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.

Conflict is unavoidable. It can arise at any moment in your personal life and professional settings, whether between peers or even within yourself. But what do you do when conflict crosses over the line of leadership?

In today’s workplace culture, staff needs to know they matter and that they make a difference. Every member of a company wants their voice to be heard and more importantly, want their work and their presence to be valued. It can be a challenge to make everyone on the team feel appreciated, especially in larger teams, as everyone has their own way of feeling appreciated. Why it Matters: By learning about the different ways you can show appreciation for others, you not only improve your employee’s confidence, but make for a more efficient credit team.

Total bankruptcy filings increased 18% year-over-year in 2023—likely due to high interest rates, maturing business loans and inflation. Chapter 11 bankruptcies increased 72% year-over-year and Subchapter V filings rose 45%, according to a report from Epiq. “While representing a substantial year-over-year increase, total bankruptcy filings remain lower than the pre-pandemic total of 757,816 recorded in CY2019,” the report reads.

Automation can help streamline repetitive tasks, reduce errors and ensure timely responses, improving overall credit management. A recent eNews poll brought light to the fact that 65% of credit professionals do not leverage automation for their credit and collections processes. Surprisingly, of the 35% who do, only 21% are satisfied with their automation or technology vendors, leaving room for opportunity for improvement.

Leadership is not just a title; it’s a commitment to steering the course of an industry that is ever evolving. The National Association of Credit Management (NACM) proudly introduces its newly appointed chair, a seasoned professional with a proven track record of excellence … JoAnn Malz, CCE, ICCE, director of credit, collections and billing at The Imagine Group LLC (Shakopee, MN). As a dedicated credit professional and NACM member, Malz has big plans and a strategic vision for the future of the industry and our association.

Housing starts rose to a 1-½-year high at 14.8% in November. According to a mid-December report from the U.S. Department of Commerce, permits for future construction of single-family housing in November increased to the highest level since May 2022.

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.

It looks like Congress made a New Year’s Resolution of its own: getting its homework done on time! Congress appears to have reached a tentative deal to keep the government open and fund it through Sept. 30. This is in stark contrast to the last two times (October and November of last year) in which a last-minute extension was passed with little notice and less than a day to spare. So, the question is: what changed?