Celebrating
120
Years
1899-2019
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News, Information and Commentary
June 2019
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Alaska Cruises aboard NACM member Holland America Lines
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A few thoughts from
Jon Flora, President & CEO
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We have to learn more to help you
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Here I am in seat 10C on my way home from Colorado and NACM National Credit Congress. A free cookie and a couple of hours to ponder this year's conference.
One of the high points of our year, the Big Event is always chock-full of good presentations, lots of networking with old and new friends, and a chance to look at the future. This year was no exception.
There are two takeaways for me this year.
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First, the new tools being unveiled for credit professionals are coming fast and they are exciting. Jan Minniti, Jaime Gibson and I had the opportunity to learn more about automation, API’s, and a number of other data products that will change how our members do their work. These new tools are not years away.
They’re here now. Based on conversations we had with several of our members, it’s clear many of you are interested in knowing more. Now.
Our staff is spending a fair amount of time learning what all this means so we can answer your questions. We want to be your go-to experts because that’s what your membership is all about. As it is with you, Congress is our opportunity to become knowledgeable on this new subject matter. We have several new vendor partners ready to help us advise you on the best solutions. As we packed up to head home, about half a dozen of our attendees were asking for immediate help on Autonomous Intelligence (A.I., for short) and we’re glad to provide that guidance.
The second takeaway is that this association, after 120 years, still has enormous value for members. Congress is the biggest opportunity to learn and network on a national basis, and it is very clear that our affiliate’s members appreciate this chance to grow professionally.
We also realize that everyone is not able to pack up and go to Congress. Whether it’s cost, time or other obligations, many of you face limitations. For that reason, we are organizing
NC3 – the Northwest Commercial Credit Conference. Using the model of our successful
Hawaii Credit Forum, we will have a full day of presentations in Seattle on September 12
th. Great speakers, interesting topics, and it’s all close to home. If you want to fly in from Alaska, Hawaii or wherever you may be, you will be warmly welcomed. Plan now to join us by taking advantage of
Early Bird registration
.
Finally, it has gotten harder to spend time together. Awful traffic, busy schedules and other distractions have just gotten in the way in recent years. The old ways of doing things just don't seem to work very well anymore. Beginning this month, I will be attending Industry Trade Groups for the purpose of hearing from our members. If you have questions about what we’re doing at NACM BCS, have suggestions for what we could do better or even want to complain, this is your opportunity. Over the next several months, I will get to every Group. What if you’re not in a group? I’ll be at a Starbucks near you each quarter in the coming year. Check the calendar below to see where I will be. Come join me and an NACM colleague or Board member to talk about whatever may be on your mind. Alaska and Hawaii – we’ll have chances for you, too.
Bottomline: This association is for you and all credit professionals. Thanks for being part of it.
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Bill Gates' Summer Reading List
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Ever wonder what a billionaire does in his spare time? Here are five books the Microsoft co-founder recommends for summer reading. Click below:
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Congratulations due for the CBA
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We were pleased to learn at last week's Credit Congress that
Rebecca Talavara
(Star Rentals, Seattle)
completed the CBA exam and has been awarded the
Credit Business Associate
designation by NACM. Well done, Rebecca!
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Stop by a
Starbucks to visit with the Prez!
4th & Meeker
Kent, WA
June 18, 10:00 a.m.
Starbucks Center SODO
2401 Utah Ave. S
Seattle, WA
July 1, 10 a.m.
Lincoln Plaza
2505 S. 38th Street
Tacoma, WA
July 18, 2:00 p.m.
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Coffee with Jon
Begins this month
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Do you have something you'd like to ask our President? Maybe you have an idea to share about how to improve the association. Or, is there something bothering you about NACM? Our president, Jon Flora, would like to hear from you and other members.
He will be attending Puget Sound area Industry Groups beginning this month on through the rest of the year. After the business of the group is completed, he will remain after to spend time with whoever wants to stay for extra conversation.
If you're not in a group, he will also be welcoming members to join him at local Starbucks stores throughout the Puget Sound area. Check our the dates to the left for "Coffee with Jon" dates in your area.
Bring your ideas, comments and questions!
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Presenter:
Dan Hansen, Esq., is part of Gibbs Giden LLP, and is based out of Las Vegas, Nevada.
Time:
12:00 - 1:00 PDT
11:00 - 12:00 AST
10:00 - 11:00 HST
1:00 - 2:00 MDT
Cost:
$30 MEMBERS
(per call-in line)
$79 NON-MEMBERS
(per call-in line)
We encourage staffs to gather together for our webinars. Use one registration for as many people as you gather in your conference room.
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ONLINE WEBINAR:
June 6, 2019
Credit teams are witnessing more customers disregard supplier-set terms and unilaterally extending these terms with a so-called terms pushback strategy (TPS). While TPS allows the customer to preserve working capital, improve cash flow and grow inventory, the supplier's DSO and profit margin suffers. A key metric for the customer's finance team is now days payable outstanding.
In this webinar,
Dan Hansen, Esq.,
will discuss:
•TPS and Trade Credit (Trade credit as driver of the economy; Large companies sitting on record cash holdings but increasing the days to pay suppliers; Customers stretching supplier terms to preserve cash and fill working capital gaps; Customers extending payables has become a best practice)
• Added Reasons for TPS (Customer benchmarking, customer mergers, international influence and positive TPS press)
• Key TPS Metrics (Cash conversion cycle, days payables outstanding, days sales outstanding, and days inventory outstanding)
• Supplier Strategy for Dealing with TPS, including cannot single out terms, Robinson-Patman, two price lists, contract controls, loan covenants, credit insurance, early-pay discount, annual volume rebate
• Supply-Chain Finance and Dynamic Discount Options
If you extend credit terms to customers, you need to attend this session1
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Coming the week of June 24th
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Our partners from UTA will be coming to Seattle for visits with our members during the
week of June 24th
. If you would like to have a discussion about how to save money and improve how your company handles check processing, ACH, credit cards, surcharging and all other payment processing, set up a time to visit with the experts from UTA.
Give us a call at
800-423-5710
and we'll get you set up for an appointment.
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THE CREDIT ROUNDTABLE
"Why join a professional association?"
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The Credit Roundtable - Episode 5
"Why join a professional association?"
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Episode #5 of our new podcast begins this week featuring a conversation with our good friend,
Thea Dudley
, about the benefits of being a member of NACM or other professional associations. She shares her experiences over 30 years participating in different organizations and the benefits she has received.
You can listen on your computer or download to your phone and listen later on the bus, in your car, or anywhere else that’s convenient for your busy life. Join us for this latest episode.
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Save the Date: September 12th
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In observance of our
120th
anniversary, plan to attend our new
Northwest Commercial Credit Conference
on September 12th. It will be an all-day event with excellent programs, including two top-rated speakers from the recent Hawaii Credit Forum.
NC3 be held at the conveniently located Airport Hilton Hotel right across the street from Seattle Tacoma International Airport.
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Do you need a scholarship for N
C3
?
Ten full registration scholarships are available for
NC3 from our
Business Credit Foundation. To apply, check our guidelines and apply for an award by clicking the button below!
Deadline for application is July 15th.
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Build your network and stay current on our activities through social media. Just click below.
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Credit Research Foundation Forum & Expo returns to Seattle
August 12-14
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CRF is widely recognized as the foremost educational and research organization dedicated to the credit, accounts receivable and financial management community. The foundation provides access to education, research, best practices and dynamic solution sets.
The August Forum & Expo is their largest program of the year. And
it will be in Seattle this year
!
Topics Include:
·
Robotic Process Automation
– How, where and strategic advantages
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Blockchain/Cryptocurrency
– Use in supporting contract needs
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Payment Process Update
– For A/R and A/P
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Chapter 22s
– Implications of flawed feasibility assessments
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Credit & Other Insurance Applications
– Peer discussion on use and utility
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Customer Deductions
– The new dynamics & what to know about supplier agreements
·
Economic Update
– The latest update from the Federal Reserve
·
The CRF Open Forum
- Real-time solutions to your pressing inquiries
To register, just click below and we'll look forward to seeing you there!
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Save the Date: September 12th
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NC3 is the place to be...on September 12th.
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Western Credit & CFDD National Conference - October 23-25
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The Western Credit Conference returns to Portland this Fall. Click below for more information.
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ARE ELON MUSK AND SPACE X ABOUT TO RUIN SEATTLE'S VIEW OF THE NIGHT SKY?
The first 60 of SpaceX’s planned 12,000 internet-delivery satellites have appeared as a decidedly unnatural string of lights in the night sky. Scientists worry the company’s plan to ring Earth with orbiting “Starlink” devices will wreck our view of the cosmos.
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From automated check-in to droids that carry bags to rooms, new technology is transforming the hospitality industry worldwide. As a result, hotel workers around the nation are seeking a say in the introduction of devices that could threaten their jobs.
Read more:
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ALASKA HALIBUT, CAUGHT BY A CENTURY-OLD SEATTLE BOAT, PROVIDES A GLIMPSE OF AMAZON'S STRATEGY WITH WHOLE FOODS
From the deck of his 106-year-old halibut schooner, undergoing a seasonal overhaul at Fisherman’s Terminal in Seattle, skipper Wade Bassi has better insight than most into what’s happening at Amazon-owned Whole Foods Market, at least as pertains to the product he knows best.
NACM-member, the Seattle Times takes a look:
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HOW DO YOU LAUNCH A
330 TON TUGBOAT?
Carefully
Look out Southeast Alaska! You have a new tugboat coming your way.
Learn more how Seattle-based Western Towboat launched their latest vessel.
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HOW HAWAII'S HISTORIC UNEMPLOYMENT RATE COMPARES WITH OTHER RECORD-BREAKING STATES
The St. Louis Business Journal, has pulled together a list of the 21 states enjoying record unemployment low last year, according to
a
report
from the Bureau of Labor Statistics. Hawaii stands out among the group, setting a new state record.
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TACOMA IS NOW THE NATION'S HOTTEST HOUSING MARKET
Real estate company Redfin, in
a
new report
published online May 24, has declared the Tacoma metro area as the nation’s hottest housing market
The report cites Seattle’s high prices for the continuing drive southward.
Read more from:
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ALASKA FISH IMPACT THE PORT OF SEATTLE
Salmon abundance in the North Pacific has declined slightly over the past decade, but salmon catches remain near all-time highs.
If not for Alaska’s fisheries, the Port of Seattle would be a shadow of what it is today.
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METAL MINING IN ALASKA
Mining is a colorful part of Alaska’s past. There are ghost town tours of Kenneco Mine, Skagway exists and thrives because of its gold rush history, and Treadwell Mine tailings created Sandy Beach in Juneau. But mining is also an important part of Alaska’s current economy and will almost certainly play a growing role in its future.
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WASHINGTON'S UPDATED ECONOMIC FORECAST
Job growth continues to rise; exports are down; housing costs continue to drive consumer price inflation. Read more from the State's Economic & Revenue Forecast Council:
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HAWAII'S CONSTRUCTION OUTLOOK
Pacific Business News interviews key leaders in the Hawaii construction industry to get a sense of current trends, concerns and issues. Read more below:
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IRS is changing payroll withholding...
and it will be a doozy. It's time to cozy up with your CPA.
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You finally finished your taxes and are learning – for better or worse – the ins and outs of the new Federal tax law.
But wait, the law isn’t done with you. There’s another complication coming out later this year: The Internal Revenue Service is changing how you adjust your paycheck withholdings, and early indicators show it won’t be easy.
Check in with your payroll department and read more below:
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Whether you are trying to hire or looking for the next stop on your career path, this is our most active link. And, it changes all the time. Be a frequent visitor and don't forget to send us your job postings. It's a FREE benefit of membership.
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EVENTS & EDUCATION CALENDAR
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Puget Sound Area
June 13
11:30 a.m. Floor - Duke's Chowder House
June 19
11:30 a.m. Tacoma Construction -
Johnny's Dock
11:30 a.m. Food -
Duke's Chowder House
June 20
11:30 a.m. Wiring -
Duke's Chowderhouse
11:30 a.m. Eastside Construction -
13 Coins, Bellevue
June 18
11:30 a.m. HVAC -
Duke's Chowderhouse
(Meeting with our President follows)
Anchorage
June 19
12:00 p.m. Alaska Suppliers and Food -
Elim Café
Honolulu
June 18
11:30 a.m. Hawaii Hospitality -
Hilton Waikiki Beach Hotel
June 19
11:30 a.m. Hawaii Food -
Waikiki Yacht Club
June 21
11:30 a.m. Hawaii Construction -
Waikiki Yacht Club
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Stop by a Starbucks to visit with our President.
June 18, 10:00 a.m.
Starbucks
4th & Meeker
Kent, WA
July 1, 10 a.m.
Starbucks Center SODO
2401 Utah Ave. S
Seattle, WA
July 18, 2:00 p.m
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Lincoln Plaza
2505 S. 38th Street
Tacoma, WA
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Upcoming Professional Programs
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2019
Meetings, Seminars & Conferences
August 12-14, 2019 -
Credit Research Foundation
Forum & Expo -
Click here
Seattle, WA
September 12, 2019
- NC3 - Northwest Commercial Credit Conference -
Click here
Seattle, WA
October 23-25
- Western Credit Conference
Portland, OR
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Serving the credit profession from the heart of the Pacific Northwest
Since 1899
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NACM Business Credit Services | 800-423-5710
P.O. Box 3665 - Seattle, WA 98124 | www.nacmbcs.org
All Rights Reserved
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