Extra Credit
Welcome to Extra Credit, a weekly podcast from the National Association of Credit Management. You can expect to hear from different credit professionals each Friday. We’ll help you stay informed about the latest in the B2B credit world.
Episodes
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Lien and bond rights are essential tools for protecting payments in the construction industry. Whether you’re a general contractor (GC), subcontractor or material supplier, these legal rights provide leverage when payments are delayed or withheld. However, these rights and the processes to enforce them vary significantly from state to state.
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In business-to-business (B2B) transactions, when customers aren’t satisfied with a product or service, they request a deduction—typically in the form of a short payment on an invoice or credit taken on a check.
Customer deductions typically require approval from the credit department, as they directly affect collections and terms outlined in the contractual a...
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Gathering job information for a construction project is an important part of the work of a credit manager. Having pertinent details on the customer, contractors and the project itself help the credit manager understand what to expect when they embark on a project.
While this process is closely tied to the credit manager’s role, the task of collecting the info...
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With the role of credit managers expanding each day with new responsibilities, outsourcing tasks within the credit department can be a key part of a risk mitigation strategy.
Collections brings a lot of problems for credit managers, making it one of the first processes many departments decide to outsource. Third-party collections improves cash flow by having...
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When most people think of a credit professional, they picture someone focused on collecting payments and monitoring customer balances or credit scores. In reality, the job extends far beyond credit and collections.
The multi-faceted nature of the credit professional makes them an asset to the organization, facilitating communication, improving efficiency and ...
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The credit and sales departments both spend their days closely monitoring customers and transactions, albeit from different perspectives, making it easy for each department to recognize the needs of the other.
As the credit team works to mitigate risk by carefully considering the possible ramifications of each transaction, they rely on the sales team to bring...
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Join us for this special Industry Insight episode with Shane Norman, CCE, senior account executive with Handle, as he discusses his 20-plus years of credit experience, and shares his perspective, both managing credit risk and now working with hundreds of credit teams nationwide.
Today we're talking about:
- Lessons learned as a credit manager
- The future ...
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Join us for this week's episode on the power of proper documentation!
Certain credit practices are grounded in the roots of the profession, unchanging in a dynamic field where change is constant. Documentation is one of these habits, with thorough records of even the simplest day-to-day credit decisions protecting credit departments from risk down the lin...
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The nature of credit and collections requires credit managers to always keep an eye out for risk on the horizon, whether it’s concern towards a customer’s persistent cash flow issues or a weariness towards extending credit in a country with growing political instability.
Why it matters: During periods of economic uncertainty, customers may begin acting errati...
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Sales and credit are two sides of the same coin, both aiming to grow the business, but from different perspectives. While sales focuses on closing deals, the credit team works to manage risk, ensuring customers are financially reliable and contract terms are sound. These different priorities can often lead to tension.
When the sales team understands the “why...
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When a salesperson is pushing for a credit manager to finish their credit investigation and determine a credit line so they can close the sale, it is important that credit managers find a balance between speed and risk. Organizing the workflow within the credit department to accommodate these requests can help ease stress and take some pressure of credit mana...
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🕵️♀️ Scene 1: The Case File
Did you hear that? A company’s accounts receivable (AR) suddenly spiked. Collections slowed, and cash reserves dropped. The Chief Financial Officer (CFO) smells trouble. Soon after, you’re brought in to investigate the scene of the crime. You’re left wondering...was it overdue invoices? Was it an ineffective collection? Are they j...
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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.
Despite its rapid advancement, AI presents significant challenges, particularly regardin...
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As a credit manager, you’re no stranger to difficult customers. Whether there is a disagreement over a late payment or a clash over company policies, conflict can pop up anywhere in a credit manager’s day to day work. Mastering emotional intelligence can help credit professionals de-escalate conflict and ease tensions.
Connect with us on LinkedIn: @Nacm-Natio...
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This week we are talking about building relationships outside of the credit department!
The last decade has seen tremendous evolutions within the business credit field, with advancing technology transforming the credit management profession. With technology’s growing importance in modern credit processes, the relationship between credit and IT departments is m...
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We’re diving into one of the most valuable tools available to global credit managers—the FCIB Credit & Collections Survey.
The monthly survey serves as a global pulse check on real-world credit conditions. It gathers input from credit professionals across key international markets, on things like payment behavior, risk levels, and economic confidence. The ...
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The construction industry is a layered ecosystem where giants and startups share the same job site, each with unique risks and rules. In a highly competitive industry, the Disadvantaged Business Enterprise (DBE) Program provides marginalized businesses with a fair opportunity to compete and thrive.
However, rising fraud, such as firms posing as DBEs or using ...
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The CMI documents trends in accounts receivables that could help credit professionals anticipate and prepare for changes. By taking the time to complete the CMI each month, credit managers are able to give back to the profession by strengthening an economic indicator that is central to so many credit professionals risk mitigation strategy.
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During turbulent economic times, it is challenging for businesses to maintain stability. With heightened risk, traditional lending often tightens leading more companies to seek financing from private sources.
Connect with us on LinkedIn: @Nacm-National @FCIB
Tell us what you love about Extra Credit and what topics you want covered!
Tell us what you love about Extra Credit and what topics you want covered!
Automation is changing the way credit managers do business across industries. For construction credit professionals, efficiency and accuracy is vital, and new technology might be able to help make tough credit decisions faster.
Connect with us on LinkedIn: @Nacm-National @FCIB
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