Business Practices Archive

During vendor selection, customers are expected to compare and negotiate terms. But what might lead them to switch to a new vendor, even if the current one is a good fit?

Cash application is a vital component of the accounts receivable (AR) process. It involves matching incoming payments to the correct customer accounts and invoices, and then posting the payments to the appropriate accounts.

Credit limits are put in place to be the maximum amount of money that can be borrowed or used through a financial product or service. They can be based on factors such as credit scores, credit history and income. For example, consumer credit cards are a form of an unsecured line of credit and the credit limit is the amount that can be charged on the card.

The B2B automation market, once dominated by a few key players, is now saturated by hundreds of service providers. This makes finding the right automation vendor much more challenging.

Imagine a stretch of land where financial institutions are as elusive as an oasis in the desert—that’s a banking desert, an area devoid of bank branches.

Cybersecurity has emerged as a critical component of credit management, earning its place as the unofficial sixth ‘C’ in the traditional five Cs of credit (Character, Capacity, Capital, Conditions and Collateral). 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. Why it matters: Factoring in the risk cybersecurity poses in credit decisions is no longer a choice but a necessity to safeguard sen…

The credit department aims to maximize safe sales, requiring tough decisions. Denying credit is a last resort but sometimes essential.

Month-end close, also known as financial close, is a protocol to maintain and finalize your company’s financial records for the month. Documentation, team reviews and reconciliation of all financial transactions in that time period are processed, which can be both tedious and time-consuming because of its importance.