Extra Credit, we start to break down the basics of antitrust laws, explaining what they are, why they matter and how they impact you.
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By leveraging modern technology, offering flexible work environments and emphasizing the exciting nature of the credit management profession, businesses can inspire a new wave of professionals to join and thrive in the B2B credit field.
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🎙️ Financial resilience has become a top priority for businesses. Credit managers play a pivotal role in this endeavor, leveraging their expertise to ensure stability and sustainability.
✨ Special Guest: Mike Davies, Manager of the Invoice-to-Cash Centre of Excellence at BlackLine, shares how B2B credit managers are leading the way in helping businesses build financial resilience.
📊 The 2024 State of AR Automation Survey is CLOSES TONIGHT! Take the Survey today to amplify your voice and contribute to the future of AR automation.
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On this special episode of Extra Credit, we take you NACM's 128th Annual Credit Congress & Expo in Las Vegas where we asked attendees why recent graduates should pursue a career in b2b credit management.
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In our last Extra Credit episode with you back in February, we discussed the importance of bank references in making informed credit decisions. Today we’d like to delve into that topic a bit deeper and discuss how bank references can also help detect and prevent fraudulent activity.
This episode of Extra Credit is powered by Thomson Reuters Confirmation.
Download our joint white paper on Unlocking Financial Trust: The Role of Bank References in Establishing Creditworthiness. Thomson Reuters is a sponsor of NACM's 128th Credit Congress. Stop by booth #429 to speak with their experts!
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Job satisfaction is the key driver of positive results. If an employee likes their job and all it has to offer them, they will stay loyal to the company. But job satisfaction can be broken down into many layers—and what one employee puts at the top of their list could be completely opposite of their colleague.
🎙️ In this episode, we dive deep into the vital role credit managers play within their organizations. Discover how making your voices heard can lead to significant improvements and drive success!
✨ Special Guest: Brian Morgan, Senior Director of Strategy for Invoice to Cash at BlackLine, shares strategies you can implement to elevate your role.
📊 The 2024 State of AR Automation Survey is NOW OPEN! Take the Survey today to amplify your voice and contribute to the future of AR automation. Complete the survey by May 31 to receive the full results and stay ahead of industry trends.
📍 Credit Congress Alert! Stop by booth #507 to meet with BlackLine experts. Whether you have questions or just want to chat, the team is excited to connect.
In recent years, credit cards have surged in popularity among customers within the B2B credit industry. In fact, a recent eNews poll revealed that 60% of credit professionals said that the number of customers paying with credit cards has increased in the last 12 months.
Customer payment portals have evolved in the last few decades with the growth of automation—playing a paramount role of processes in the B2B credit world. Portals allow an easier way for customers to make payments, manage financial interactions and submit invoices. However, the integration of automation varies across each portal—and catering to all of those differences across all platforms can possibly be difficult for credit managers.
Understanding the impact of ChatGPT in the credit profession is essential as it can reshape business operations and risk management.
The list of responsibilities for credit managers is growing exponentially, while resources are dwindling.
Automation not only helps with staffing shortages, but it can attract the new generation of credit managers.
"When we look at the younger workforce, they don't want to work for an organization that they perceive as living in the Stone Age," said Cindy Jacobson, former credit manager and senior solutions consultant at BlackLine. "Employees want to work for a company that is going to support them and provide the necessary tools."
Listen to the full episode to learn more.
Stop by booth #507 at Credit Congress to speak with BlackLine experts.
Collecting important project information for payment documents -- like preliminary notices or lien waivers -- can pose a widespread challenge across the construction industry.
Without sufficient and accurate job information, a company’s ability to secure payment through a mechanic’s lien or bond for their projects may be in jeopardy.
Luckily, construction credit professionals can use a special document with essential project information allowing the ability to preserve their lien rights and get paid.
This document is known as a job information sheet.
If you would like to learn more, visit our website or contact Chris Ring at ChrisR@nacm.org.
Understanding and improving customer onboarding is crucial because it not only influences the company's revenue but also shapes long-term customer relationships. A seamless and comprehensive onboarding process accelerates time-to-value, maximizes product adoption and reduces customer churn, thus leading to many positive outcomes.
Job descriptions are brief written explanations that outline the responsibilities and requirements for a role. Crafting the right job description to help attract the most qualified candidate is an art—and with millions of job listings on different websites, a well-crafted job description will help you stand out.
Providing employees with opportunities for career development is now an absolute essential for businesses to compete and retain skilled talent. It’s already the leading action employers across sectors are taking to address both skill and labor shortages, which means companies that don’t offer opportunities will lose out on top candidates.
In a fast-paced business world, customers are looking to get credit approval quickly. This places the credit department under pressure to make a fast decision while maintaining due-diligence standards.
⭐ Hear from Nuvo experts and learn how to improve your credit application approval process! Hint: It's all about balancing speed and accuracy.
Stop by booth #307 at Credit Congress from June 9 through the 12 to chat with Nuvo experts or attend their Solutions Hub session. Don't miss your chance to interact with AI prototypes that can mitigate fraud risk!
Take two minutes to complete our joint survey on trade credit operations for access to exclusive industry insights!
It's time to celebrate a monumental milestone--the 100th episode of NACM's Extra Credit podcast! 🎙️💯
Whether you've been with us since the beginning or just joined our community recently, we want to express our deepest gratitude for your ongoing support.
Over the past 100 episodes, we've explored a wide range of topics related to B2B credit management, from credit risk and collections strategies to mastering customer relationships and leading teams.
Here's to the next 100 episodes and beyond!
🤖 As credit departments become more modern with new automation platforms and software, credit managers must prepare to handle any challenges that come their way.
🔑 The best way credit teams can ensure the success of any technology transformation is with change management.
💡 Why it matters: It’s about managing change throughout your organization, ensuring everyone on the team is on board and making the most of software that tackles real, everyday pain points.
⭐ Hear from Danny Wheeler, AR Solutions Strategy Manager with BlackLine.
Stop by booth #507 at Credit Congress to speak with BlackLine experts. You can read more about Navigating Change Management in Finance Transformation Projects in the February issue of Business Credit magazine.
BlackLine is a proud Credit Industry Partner of NACM.
More women are taking on leadership roles in traditionally male-dominated professions and B2B credit is no exception. Although B2B credit has progressed significantly in terms of gender equality, women still face challenges due to their gender regardless of their position. During this Women’s History Month, we’re honoring women through their challenges and successes in their journey to becoming influential credit leaders!
Read the full story in the March issue of Business Credit magazine!
The role of credit professionals in modern organizations is multifaceted and challenging, with numerous responsibilities and pressures from various stakeholders. The evolution of technology, from computers to artificial intelligence, has transformed the credit management profession.
Signing a Non-Disclosure Agreement (NDA) has become standard practice for credit managers seeking access to sensitive customer financial information.
By committing to confidentiality, credit managers reassure customers that their data will be handled with the utmost care and discretion.
This proactive step not only fosters trust but also makes customers feel more comfortable and confident in sharing vital financial details knowing their information will be protected.
Learn more on our website.
Credit scores reflect how likely or unlikely a person is to pay any loaned amount of money back and these scores are used by companies to determine interest rates or credit limits you should receive. But credit scoring is not limited to the consumer sector only. In the B2B credit industry, credit managers can also use scores to help gauge how much credit to extend and make credit decisions.
The art of decision-making rests on the foundation of informed choices. Just like detectives, credit managers meticulously gather data from various sources, such as credit reports, financial statements and bank references, piecing together a financial puzzle.
Learn how the hunt for credit information has changed and how to perfect your strategy!
This episode of Extra Credit is powered by Thomson Reuters Confirmation.
Download our joint white paper on Unlocking Financial Trust: The Role of Bank References in Establishing Creditworthiness. Thomson Reuters is a sponsor of NACM's 128th Credit Congress. Stop by booth #429 to speak with their experts!
The causes of late payments are diverse and can negatively impact stakeholders across various industries—everything from supply chain delays, cash flow issues and invoicing errors. Credit managers must use proactive strategies to encourage timely payments from habitual and sporadic late payers.
The credit department plays a role comparable to that of a meticulously crafted recipe in baking. Just as a cake recipe demands precision in ingredient selection, mixing and timing, the credit department orchestrates a series of crucial processes to ensure the financial health and success of a business. Similar to baking, if you don’t include essential ingredients—such as baking soda or the perfect amount of flour—the cake won’t rise. So, how is this reflected in the B2B credit world?
All credit management responsibilities stem from one essential skill—the ability to form strong relationships. Business relationships have many layers, all of which credit managers must master. In global trade, credit professionals should try to understand the cultural differences of their customers overseas to ensure a successful relationship.
Consider joining FCIB to have unlimited members only access to the World Trade Ref, which also features information on travel security and restrictions in place for the specific country.
NACM’s Credit Congress & Exposition is an annual conference established to bring credit professionals together from across the nation to network and learn about various topics in the credit industry. But with the abundance of educational programs and professional growth opportunities, it can be challenging to know where to start—especially if it’s your first time. Registration is now open!
In the final Extra Credit episode of 2023, we reflect on the trends of the Credit Managers' Index (CMI). The CMI points to a considerable decline in credit conditions that are leading indicators of economic activity.
Complete the CMI every month for the next 12 months and automatically be entered into a drawing to win a gift card worth between $100-$250 in 2024. Sign up to receive monthly CMI survey participation alerts. For a complete breakdown of manufacturing and service sector data and graphics, view the December 2023 report. CMI archives also may be viewed on NACM’s website.
Credit management is a risky business. Every credit decision is directly influenced by ever-changing micro- and macro-economic factors. To better mitigate risk, credit professionals must be proactive in their credit limit assessments for new and existing customers.
Joining NACM is not merely a membership; it's an investment in a network that propels your career forward and surrounds you with a community that shares in your successes and supports you in times of professional challenges.
The global economy faced severe headwinds in 2023 that tested its resilience—a banking crisis, tight monetary policy and some of the worst geopolitical tension seen in years. Still, the U.S. defied recession fears. Hear about the events that shaped the financial landscape of this past year and what lies ahead.
As the new generation of credit professionals takes over the B2B credit industry, they are approaching customer relationships differently. However, the goals remain the same—create a strong sense of trust, improve customer service and mitigate risk.
NACM’s Credit Congress & Exposition started off as a mission to bring together credit professionals from across the nation to network, learn and stay informed about the latest changes in the credit world. Now, it is more than just an annual hub of credit knowledge—it’s a catalyst for career growth and professional development.
Early-bird registration rate ends Dec. 8!
Amid the intricate tapestry of commerce, there exists a silent but pivotal protagonist: the B2B credit management function. Credit management has played an integral role in shaping the financial health and stability of businesses throughout history. Credit is a critical cornerstone upon which the world of commerce rests—and without it, global trade would come to a screeching halt.
Trade creditors are the lifeblood of our economy, currently providing approximately $5.6 trillion of capital to businesses in the United States, most of which is extended on an unsecured basis. Here we explore what a world might look like without credit (hint: It is pure chaos).
An independent study of NACM members revealed those who hold certifications average 6% higher salaries than those who do not, and many credit managers hold more than one certification. Learn what credit managers have to say themselves about the value of professional certifications.
Burnout has become a corporate vampire, draining the life out of employees through emotional exhaustion and lost productivity. By understanding the causes of and the preventative measures for burnout, credit professionals can maintain the physical and mental well-being of their credit team as well as improve performance in the workplace.
Just as a football team relies on every player’s commitment and passion to achieve victory, an organization thrives when its employees are fully engaged. Learn about lessons that every credit leader can learn from football to energize their teams and score business success.
The term "ghosting" is not just for the dating world.
Picture this during Halloween season ... you've extended credit to a customer, and everything seems to be going smoothly. Invoices are sent, but suddenly, it's as if your customer has vanished into thin air. They're not responding to calls or emails. So, what should you do when a customer "ghosts" you?
NACM’s Credit Managers’ Index (CMI) gained 1.8 points to 52.6 in September. The improvement is welcome, but the CMI appears stuck on the precipice of a recession in business activity, said NACM Economist Amy Crews Cutts, Ph.D., CBE.
Complete the CMI every month for the next 12 months and automatically be entered into a drawing to win a gift card worth between $100-$250 in 2024. Sign up to receive monthly CMI survey participation alerts. For a complete breakdown of manufacturing and service sector data and graphics, view the September 2023 report. CMI archives also may be viewed on NACM’s website.
A recent eNews poll revealed that one quarter of credit professionals use ChatGPT in some capacity for their work. Hear about the advantages and disadvantages of using ChatGPT in the credit department.
The role of a credit manager extends far beyond credit and collections. The credit department is the backbone of every business that supports other teams and drives success.
A recent eNews poll revealed that 34% of departments separate credit and collection functions. Regardless of the chosen strategy, open communication and well-defined procedures are essential to ensure the success of either approach.
Subchapter V small business bankruptcies are up 43% year-over-year in August, the 13th consecutive month of increase. This upward trend is likely to continue through the rest of the year and beyond. The pros and cons of Subchapter V bankruptcy is a matter of perspective.
Onboarding new employees isn't just about completing paperwork and handing out company policies; it's about setting the stage for success and nurturing a sense of belonging.
For this week's episode of Extra Credit, we invited five emerging credit leaders to share their experiences, lessons learned and plans for the future.
An emerging leader refers to an individual who is in the process of developing and displaying leadership qualities, often in the early stages of their career. Emerging leaders are recognized for their potential to drive positive change within their organizations. They may not hold formal leadership titles but are often identified by their actions and attitudes.
Unlock your leadership potential by joining NACM's new Emerging Leaders Thought Discussion Group today!
It might feel like the credit and sales teams are speaking two completely different languages. But by putting the company’s goals and objectives first, both departments can become an unstoppable force in driving positive business results.
In the modern-day world of social media platforms, influencers have become some of the most prominent figures within the marketing and advertising industries. It may be difficult to think that there are any similarities between social media influencers and credit professionals, but some influencer characteristics are key to becoming a leader in the B2B credit industry.
Learn how to adopt an influencer mindset in order to get a seat at the table with upper management!
NACM’s Credit Managers’ Index fell 2.6 points in July to 52.4, nearly erasing the jump seen in June. NACM Economist Amy Crews Cutts says the decline can be linked to major drops in three factors—sales, dollar collections and dollar amount beyond terms.
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.
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.
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!
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%).
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.
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.
On this special episode of Extra Credit, we take you to the Expo floor at Credit Congress in Grapevine, TX to hear how NACM has positively impacted the careers of several different credit professionals.
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.
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 de bt ceiling issues, interest rate hikes and continued stress in the banking sector.
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 de bt ceiling issues, interest rate hikes and continued stress in the banking sector.
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.
Supply chain issues tracing back to the start of COVID-19 highlight the importance of a thorough supplier vetting process. Credit professionals can use their risk management skills on the other side of business to protect their company from faulty suppliers.
Data is the brains of business decision-making, which is why it is crucial that credit professionals base risk decisions on clean data.
NACM’s Credit Managers’ Index (CMI) revealed credit application approvals dropped in April even as applications for new credit increased. The factor of rejections of credit applications fell 2.7 points into contraction territory at 49.7—its lowest level since July 2009 during the Great Recession. The flow of credit is being crunched by financial panic, said NACM Economist Amy Crews Cutts, Ph.D., CBE.
In-person networking, new educational classes and catching up with friends are just three of the many reasons credit professionals gave to attending NACM's 127 Annual Credit Congress this year. Hear why credit professionals of all different backgrounds say they are excited for June 11-14.
Increasing past dues have been the number one challenge for credit professionals in the last year, according to a recent eNews poll. Learn how credit professionals tackle the challenges they face.
Artificial intelligence is revolutionizing the way credit professionals make business decisions and assess the creditworthiness of customers. Listen to experts talk about how AI is changing the future of finance.
After roughly nine months of decline that led NACM’s Credit Managers’ Index close to contraction territory, the index seems to be on an upswing. The CMI improved for the second consecutive month in March with a 1.1-point jump to 53.5—its best reading since September.
However, the scale of severity for a recession is pretty large, with some thinking it will be short-lived while others expect a 2008-level financial crisis.
In honor of Extra Credit’s first birthday, we are bringing you a special Best-Of episode. Here is a roundup of the most popular podcast episodes from the last year with topics ranging from recession risk, supply chains, bad debt, best credit qualities, credit goals and hiring shortages.
Credit professionals have reported an increase in payment delays as customers feel the pressure of inflation, supply chain issues and overarching economic volatility. Now is the time for credit professionals to remind customers of any late fee or interest rate policies to encourage timely payments.
Mistakes in the credit department can be costly for a company, but in some cases, it is the only way to learn. Hear how some credit professionals make the best out of failing.
Like so many other industries, B2B credit was once a male-dominated profession. In fact, the acronym NACM once stood for the National Association of Credit Men up until 1958 when the ‘M’ was changed from representing the word men to management.
Women have not only joined the credit management profession—they have excelled in the industry. That’s why we want to take the opportunity during Women’s History Month to celebrate female credit leaders who bring a special perspective to the field.
NACM’s Credit Managers’ Index (CMI) improved for the first time since October with a 1.1-point jump from 51.3 to 52.4. While this is a sign that a recession will likely happen later than originally forecasted, many credit professionals remain cautious, said NACM Economist Amy Crews Cutts, Ph.D., CBE.
Bankruptcy courts are getting busy as more large companies have filed for bankruptcy last month than in any January since 2010. Total commercial filings increased 12% year-over-year, Subchapter V filings are up 49% and commercial Chapter 11 filings increased 70% … and insolvencies are only expected to pick up with a vengeance as we head further into 2023. Hear from the experts about the best bankruptcy risk mitigation tools!
Hardworking employees naturally seek promotions and raises as a reward for their contributions. But sometimes it can be challenging to make large career jumps at the same organization.
Like many industries these past few years, B2B credit has needed to adjust to a new digital reality. Most credit departments have adopted more technology and automation than ever before, except when it comes to digital credit applications. According to an eNews poll, more than half of credit professionals say only 25% or less of credit applications they receive are online, while 18% have fully digitized the credit application process and no longer accept paper.
NACM’s Credit Managers’ Index (CMI) fell 0.3 to 51.3 in January, continuing its downward trend over the last nine months. But more concerning is that the sales factor has seen the most significant decline in the last 12 months and is now in contraction territory for the first time since May 2020 at 49.8—a drop of 21.3 points year-over-year. Hear from NACM Economist Amy Crews Cutts.
The construction industry is expected to face many hurdles this year amid economic turbulence--between supply snags, project delays, labor shortages and climate.
It often feels like there is this invisible barrier between the credit department and the C-Suite, but it does not have to be that way. By establishing a strategic leadership culture, you will create a place where people want to work for you and where upper management recognizes your hard work. But leadership should not be confused with management because they are not the same.
Late payments are on the rise in most industries, but each credit department approaches past-dues differently depending on available staff and credit policies. Credit managers share their perspectives about the growing late payment trend.
Hear what some credit professionals have in store for the New Year ... and find out the winner of our annual Elevator Speech Contest!
At the start of 2022, economic activity was bursting at the seams as businesses recovered from the depths of the pandemic. But roughly one year later, NACM's Credit Managers' Index is painting a very different picture of the U.S. economy … and credit professionals sense trouble ahead. Hear from NACM Economist Amy Crews Cutts.
Subchapter V is a newer modification of Chapter 11 for small businesses, but it places a larger burden on creditors to collect debt. Learn about retrains of Subchapter V before one of your customers files.
We have a mashup of three important topics for this week's episode. Learn how to effectively communicate with customers, tips to ease the pain of customer payment portals and why knowledge of the supply chain is critical.
"The credit department often goes unnoticed until things go wrong." How can you get recognized from the C-Suite for all you do right? Become a strategic leader.
The November NACM Credit Managers’ Index fell once again, this time by 1.2 points to a reading of 52.0, its lowest since May 2020 and the lowest non-recession, non-pandemic value recorded. Overlooking the slight rise of 0.6 in September, the CMI has trended downward for the last eight months. Hear from NACM Economist Amy Crews Cutts, Ph.D., CBE.
On this week's episode, hear what qualities different credit professionals look for in new hires ... and how what they look for has changed over the years.
On this week's episode: Some customers will intentionally make late payments so they can report a stronger cash position at the end of each quarter or year, and credit departments are typically paid last during tight economic conditions.
On this week's episode we take a closer look at labor trends. Hear from staffing experts about whether or not they think the Great Resignation is ending amid economic turmoil ... and how a lack of skilled labor in the construction industry creates challenges for material suppliers.
October's Credit Managers' Index dropped to its lowest reading since June 2020. Learn what steps credit professionals can take to prepare for a potential economic downturn.
Writing off bad debt is typically a last resort if a customer files for bankruptcy or just does not pay. But you don’t want to be too quick to write something off that might be collectable in the future. Hear how some creditors decide when it is time to throw in the towel. Also, a tip about staff retention!
On this week's episode, we discuss all the ways collectors are assigned workload so they can be efficient. It is not a one size fits all approach.
On this week's episode: More customers are paying with ACH than paper checks; and how the way credit professionals gather customer information has evolved.
On this week's episode: The September Credit Managers' Index edged slightly upward; and what some key recession indicators are currently showing.
On this week's episode of Extra Credit, we discuss the common signs of workplace burnout and how to recharge.
This week's episode is all about fraud. Credit departments have reported an increase in attempts to setup fraudulent accounts, and fraud can even take place during your product's journey to the customer.
On this week's episode: The manufacturing sector is indicating recession conditions; Commercial bankruptcy lawyers discuss current trends; and how to make an argument for automation in the credit department.
On this week's episode: How some credit leaders use metrics to encourage their team; Exporters shift away from air freight as ocean congestion eases.
On this week's episode: Credit professionals must get creative to hire new staff in 2022; and how to paint an accurate picture of your accounts receivable.
On this week's episode: As severe weather events become more common, the construction industry will play a pivotal role in disaster preparedness and recovery. But with more opportunity comes more risk.
On this week's episode: Circuit court strengthens new value defense; and how sanctions against Russia continue to impact global trade.
On this week's episode: The July Credit Manager's Index shows weakness in the economy, but does it spell recession?; How metrics can improve remote work efficiency; and why managers need to be intentional about the onboarding process.
On this week's episode: Teamwork makes the dream work—benefits of cross-functional training and collaboration; customers are slow to pay due to supply chain disruptions; and more.
On this week's episode: how to create a smooth onboarding process; tips for succession planning; and ways to build a strong credit team.
On this week's episode, we ask NACM Economist Amy Crews Cutts, Ph.D., CBE, the most pressing questions about today's economy.
On this week's episode: Double check your predictive default risk models to make sure they consider new macroeconomic factors; less than half of credit departments have a plan in place for training and developing future leaders as part of succession planning; and the June CMI drops for the second-consecutive month.
On this week's episode: How supply chain disruptions are impacting two credit professionals in different industries; and what is on the minds of trade credit insurers
On this week's episode: challenges creditors face while working remotely; tips for connecting virtually with colleagues; and how time management just got more difficult.
On this week's episode, we take you to Louisville, KY where NACM held its 126th Annual Credit Congress earlier this week. Hear why several professionals are passionate about business credit.
On this week's episode: How the pandemic changed the work environment as we know it; advice for leaders in the post-COVID world; and what one first-time Credit Congress attendee is looking forward to most.
On this week's episode: 67% of credit departments have lost staff to other companies due to the ability to work from home; we may be seeing the early signs of an economic downturn; and the invasion of Ukraine has fueled concerns over whether China will follow Russia’s example and use force to take control of Taiwan .
On this week's episode: Russia's invasion into Ukraine has complicated global trade; a commercial bankruptcy tsunami may be approaching; and how inflation translates into higher credit limits.
On this week's episode: The biggest challenges facing the U.S. economy today; how industry credit groups compare to other information sources; and a chat with author Jonathan Brill about turning risk into growth.
On this week's episode: Inflation and supply disruptions lead to higher credit limits; the April NACM Credit Managers' Index points to continued economic stability for now; and how the role of the credit department is expanding.
On this week's episode of Extra Credit: Managing credit is different before and during a recession; How to manage conflict in and out of the workplace as a leader; Credit departments are using technology more than ever
On this week's episode of Extra Credit: We take a close look at how supply chain disruptions are here to stay and what factors could lead to a U.S. recession.
On this week's episode of Extra Credit: How to fight labor shortages in the credit department; ESG is a difficult risk factor to track; and how to avoid misleading AR measurements
On this week's episode of Extra Credit: Global economic growth is expected to slow in 2022 due to the war in Ukraine; Globalization might not be as popular in the next few years; How metrics improve cash flow and customer service; and more.
On this week's episode of Extra Credit: The Russia-Ukraine conflict is increasing the threat of cyberattacks; technology can help expand your credit department; natural disasters add pressure to the creditor-customer relationship; and more.