COVID - One year OnAs credit managers and credit controllers reflect on the challenges in managing their sales ledger asset over the past 12 months, we take a look at the various issues faced and how we expect that has changed the support needed from your credit control team moving forward.
Entrepreneur of the Year AwardThank you to all of our great clients and team. Without them, I would never have won this award.
B2B Credit Control - Instalments & Late Payment Interest"Historically repayment plan arrangements have been limited to the odd customer with cash flow issues, it is now more prevalent and credit control software needs to adapt to deal with that, free up the credit controllers time and provide accurate management information”. Janice Megram, Client Services Director, Veritas Commercial Services.
Taking Legal Proceedings To Recover A Debt In COVID-19 TimesOur interview with Michael Smeaton of Bermans....
I asked Michael his thoughts on how matters are currently progressing through the courts because, with around half of the courts being closed, you would naturally expect some delays?
6 Weeks In Virtual Credit ControlThis article describes our experiences over the last six weeks and how businesses can revisit their credit control processes to ensure they are maximising the opportunity to get paid and are prepared for the restart of their customers' businesses.
We Lost The Filing Cabinets!Adopting Microsoft 365 as the platform for remote based workers. We would be delighted to share our experience of remote working so, if you need any help or advice, please don’t hesitate to ask.
7 credit control tasks to do in the extra day you have this 2020 leap year
That’s a wrap for our first ever trade show!We had a fantastic couple of days in Birmingham and are busy planning our next exhibition. We look forward to seeing you there!
The Story of Sam 2 - Meet the TeamSam is not alone. Watch our latest video to see how she provides clients with a total Virtual Credit Control service, supported by the entire Veritas team. Learn how Sam brings in experts at every stage, from Credit Management, Risk & Compliance, Debt Collection Services and Process Improvement.
The Story Of Sam – A Virtual Credit ControllerMeet Sam on her journey to a better work life balance by becoming a Veritas Virtual Credit Controller and a valued member of our team. Learn more about how you can benefit from our great training and support – and our fantastic Visibility™ technology.
Visibility™ across the PondHow do you get credit controllers to collaborate across geographical boundaries - to operate as 'One Team'? There’s a lot of talk about removing silos and pooling resources in business but prior to Visibility™ there just hasn’t been a credit control system out there which gives the detailed level of collaborative reporting across offices.
Excel for Credit ControllersAt Veritas, we have a continuous Excel training programme for our credit controllers and we looked at those functions we most commonly use to assist any credit controller thinking of embarking on some training.
My Supply Chain Matters-Does Yours?We agree with the Federation of Small Businesses (FSB) this week: “Why do we find ourselves in a situation where some think it is acceptable and fair to not pay our small businesses on time? The truth is that it isn’t fair – everyone deserves to be paid on time” Claire Reading, FSB
Insolvency Outlook for 2019We read with interest the statistics published by Euler Hermes in January on the Insolvency Outlook for 2019.
Giving Something Back“Giving is not just about making a donation. It’s about making a difference”.
Every day is a new day in the world of Credit ControlWith the chasing of late payments being integral to the role, perseverance and tenacity play a vital aspect in ensuring a successful outcome.
What Green GB week means to VeritasIt’s not often the topic of conversation progresses to the environmental benefits of working virtually and the Green GB Week provides the perfect platform for this discussion.
Late payment crisis deepens, making credit control training and outsourcing top business prioritiesThe latest report from The Federation of Small Businesses (FSB), reveals that despite the Late Payment Directive’s stated maximum payment terms of 60 days, the issue of poor payment practices continues to persist.
Zara Paul ‘Brings the Zing’ to New Business Development at VeritasVeritas Commercial Services is delighted to announce the appointment of Zara Paul.
Credit Management 3.0We are now starting to see a shift in how credit management is perceived by organisations. Today, its role is far-reaching, encompassing the development of strategy and commercial policy, far beyond the original remit of sales ledger management or cost containment.
England reaches semi-finals but crashes out of Late Payments World CupWhilst England deserves enormous credit for having reached the World Cup semi-finals for the first time since Italia 90, the nation is sadly languishing in the late payments table.
As UK insolvencies hit the headlines, don’t let your customer’s failure become your ownThe news of the demise of Carillion, Palmer & Harvey, Toys R Us and Maplin has dominated the media in recent months, sending shockwaves throughout their supply chains.
Get Ahead in 2018, Get Credit ManagedThe fact that late payment remains culturally acceptable after 20 years of concerted legislative effort to neutralise it suggests that it’s here to stay. Far from being a handicap, credit can be a source of competitive opportunity if looked at strategically alongside the right finance choices.
The Revolution in Query ResolutionThere’s nothing more frustrating to a credit controller than to pro-actively chase a debt, establish that the invoice is in query, and for it to remain unresolved. So, what can be done to speed up the query resolution process?
Make every step to Court countEffective credit management has a transformational impact on cash flow. However, in some circumstances, taking Court action to recover a debt is the only course of action left.
Is Credit Control a Customer Service Role?“Sustaining an audience is hard,” Bruce Springsteen once said. “It demands a consistency of thought, of purpose, and of action over a long period of time.”
The Tale of the Reluctant FinancierDon’t be a reluctant financier. Engage with professional credit management at the earliest possible stage to establish the true position.
Targeting SuccessCredit controllers are naturally target driven people and love a challenge!
Know Your Customer and Build Better Business RelationshipsIt is rare that we see credit controllers being involved in the customer take on process. Yet, from our experience, we know just how much value this can add to the business.
Policy Powers Planning and PerformanceCredit controllers need to be aware of their compliance duties particularly around treating customers fairly and reasonably at all times.
Look for the Three CsWhen choosing an outsourced credit control solution, always look for mastery of the three Cs: Communication, Collaboration and Control.
Time to ExcelExcel is an invaluable tool for credit controllers in the reconciliation of customer accounts. It allows them to deal with an account effectively and efficiently. However, Excel training is not always provided to credit controllers by their employers.
Electronic Invoicing and Payment Portals – Hindrance or Help?Electronic invoicing and payment portals are becoming more prevalent as a way of ensuring that the invoices are submitted in a manner that is compliant with customer requirements.
360 Degree Credit ControlThe telephone is probably the most effective tool for any credit controller, however, not all of their time necessitates its use. Welcome to the world of 360 Degree Credit Control.
What Should We Expect From Our Credit Controllers?My credit controller doesn’t need to know any more than the value of the invoice outstanding on the sales ledger that they will be collecting - right? …Wrong.
Rework RevisitedWe reviewed the business book, Rework last year and felt it may be of interest to share our personal take on it some months later, having put a number of its lessons into practice.
Working in the dark? Here's how to keep shining the light!Working virtually may at first leave you feeling as though you have been robbed of your senses. So what is the solution?….
Tackling the Late Payment issueFrom April 2017, large companies will be required to publish their payment practices twice a year to make sure that small companies do not get caught out.
There is no such word as can’tWell, of course, there is such a word. But this has to be one of my most favourite sayings and, in my opinion, gets to the root of what drives someone to succeed.
Inside Guide Review - Know your DSOWhen I first started out in credit control, I was asked my thoughts on DSO as a KPI.
Rework – Warning, this book just might change your life'Rework' is not a run of the mill business book. But then it’s not been penned by run of the mill business people either.