Tag: Best Practices

As a credit professional, conflict comes with the territory of credit management; you can’t always avoid it. It becomes even more challenging when customers are being uncooperative or responding with aggression. In these situations, credit professionals can either react emotionally or take a strategic approach to work toward a solution that benefits both the customer and the business. 

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. As AI continues to evolve and expand across industries, many organizations are developing formal policies and procedures to guide its use. 

Melissa Monroe, CBA, accounts receivable lead at Team Fishel (Columbus, OH), took this to heart. Encouraged by her manager, Monroe enrolled in NACM and FCIB’s Professional Certification Program and recently earned her Credit Business Associate (CBA), a milestone she describes as both fulfilling and empowering.

In the dynamic, ever-changing world of business credit, a designation is not only a testament to a certain level of expertise, but a demonstration of a credit professional’s dedication to furthering their career.

As economic uncertainty rises and markets lose stability, many companies anticipating cash flow issues will be looking for areas of the budget to slash to soften the blow. Discretionary funds, which can cover a variety of professional endeavors, from education to customer visits to professional development, are often the first on the chopping block when the economic outlook looks bleak.

In an ever-changing field like credit management, continued education is a critical tool to help credit professionals keep up with the evolving risk landscape. For Leila Wolfe, CBF, credit supervisor at Fender Musical Instruments Corporation (Baton Rouge, LA), earning the Credit Business Fellow (CBF) designation deepened her understanding of the legal aspect of credit. 

The accounts receivable (AR) department is a vital part of an organization’s financial health, ensuring timely payment of invoices and maintaining accurate records of receivables. However, any sudden change in business environment, size or organizational structure can drastically affect how efficiently the AR department operates.

Credit professionals routinely make decisions that directly impact cash flow, customer relationships, and the financial health of their organizations. One small misstep, whether it’s approving the wrong account or overlooking a red flag, can lead to significant setbacks. That’s why it’s so important to have skilled, knowledgeable professionals in these roles.

A recent contraction in the United States’ gross domestic product (GDP) is raising concerns for economists and credit managers as an early sign of recession. Meanwhile, inflationary pressures continue to weaken consumer sentiment, further contributing to a decline in market wealth.