Collection Practices That Reduce DSO and Increase Cash Flow

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Accounts receivable collection at many companies is still done the way it was in the green eyeshade era, leaving a great deal that can be done to improve results. Like many repetitive processes, collections is a “production” operation, and can be “re-engineered” to improve cash flow, reduce DSO and slash the disputes that result from letting unpaid accounts go stale…. Read more »

Smyyth Collection Unit Gets Top Ranking Again

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For the third year in a row, Smyyth Collections LLC was selected as the top independent commercial (B2B) agency in a published rating of Collection Agencies in North America based on credibility, reputation and other factors. Smyyth Collections is an affiliate of the Smyyth companies, which provides end-to-end credit and accounts receivable management services and SaaS “credit to… Read more »

Bad Results from arbitrary application of credits and debits

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Let’s say you have a large customer with a huge number of small-dollar unapplied credit memos, invoices, unapplied cash, debit memos, and deductions. For arguments sake, let’s suppose you can round up 1,200 credit memos totaling  $625,000, and 1,600 deductions totaling $615,000, all un-matched for one reason or another. So you have a great idea to get rid of 2,800… Read more »

Robotic Process Automation (RPA)

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Robotic Process Automation (RPA) refers to the use of computer software that controls and automates rule-based processes without the need for human supervision or labor. RPA enables the automatic access, capture, manipulation, interpretation and action on data and documents from other internal and external systems, and then process a transaction, trigger responses and actions, and… Read more »

Best Practices For Credit and Collections

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Best Practices to Include in our Credit and Collections processes include All employees need to understand the mission and objectives of the credit department, so they deliver a consistent message to the customers, and properly represent the “culture” of your organization. Just as with customer service, the mission of the credit department has to be… Read more »

Top 8 Causes of Vendor Compliance Penalties

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Vendor Compliance Penalties have become a real problem for all retail suppliers. Small vendors, especially, are having problems keeping up with the ever-increasing complexity of doing business in the electronic age. Bog-box retailers are highly computerized and automated throughout the logistics operations and expect their suppliers to be able to match them, deal with them electronically, and ship the goods in a… Read more »

Post-Audit Claims & Deductions Management

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Post-Audit Claims & Deductions taken by commission-based auditors hired by retailers total billions of dollars annually and, because of the age and structure – by SKU and line item-   these claims they are extremely difficult to research, reconcile, and document without powerful custom software, such as our Carixa AuditPro module. Further, when the claims are… Read more »

Sarbanes-Oxley and Trade Promotion Management

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It is management’s job to maintain a system of internal controls so that the financial statements will be reliable. This holds true whether you are a mid-market company or a global enterprise. although the risks and penalties for failing in this core responsibility rise exponentially in large, public companies. In the case of the consumer products/retail industry,… Read more »

Accounts Receivable Puts – Non-Cancellable Credit Protection

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Accounts Receivable Puts can offer protection that you might get from a single-buyer credit insurance policy, but in another form. Accounts Receivable Puts provide non-cancellable credit protection to cover your large credit risks with either public or privately held customers or suppliers, even if that customer is in financial distress. With a Put, the underwriting counterparty is… Read more »

Receiving Dock Procedures for Shortage – Damage Freight Claims

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Receiving Dock Procedures for Shortage and Damage Carriers cannot prevent all instances of freight loss or damage so when it happens, there are a few steps you can take to protect yourself and help assure the freight claim gets paid. Do not sign the freight bill (FB) or bill of lading (BOL) until you have… Read more »