Tag: Credit Management

In the rapidly evolving landscape of artificial intelligence, ChatGPT stands as a pioneering and transformative force. Developed by OpenAI, this state-of-the-art conversational AI system has ushered in a new era of human-machine interaction. With its remarkable capacity to comprehend and generate natural language text seamlessly, ChatGPT has emerged as a game-changer across various industries. This article delves into the fascinating world of ChatGPT, exploring its capabilities, applications, and the profound impact it is having on our daily lives.

Escheatment is a legal process by which unclaimed or abandoned assets, typically financial assets like bank accounts, uncashed checks, or securities, are transferred to the government. This occurs when the rightful owner of the property or funds cannot be located or identified after a specified period, known as the dormancy period. The account or property can be reclaimed if someone emerges with a legal claim, but reclamation is generally subject to a statute of limitations. Statutes not only vary by state, but by property type with costs that continue to increase.

The practice of customer pushback on the payment terms offer by their vendors is forcing the hand of creditors. If they accept the longer terms demanded by the customer, it will be extremely difficult to return the terms to the previous level. If creditors deny the longer terms, they run the risk of losing their customer.

In an ever-evolving global marketplace, outsourcing has emerged as a strategic tool that businesses of all sizes leverage to enhance efficiency, reduce costs and remain competitive. Credit departments may choose to outsource certain credit tasks on a permanent or temporary basis depending on the needs of the company.

Relationships are at the crux of what it means to be human. But not everyone is skilled at building strong, authentic relationships. Credit professionals, however, have no choice but to become the best relationship managers in the financial world. No matter how long the relationship with a customer or how much product that customer buys from your company, each one should be treated as your number one customer and feel special.

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.

Key performance indicators (KPIs) are a set of quantifiable measurements used to gauge a company’s overall long-term performance. KPIs help determine a company’s strategic, financial and operational achievements, especially compared to those of other businesses within the same sector. With the various forms of KPIs available, companies can improve their performance and meet long-term goals. A wide range of formulas exist to measure the ever-expanding list of tasks that fall under the responsibility of credit departments.

In-person customer visits have existed since the birth of credit management as a method of gathering information, collecting payment and building customer relationships. But with the advances in technology and a global pandemic, in-person customer visits may become a thing of the past.