The State of Accounts Receivable Automation 2023

The B2B credit landscape is set to evolve, ushering in an era of smarter, more agile and data-informed credit operations. By integrating automated tools, credit departments can better serve their organizations, customers and stakeholders.

Download NACM’s latest white paper in partnership with BlackLine, The State of Accounts Receivable Automation 2023, to discover current technology trends and what the future may hold for the credit department.

Other key findings include:

• Most credit departments (82%) have only one to four team members involved in cash application
• Nearly half of all businesses use collectors to apply payments at the end of each month, sucking even more resources away from collections.
• The top three projects accounts receivable departments plan to undertake in the future include digital credit applications (40%), digital payments (47%) and electronic invoicing (49%).
• Over the next 18 months, 41% of credit professionals say their biggest focus is on developing stronger customer relationships to improve payment timeliness and reduce outstanding balances.
• Roughly two out of every five credit professionals say their business is somewhat resistant to accounts receivable automation but is open to discussion.

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Unlocking Financial Trust: The Role of Bank References in Establishing Creditworthiness

Credit managers are the professional investigators of the financial world. Just like detectives, they meticulously gather data from various sources, such as credit reports, financial statements, and bank references, piecing together the financial puzzle.

Download NACM’s latest white paper in partnership with Thomson Reuters Confirmation, Unlocking Financial Trust: The Role of Bank References in Establishing Creditworthiness, to learn how bank references are imperative in the credit investigation.

Other key findings include:

• 27% of companies lose more than $1M in revenue each year due to the inability to obtain sufficient customer information, according to an NACM eNews poll.
• 16% of credit departments say insufficient credit investigations have been the biggest cause of credit losses over the last three years.
• Financial institutions provide additional information that cannot be found elsewhere to support the credit investigation.

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Beyond the Numbers: The Art of Measuring Modern Credit Department Performance

In the credit industry, there is rarely a clear right or wrong approach to any given situation. Credit professionals are tasked with using their best judgment to find solutions to complex problems. This makes measuring credit department performance both challenging and necessary.

Download the NACM Expert Credit Brief, Beyond the Numbers: The Art of Measuring Modern Credit Department Performance, to explore the wide range of formulas that exist to measure the ever-expanding list of tasks that fall under the responsibility of credit managers.

Key findings in this white paper powered by NACM Thought Leaders include:

• 65% of credit departments surveyed by NACM use DSO to measure performance despite its limitations.
• Metrics help define the grey areas within which credit professionals often work.
• Measuring the wrong results can have a negative impact on accounts receivable performance.
• The formulas used to measure efficiency have not changed, but the strategy to drive improvement using metric findings is different today and will continue to evolve.
• Every metric should drive an action in the credit department, otherwise it is meaningless.

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Guidelines for Assigning Collector Workload

• How to measure collection efficiency
• Different strategies for assigning collector workload
• Choosing a portfolio assigning strategy that works best for your department
• Why collector workload should be reevaluated often

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Build Your Case for Automation

• Types of automation
  
• Automation and customer service
  
• How to maximize productivity
  
• Strategies for seamlessly integrating technology
  
• Argument points in favor of automation
  

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Keep DSO in Its Place

• Standard or Average DSO
  
• Best Possible DSO
  
• True DSO
  
• Average Days Delinquent
  
• Sales Weighted DSO
  

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Don’t Let Change Orders Stand
Between You and Getting Paid

On average, 35% of projects experience at least one major change, according to an Independent Project Analysis Group study. Despite being commonplace, they create some of the biggest headaches for subcontractors and material suppliers.

Download the NACM Expert Credit Brief, Maximizing Your Leverage When Discussing Change Orders, to learn more about how to put yourself in the best position to avoid conflicts and get paid on time.

The white paper powered by NACM Thought Leaders covers:

• Types of change orders
• What a change order should contain
• Common problems regarding change orders
• How to address change orders before they happen

Download the white paper here!