Tag: International

Taking on an international account can be intimidating, especially if you’ve never encountered global financial statements before. To best mitigate risk and build a strong relationship with your international customers, it is important to understand how and why their financial statements might look a bit different.

Credit professionals who work with international customers face a number of challenges—whether through a clash of cultural customs and norms or even ways of conducting business.

After a very brief ‘shutdown’ in the wee hours of Saturday, March 23, Congress finally got its work done to fund the government. Neither Democrats nor Republicans were particularly pleased with the outcome; the hallmark of a successful compromise. Unfortunately for Speaker Mike Johnson, who currently has a one-vote majority in the House and a small but vocal faction of his Caucus that has threatened to oust him, this isn’t something he can just brush over.

In response to global conflicts, the U.S. and its allies have increased economic sanctions and enforcement measures against various countries. Businesses can minimize their exposure to these changes by regularly monitoring sanction updates, understanding applicable laws, integrating sanctions compliance into regulatory processes and strengthening Know-Your-Customer (KYC) policies. Why it matters: The noticeable surge in, attention to and enforcement of international trade requirements and regulations underscore the need for credit managers to stay vigilant and be aware of potential …

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.

The world’s biggest shipping companies are rerouting vessels away from the Red Sea as the global supply chain faces severe disruption amid conflicts related to the Israel-Hamas war. “The Iran-aligned Houthis of Yemen are playing an escalating role in the conflict in the Middle East, attacking shipping in the Red Sea and firing drones and missiles at Israel in a campaign they say aims to support Palestinians in the Gaza war,” reads a Reuters article. 

In the dynamic and ever-changing world of finance, it is imperative to stay ahead of the curve and ensure agility is built into your business operation. More and more businesses have integrated global business services (GBS), an evolution of the shared services model that controls the delivery of business support functions to the core business through multiple service delivery models on a global basis.

Israel’s almost $500 billion economy—the most developed in the Middle East—was healthy for most of 2023. Then on Oct. 7, Hamas launched an attack on Israel that quickly became the deadliest of the five wars fought between the sides since Hamas seized control of the Gaza Strip in 2007. It’s been more than one month since that attack and the economic implications are beginning to surface. Customers in Israel are paying on average 41 days beyond terms according to FCIB’s October Credit & Collections Survey. Nearly three in every four credit managers say payment delays are increasing due to the…