Why Was April 15th Chosen to Be Tax Day?

Between the middle of March and the middle April, I get a little strange feeling in my stomach. Not only does it have to do with turning our clocks ahead one hour, but that corporate and personal taxes are coming due very soon. My thoughts swing back and forth...

Beware the “Reviewed” Financial Statement

In these unpredictable times, regretfully there are going to be instances where the scruples of some customers, for whatever reasons, may begin to fall short. Consequently, we need to be vigilant about the validity of financial statements submitted to support...

Eight Ways to Undermine Your Company Culture

We often hear and read about ways to improve a company’s culture, but we often don’t realize the things that may be going on which are negatively impacting a company’s culture. Following below is my list (not totally comprehensive) of what I believe can nibble at...

Serving Up Great Customer Service 

I have to tell you an interesting story that occurred over the holidays. I bought a personal computer last year and to be on the safe side, I decided to sign up for one those 24-hour tech support services. Since I’m a very active nighttime computer user, being able to...

What’s in Store for Our Economy in 2022 

You can probably forecast winning at Monopoly if you are able to buy Park Place and Boardwalk early in the game. If you have the cash and can build hotels, before long, the other players who land on your expensive properties will be paying you big bucks.  I wish...

Burying Your Credit Head in the Sand

One of the nice things about my day-to-day activities is lending an open ear to my clients and staff.  Recently, I was talking with the credit manager of a new client who was placing some claims with our office. One of the claims, a sizable amount, was...

When a Team Member Goes Off Course

Hi Everyone!  Hope you all had a wonderful summer and took some badly needed vacations. I was informed from one collector, Ms. A, at a mid-size stationery company, about a very interesting summer vacation planned by one of her team members, Mr. B. Here’s what...

What do you think?

How often do you need to renegotiate a past due payment agreement? Not very oftenSomewhatA fair amount, especially in an unstable economyIt seems like all the timeChoose It’s frustrating when payment agreements are not upheld but it’s also important to recognize that...

What do you think?

To what extent do you help a customer to resolve the reason(s) for non-payment?Almost never as I don’t want to get involved and send the wrong messageI listen and I'm empathetic and very lightly make some suggestions.A fair amount and try to advise them as best...

What do you think?

How often do you use statistics to analyze your work?Never - not even sure what they areOn occasion - just the basic measurements Sometimes - we find them useful for improving our operationAlways - they help us immensely in understanding all aspects of our business...

What do you think?

At what point should Sales get involved in a collection situation?Never - as they usually give in to unfounded excusesAs necessary - when you as the credit/collection professional are trying to resolve a dispute against the product or serviceFrequently - as we work in...

What do you think?

Does it help or hurt one’s credit career when being assigned to a different position within the company? Very helpfulSomewhat helpfulNot helpful at allPossibly detrimentalChoose I’ve been hearing from some credit professionals informing me they have been assigned to...

Beware of Nicknames on a Credit Application

Over the years when we receive claims, I’m always delighted to see a signed credit application attached and completely filled out. As we know full well, the credit application is the initial contractual document by which the terms and conditions are established. It...

When a Family Member Becomes Our Debtor

Dear Crabby, I’m glad there’s someone like you to talk to right now because I have a touchy problem at work and I’m not sure how to manage this delicately. First, a little background. We’re a small business of about thirty employees with a long history in our...

What do you think? 

What's the most important thing for you when doing your credit & collection job?Collecting a large outstanding account.Helping sales to get the new client.Making sure you stay motivated.Keeping a tight lid on past due accounts.Working with past due accounts...