E~Credit News & Updates

April 2024

E-Invoicing: The Piece of the AR Puzzle that’s More Critical than You Think


By: Danny Wheeler, AR Solutions Strategy Manager, BlackLine

When organizations embark on digital transformation projects, there are some business areas and functions that are top of the priority list. At the same time, there are often fundamental, day-to-day business processes that get overlooked as part of a company’s transformation strategy. For too long, and in almost all cases, the crucial role of invoicing has fallen into the latter of these camps. However, the tide could now be turning.

 

Businesses are beginning to grasp that implementing and upgrading to a state-of-the-art e-invoicing system can make a huge difference – not just to the state of a company’s financial accounts, but to the effective running of the business as a whole.

 

The Productivity Benefits

 Adopting a modern, next-generation e-invoicing system plays a crucial role in streamlining the accounts receivable (AR) function. It rapidly speeds up the credit-to-cash process and allows businesses to be more proactive and on the front foot regarding the payment of debts.

 

Not only do these systems ensure that organizations can be paid more quickly and seamlessly, but they also provide businesses with enhanced data and insights from their customers, further improving the AR process and journey. This includes insights into payment behavior and a customer’s tendencies and habits. Having this data collected, cleaned, monitored, and presented automatically can alleviate the pressures on AR teams, with intelligent automation identifying missing information before sending the invoice and distributing new documentation to customers where needed.

 

Enhanced Client Satisfaction

antages gained extend beyond organizations to their clients and customers too. Traditional invoicing systems and methods, which are still used by many corporations, are typically time-consuming and labor-intensive. +It takes time to manually collate, distribute, and pursue invoices and other related documentation. This process is also at risk of data entry issues, with inevitable human errors leading to rejection of invoices, repetition of the same processes, and payment delays.

 

At the same time, these inefficiencies create delayed customer responses and inaccurate aging, as well as an increased workload passed onto customers’ Accounts Payable teams. These negative customer experiences can impact revenue in the long term.

 

A modern e-invoicing platform helps to resolve these issues. Payers can conveniently access and download invoices securely, enhancing self-service capabilities and allowing customers to work with you however they want to. Modern systems that have a self-serve option can free up time and resources – ensuring finance and accounting professionals can spend their time on more challenging areas.

To Continue Reading

Comprehensive Credit Professional’s Training Series


In collaboration with the American Society of Credit & Collection Professionals, this series of courses was developed to provide comprehensive training for individuals in credit and collection in order to prepare them for their role in this ever-changing field.


You may apply for the Certified Professional Collector (CPC) and Certified Credit Professional (CCP) after 5 years on-the-job experience. However, by successfully completing the CPC and CCP Modules and passing all the exams, you will be eligible to apply for the Certification(s). If you are approved by the CSB Board and work one year in business credit and/or collection you, will be recognized as a Certified Credit Professional and/or a Certified Professional Collector.


This series will help those who aspire to become Certified and also those who wish to use these courses to learn techniques that will improve their job skills immediately!


You can apply for the Credentialing Standards Board (CSB) Accreditation without taking the course.

To Learn More

Celia Bassett has earned the professional designations of Certified Credit Professional (CCP) and Certified Professional Collector (CPC). Ms. Bassett has 25 years in A/P, A/R, Collection and Credit Managment.


Congratulations Celia!

Connie Vaca has earned the professional designations of Certified Credit Professional (CCP) and Certified Professional Collector (CPC). Ms. Vaca is very involved credit professional serving communities and in A/R, collections and credit for the past 60+ years.


Congratulations Connie!

American Society

Credit and Collection Professionals 

Why should business credit and collection professionals apply for Credentialing Standards Board (CSB) accreditation as soon as the opportunity is available? By having accreditation in place, Certificate holders can more easily respond to business and employment opportunities available. Certified professionals always earn more and are better positioned for advancement.


Here are the usual steps leading to CSB certification:


One way the American Society of Credit and Collection Professionals (ASCCP) serves the credit and collection profession is through the administration of an accreditation program through the CSB. The first step toward CSB accreditation is to complete an application for a Council Record. The CSB verifies and maintains a record of an applicant's education, training, examination, registration, and character. When his or her Council Record has been completed, the CSB will examine the applicant's qualifications and determine the applicant's eligibility for certification. If CSB requirements are met, an eligibility certificate will be issued.


As long as an eligibility certificate is active, the local jurisdiction office will, upon application by the eligible certificate holder, transmit a copy of the individual's Certificate Record to the CSB. The Certificate Record is the individual's Council Record together with the local jurisdictions certification that the individual has complied with the Council's standards of eligibility for certification and the a recommendation that the individual be registered as a Certified Credit Professional (CCP), Certified Professional Collector (CPC).


With this certification, registration may be obtained from CSB without further examination and without the certificate holder being required to make a personal appearance. CSB may require that the certificate holder's qualifications be supplemented by a personal interview and/or by additional examination.

To Learn More or Apply

New Contacts & Members 



New Association Contact

Katie Schriner ~ Harken Inc

Pam Rodriguez ~ Eutectic Corporation


New International Credit Executives Contact

Katie Schriner ~ Harken Inc 

Pam Rodriguez ~ Eutectic Corporation

 

If you have something you would like us to announce please send an email to

admin@wcacredit.org


Upcoming Webinars

APRIL 17

Collection Principles, Why

We Continue To Have Debtors

 

MAY 15

Smart Credit Policies That Improve Collections


MAY 29

Leadership Skills for Credit Professionals

 

JUNE 19

Rolling Out A Credit Card Surcharge - Hot Topics & Best Practices

 

JULY 17

Overridden Credit Decisions

 

AUGUST 21

Legal Aspects Of Credit And Collections

 

SEPTEMBER 11

Acquired, Sold, Merged, Or Goes Bankrupt - What To Do


SEPTEMBER 25

Conflict Management for Credit Professionals

 

OCTOBER 16

Effective Collections, The Art Of Getting Paid

 

NOVEMBER 20

How To Set Customer Credit Limits Correctly

 

DECEMBER 18

Emerging Challenges In Credit And Collections

**NEW in 2024** Webinars On-Demand

**NEW in 2024** Webinars On-Demand


We have 27 pre-recorded educational webinars on these subject matters:


  • Credit Department Management 
  • B2B Debt Collection Best Practices
  • Financial Statement Analysis
  • Credit Risk Management
  • Negotiation and Conflict Resolution
  • Legal Aspects for B2B Creditors


For more information and to register, click here.


To register for our Educational Opportunities, complete the registration form or email Nicole Thompson at nicolet@wcacredit.org


Opportunities abound for you and your staff to take advantage of scholarship grant dollars available to eligible members! The application and guidelines are available for download below.


WCA Education Scholarship Application


WCA Education Scholarship Fund Guidelines


WCA Education Awards Committee Rules & Guidelines

UPCOMING INDUSTRY CREDIT GROUP MEETINGS

April 9, 2024

Fine Paper/Graphic Arts Industry Credit Group

Book of Reports

April 10, 2024

Plumbing & Heating Industry Credit Group

TBD

Regional Paper & Packaging Industry Credit Group

Teleconference Call

April 15, 2024

Western Electrical Suppliers Industry Credit Group

Madison WI

April 11, 2024

Metals & Industrial Suppliers Credit Group

Teleconference Call

April 17, 2024

Building & Construction Materials Credit Group

Milwaukee, WI

MN Electrical Suppliers Credit Group

 Coon Rapids, MN

business_people3.jpg

April 18, 2024

Construction Industries Credit Group

Appleton, WI

April 19, 2024

IL Fine Paper Industry Credit Group

Teleconference Cal

Electrical Suppliers Industry Credit Group

TBD

April 24, 2024

Food Service Supply Hospitality Industry Credit Group

TBD



Next Month

Minnesota Fine Paper Credit Group

Teleconference Call

Why Join an Industry Credit Group?

Credit Groups have proven to be an effective credit management tool. These groups benefit the credit professional and their company by providing:


  • Access to current credit information from your industry.
  • An opportunity to exchange payment experience on mutual customers in your industry and obtain information not available from any other source.
  • A means of verifying information, reports and other credit facts which the credit professional may use to make her/his own credit decision.
  • A resource to identify and monitor high risk customers.
  • Accurate and timely credit reports at a cost lower than those of credit reporting agencies.
  • Specialized credit and collection education.
  • Opportunities to discuss collection techniques, non traditional sources of credit information, deduction management, credit specific software and credit process benchmarking.
  • Personal interaction with your industry peers, allowing you to establish valuable contacts within your industry.
  • A fresh perspective of your credit and collection responsibilities.


All meetings are professionally administered by The Business Credit Management Association Wisconsin HQ to ensure compliance with all local, state, and federal laws.


Are you having problems obtaining enough credit information in order to establish a viable credit line? Have you been surprised by a customer going out of business or filing for bankruptcy? Did a recent credit check indicate that your customer’s other suppliers are being paid sooner than you are?


It may be the time to see what The Association Industry Trade Credit Groups have to offer.


For more information about the

Industry Trade Credit Groups

or if you would like to join us at

one of our next meetings, please contact us.

Credit Professional Alliance

Credit Management Association 

The Business Credit Management Association Wisconsin

Business Credit Intelligence

Mountain States Commercial

NACS Credit Services, Inc.

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