Deciding whether to separate or combine credit and collection functions requires careful evaluation. A recent eNews poll revealed that 34% of departments separate credit and collection functions while 66% mix the two.

In any organization, it’s essential to have accurate and timely financial data. However, manually reconciling cash and accounts receivable (AR) transactions can be tedious and error-prone, taking up valuable time and resources. That’s where the BlackLine Cash Application and AR Intelligence solutions come in—it’s a no-brainer decision for finance professionals looking to save time, reduce errors and gain valuable insights.

In 2022, six out of 10 companies were targeted by fraud attempts in the U.S., according to data from TrustPair. 55% of companies targeted by fraud attempts indicated changes in supplier information on legitimate payment as how the fraud was perpetrated. Fraudsters send an email impersonating a supplier and asking to change their bank account information for example.

Commercial bankruptcies have skyrocketed since the historical lows during the height of the pandemic. At 236 corporate bankruptcy filings so far this year, the number is higher than the first four months of any year since 2010 and more than double 2022 levels, according to S&P Global Market Intelligence. They forecast that the U.S. default rate will rise to 4.25% by the beginning of next year, up from 2.5% currently—or to 6.5% if there is a serious recession.

NACM’s Credit Managers’ Index slipped 1.6 points in May to 52.2, nearly erasing three months of improvement. 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, said NACM Economist Amy Crews Cutts, Ph.D., CBE.